economists in this State, to which reference is made by President ANDERSON, of the University of Rochester, one of the Commissioners, in his communication on "Out Door relief," to the State Board of Charities, in January last. He says:

"Many ignorant people are not familiar with the working of our Savings Bank System, and are consequently too timid to trust their earnings in such institutions.

"When once the habit of saving has been formed, it tends to grow stronger, to generate habits of forethought and prevent useless expenditure.

"The cumulative nature of interest might be explained and impressed upon the minds of the poor. Many such persons pass through life without reaching the idea that their savings may be made to earn money as really as their labor. Relief extended in the way of practical information and wise counsel, is often vastly more valuable than gifts of food, clothing or money."

Respectfully submitted,

JOHN P. TOWNSEND,)

EDWARD WOOD,

NEW YORK, October 1st, 1875.

Committee.

At the December meeting the Trustees voted to reduce the amount on which the highest rate of interest should be paid to sums of one thousand dollars and under, and to pay no interest on the excess of any deposit above three thousand dollars.

J. P. T.

To the Trustees of

The Bowery Savings Bank:

The Committee appointed to continue the History of the Bank to the present time, has the honor to present the following record of the successful labors of your Board for the past thirteen years.

Respectfully submitted,

JOHN P. TOWNSEND,

ROBERT M. FIELD,

Committee.

July, 1888.

HISTORY.

PART II.

Nearly thirteen years have elapsed since the first chapter of this history was written; the same principles guide its Trustees and the institution continues to prosper, its deposits and assets to-day, as in 1875, are larger than those of any other savings bank in the world.

Soon after the close of the first chapter, or in January 1876, the Annual Examining Committee recommended that a Special Committee of five should be appointed to consult with the officers of the bank, and report at a future meeting, with an estimate of the cost of necessary alterations in the building, in order to enlarge the facilities for doing its increasing business.

The suggestion was adopted and a Committee appointed, consisting of Messrs. CASE, TOWNSEND, MERsereau, PorteR and MARTIN. After its first report the work was ordered to be done under the supervision of that Committee. In March of the following year they announced the work finished and gave an itemized statement of the cost amounting to $63,574.35, of which

about $4,300.00 was for safes, locks of vaults and alterations of same, made necessary to more securely keep the banks valuable assets. The ceiling of the banking room had been raised by removing the second floor, and the building was extended over all the unoccupied land owned by the bank; by these alterations the various pieces acquired in 1836, 1852, 1856, 1864 and 1865, are now covered by the bank's building, which is used for its daily business.

On the next page a sketch of the ground plan is given to impart an idea of the form and location of the property.

Our honored President SAMUEL T. BROWN, devoted himself constantly to the supervision of the work regardless of fatigue, which left his system subject to attacks of malarial suffering. He declined a re-election, and died, beloved by his associates, in the following year, in 1879.

As the time fixed by Congress for the resumption of specie payments drew near, it was feared by many, some of whom were influenced by people interested in silver mining, that this desirable object could not be maintained without the use of silver in the currency.

The law demonetizing silver as a full legal tender had been passed in 1873, when the silver dollar of 4121⁄2 grains, nine tenths fine, was worth a premium in gold, but at the session of Congress in 1876, when silver was at a discount and steadily declining, Mr. BLAND of Mis