The essential economic and social functions of savings banks are three in number, as follows:

1. They assemble the capital of the community, conserve the idle wealth, and having aggregated it into sizable funds, loan it to business enterprisers.

2. They add to the peace and comfort and available consumption of society by providing a safe outlet for the funds of those who have the will and capacity to save but do not have the ability either to use the funds industrially themselves or to invest them with safety and profit.

3. They Promote Thrift More Than Any Other Financial Institution.

The prudent investment of interest and accumulated principal, which together constitute savings, lessens profligacy, provides against the adversities of old age and sickness, helps the thrifty to buy a home and to enjoy better living conditions, builds up independence and stability of character, and improves the social and political life of the community.