"If a committee at each institution," he said, "were to adopt this
course, taking an interest in their humble circumstances, and in a
sympathizing and kindly spirit, to suggest, invite, nay win them over,
not only by reading the lesson, but forming the habit of true economy
and self-reliance (the noblest lessons for which classes could be
formed), how cheering would be the results! Once established in better
habits, their feet firmly set in the path of self-reliance, how
generally would young men grow up with the practical conviction that to
their own advancing intelligence and virtues must they mainly look to
work out their own social welfare!"
This admirable advice was not lost. One institution after another
embraced the plan, and preliminary savings banks were, shortly
established in connection with the principal mechanics' institutes
throughout Yorkshire. Those established at Huddersfield, Halifax,
Bradford, Leeds, and York, were exceedingly successful. The Penny Banks
established at Halifax consisted of a central bank and seven subordinate
branches. The number of members, and the average amount of the sums
deposited with them, continued to increase from year to year. Fourteen
Penny Banks were established at Bradford; and after the depositors had
formed the habit of saving in the smaller banks, they transferred them
in bulk to the ordinary Savings Bank.
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