HC Deb 18 February 1822 vol 6 c455
Mr. Ricardo

presented a petition from Mr. John Woodson who, he observed, had taken a great deal of pains in examining into the best mode of relieving the poor, and who was of opinion that the principle on which the Saving banks were at present conducted was not the most beneficial that could be devised. He conceived it would be much better, if those who vested their money in these banks were paid by way of annuity, but at a less rate of interest than was now given. Their money might be allowed to accumulate, and thus a comfortable provision would be insured to them, when they arrived at an advanced age. He (Mr. R.) thought the plan deserved the attention of the legislature.

Mr. Curwen

was of opinion, that the plan proposed by the petitioner, was likely to be attended with most beneficial effects. It would be particularly serviceable to unmarried servants, who might be able to lay by small sums of money. As the Saving banks were now conducted, they only operated beneficially for those persons who were able to spare comparatively large sums, but were of very little use to the mere labourer.