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This delay has redoubled my wishes to resign it; but at the same time with the gratification of witnessing another year's prosperity of this Institution, from its first establishment in 1816 to 1835. At my time of life it is my wish to enjoy that rest and repose which is so congenial to age with its approaching infirmities.

I congratulate you on the present state of this Institution; and if we were to extend our views to a consolidated statement of the receipts, payments, and balances of all the Savings Banks in the kingdom, from their first establishment, during the period of nineteen years, to the 20th of November, 1835, with the accumulated number of deposits, they would shew their importance and influence, and that they rank amongst the most powerful agents in the system of political economy, in promoting the welfare and happiness of society.

Savings Banks may not be unaptly compared to the young sapling thriving in a kindly soil, until it becomes like the sturdy oak of a forest, whose branches give shelter and protection to all who seek it; and it will be found that industry and temperance combined with economy will tend to promote the happiness, comforts, and morals of society.

I beg to conclude with stating some circumstances connected with this Institution, that may not be very generally known.

That the Society for bettering the condition of the Poor, about twenty years ago, first suggested the plan of establishing Savings Banks within this metropolis: a meeting was convened, when many of its members, as well as myself, attended, when the plan was adopted, and the society gave the sum of fifty pounds each to this and to other societies towards their expenses.

This Savings' Bank repaid that sum, and a further private subscription, from some of its members. The prosperity of the Institution stands as stated in the report.

You were selected to be the first President, and I am happy to state that your name has long been enrolled as a member of the Society for bettering the condition of the Poor.

With great respect and regard

I remain,

Dear Sir,

Your most obedient servant,




At the general Annual Meeting, held on the 26th of February, 1836, Sir Thomas Baring, Bart. President, in the Chair.

A letter from William Vaughan, Esq. Vice-President of the Institution, and Chairman of the Superintending Committee, addressed to Sir Thomas Baring, Bart. and containing his resignation of the situation of Chairman of that Committee, having been read,

Resolved unanimously, That this meeting desire to express their unfeigned regret that William Vaughan, Esq. should feel it necessary, in consequence of his advanced age and consequent increasing bodily infirmities, to retire from the situation of

Chairman of the Superintending Committee of the London Provident Institution.

That while this meeting tender to Mr. Vaughan their grateful acknowledgment of the eminent services rendered to the Institution through his indefatigable zeal, assiduity, and ability; they cannot forget, what must ever remain strongly impressed upon their minds, that he was the author of the Institution, over the government of which he has continued to extend his paternal and fostering


Under the influence of these feelings, this meeting desire to return their warmest and most cordial thanks to Mr. Vaughan ; and to offer to him their best wishes that he may continue to enjoy many years of uninterrupted health and happiness; and their earnest hope that the reflection of his having by his philanthropic exertions largely contributed to promote the temporal welfare and moral condition of a numerous class of his fellow-subjects, may be to him a lasting source of enjoyment.

That the President be requested to communicate these sentiments to Mr. Vaughan.

Mr. Vaughan sent a copy of the Report to his friend Mr. Rogers, enclosed in the following letter:

To Samuel Rogers, Esq.

1st April, 1836. MY DEAR SIR, I have the pleasure to send you, as an old friend, our last Report of the London Provident Institution, for the nineteenth year, since its first establishment, up to November, 1835, which I trust will be a gratification to you.

I should be happy if we could have you amongst us.

I am,

Yours truly,


To William Vaughan, Esq.

1st April, 1836. MY DEAR SIR, A thousand thanks for your remembrance of an old friend, and a thousand more for your communication. There is no brighter page in Homer or Milton, and happy should I be if I could look back on such an achievement as yours. But the glory was in laying the first stone. Are you in want of funds ?

Yours, ever,


To Samuel Rogers, Esq.


4th April, 1836. MY DEAR SIR, Yours, of the 1st instant, has been forwarded to me. I received it with much pleasure and also for its kindness.

I leave to poets to chant their thousand thanks in Homerian verse, and content myself in agreeing with you, that letters from an old friend to an old friend are not without their value, as they bring recollections which tend to make age more happy and comfortable.

Yours to me gave me double pleasure as it tendered funds unasked in case of need.

In behalf of the 20,908 proprietors of the London Provident Institution I return you their best thanks for your wishes; but they beg to decline your kind offer. They find, that under this Institution, with care, pence may soon be converted into pounds. I have to state that they feel independent in having a stake in the country they live in, and have been enabled to lend, with advantage to themselves, half a million of money to the state. They also find that industry, economy, and contentment go a great way in promoting their comfort and happiness.

Connected as this subject is with the good old Dr., Franklin's maxim, I have the pleasure to send you some of his Golden Rules exemplified in the enclosed little papers, which I hope will give you pleasure.

I am,

Your sincere friend,



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