New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1852-03-25

and in means-pernaps somewhat In teacn-
ers also. Truly, the time will be when'
under a system uniting Manual Labor with
Study, Industrial with Intellectual training,
College education will be far more gener-
ally diffused than it now is; but Colleges Of
the right stamp will need little extraneous
support, and we trust none from the Treas.
ury. For these we are resigned both to
work and wait.
Shall Join a Building A,seciatioas
Our table is covered with letters, princi-
pally from workingmen, asking this ques-
ton. By way Of answering it, we will en-
deavOr to cast some light upon the general
subject.
Building Associations are designed to
meet the wants of two classes of men OF
small means namely, those who desire to
borrow and those who desire to save. If
properly organized and well managed, they
will insure to the latter the advantage Of a
higher rate of interest than the Savings
Banks; while the former will find in them
the opportunity of borrowing money to buy
or build house. with, on such terms that
the payment of little larger sum, and in
some cases of the same sum, as they usually
pay for rent, will in time make them the
owners of houses of their own.
A Building Association thus involves the
cooperation of borrowers and lenders and
to organize and manage it properly, all that
is requisite is that the interests Of both
shall be equally regarded, and that neither
shall be made to suffer for the advantage Of
the other.
But in many, if not in all those vet estab-
lished in this City, the attempt is made to
procure subscriptions by holding out extra
ordinary inducements to those who wish to
save and lend. They are promised, for In
stance, that by investing $2S0 in monthly
payments of SO, during eight years they
shall receive $500 at the expiration of that
time. Now, this promise to the investors
and lenders cannot be realized without
shaving the borrowers very severely. 1t
is true that there may be instances where
the rate of rent paid by the latter is SO high
that they can afford to borrow in order to
buy their houses, even at an exOrbitant
shave. We have known an instance where
a workingman has borrowed money Of
Building Association on the worst terms
that we have yet heard Of, and still has
bought his house so that without paying
more than the previous rent, he will have
paid for one-third of the property on the
day the Association terminates. In his
case it was decidedly better to take the
money on those terms than to go on renting
the house. And we presume there are in
the City thousands similarly circumstanced.
There are very few persons W no rent tene-
ments at from 100 to $3.50 a year who do not
pay as much as 10 OF IL per cent. on the value
of the property. Such persons should en-
deavor to resort to Building Association
and buy their habitatisns. Where several
families reside in the came building, by
combining and buying it jointly, they might
at once realize a considerable saving in
their expenditures, even if they had to pay
10 per cent. Tor the money.
On the other hand, those who wish to
economic and save, had better put their
money in some rightly organized and we'll
managed Building Association than in a
Savings Bank, because they will get bet
tor interest for it, and because ii will be
employed more advantageously to the
working classes and the public generally.
The Savings Bank lends ID out in large
SUMS to these who already have consider.
able capital and are engaged in large ope-
rations the Building Association lends it
out in small sums to help persons Of the
class BY which it is deposited to become
Independent. But it will not do to confde
in the dazzling schemes Of profit put forth
in the prOspectases of SO many Associa-
tons. The money cannot be made, and
those who expect to make it are mistaken.
Even with the highest rate which We
have heard of as paid by the borrowing
members of any Building Association, the
promise to terminate = society whose
shares are from FIVE to eight hundred dol
lars, in ak or eight years, cannot be kept
and ought not TO be. Il is tfue that the