The Massachusetts statute governing these institutions is a model in legislation of this kind, carefully protecting the interests of the members, who, by the method of regular sav ings inherent in the system, are gradually ac cumulating considerable sums in cash, or ac quiring home ownership.
In their relation to commerce the financial interests of the State are largely centred in Boston. The first bank in this city, one of the earliest institutions of the kind in the country, was established in 1784 and still continues. Banking operations here have generally been conducted with conservatism and prudence. Since 1898 the aggregate banking capital in vested in the city has been much reduced, and weak banks eliminated or strengthened by con solidation.
Education.— From the earliest years the education of the people has been a vital sub sect of public concern. Harvard College at Cambridge was founded in 1636, and as early as 1647 It was provided in the colonial laws °to the end that learning may not tiz buried in the graves of our . . . "that every township after the Lord path increased them to the number of fifty households, shall appoint one to teach all children to write and read; and when any town shall increase to the num ber of one hundred families they shall set up a grammar school, the master thereof to be able to instruct youth so far as they may be fitted for the University; provided that if any town neglect the performance hereof above one year, that every such town shall pay five pounds to the next school, till they shall per form the order.° The spirit of this early law still continues. It has always been the policy of the Commonwealth to preserve the principle of local control of the schools, thus promoting the direct interest of the taxpayers in the sev eral municipalities. Hence while the State law provides under penalty that schools shall be maintained in every city and town, these are administered by local boards termed school committees, elected by the people and clothed with broad general authority. Women, as well as male voters, may vote for the election of these officers. The State Board of Education, appointed by the governor, has advisory powers, intended to foster and promote the highest efficiency of the public schools, but no direct control of local schools, except in certain mat ters of general concern, such as the distribu tion of the income of the State school fund in aid of the sthools in the poorer towns. This board through its agents exercises limited su pervisory authority wherever aid is thus fur nished. The board also directly administers the State normal schools established for train ing teachers. Such schools exist at Framing
ham, Westfield, Bridgewater, Salem, Worces ter, Fitchburg, North Adams, Hyannis and Lowell, besides a State Normal Art School at Boston, expressly devoted to the training of teachers in drawing and the arts of design. The buildings provided by the State for normal instruction are of the highest character, of modern construction and all fully equipped. The number of pupils in attendance approxi mates 2,900.
School attendance is compulsory between the ages of 7 and 14, or if under 16 if certain educational standards have not been reached and specified requirements concerning educa tion complied with. Public schools must be maintained at least 30 weeks in each year, pro viding instruction in specified subjects, except that in towns in which the taxable valuation of property is under $200,000, the time may be reduced to 28 weeks. Cities and towns con taining 500 families must maintain high schools for at least 40 weeks annually, unless exempted by the State Board of Education for valid rea sons, and under conditions fixed by the board. Towns not subject to this must pay for tuition of their children in the high school of some other municipality, but sums so paid are re imbursed by the State to towns wherein the valuation does not exceed $1,000,000, or if the valuation exceeds this amount but if the town contains less than 500 families, 50 per cent is re imbursed. If a town containing less than 500 families, nevertheless, maintains a high school of its own, the State grants to it $500 an nually under certain conditions. Cities having 20,000 inhabitants must provide manual train ing. Cities and towns may establish industrial schools, and any city or town may, or under certain industrial conditions affecting illiteracy, must maintain evening schools for instruction of persons over 14 years of age, and cities of 50000 inhabitants must maintain evening high schools. Cities and towns may provide free lecture courses of educational value, and vaca tion schools are authorized, also nautical schools on shore or shipboard, and is made for State-aid vocational instruction, m cluding agriculture, trades, crafts and manu facturing industries. A system of continuation schools provides for the education of illiterate minors between the ages of 14 and 16 who are at work. Municipalities must employ superin tendents of schools, and provision is made for the joint employment of such superintendents by the smaller towns grouped in superintend entcy unions, aided by the State under certain conditions.