Her Majesty's Mails

[178] For further information of the staff of officers, and the expenses of the Stamp-Office, see Appendix (G). [179] Hand Catalogue of Postage-Stamps, Introduction, p. 5. CHAPTER V. POST-OFFICE SAVINGS' BANKS. The idea of Savings' Banks for the industrial classes was first started at the commencement of the present century. They are said to owe their origin to the Rev. Joseph Smith, of Wendover, who in 1799, circulated proposals among his poorer parishioners to receive any of their spare sums during the summer, and return the amounts at the Christmas following. To the original sum, Mr. Smith proposed to add one-third of the whole amount, as a reward for the forethought of the depositor. This rate of interest, ruinous to the projector, proves that the transactions must have been of small extent, and charity, a large element in the work. The first savings' bank really answering to the name was established at Tottenham, Middlesex, in 1804, by some benevolent people in the place, and called the Charitable Bank. Five per cent. interest was allowed to depositors, though for many years this rate was a great drain on the benevolence of the founders. In 1817, these banks had increased in England and Wales to the number of seventy-four. During that year Acts of Parliament were passed offering every encouragement to such institutions, and making arrangements to take all moneys deposited, and place them in the public funds. From 1804 to 1861, the savings' banks of the United Kingdom increased to 638.