Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1853-02-01
@annInMe A%ssocIATIoN.
,oa rus sFIalT OF yEFFERsos.
PoIIvAR. Ian. 40. 1853.

BOLIVAR, Jan. 80, 1855.
RELIEF : Believing that you feel inte-
I'M enterprise that promises 70 advance
- he condition of your fellow-beingss
srR.. ara At the head of the most prolific
yybe pfess) of promoting or stimulating
pee !S"nTiss and awakening the energies oftie
g TAKE the liberty Of sending you the fol-
.omarks on Building Associations, one of
~ been formed at this place. twas dis
=, that shrewd and intelligent people,
EEuglanders, that a working mauin very
circumstances, or in fact any other per-
It bv simply paying into a ma fund
AHS" ann of two or three dollars per month,
iamedhateDy the owner of his own house.
.;.tions have been organized in Balti-'
;T.sbington and Alexandria, and SO salts
y brs been their working, that they are
toia I,;nIving, and disseminating their bless
q Securing to every poor man, who joins
g n ownership Of the house ne lives IN
p' : gentleman who formerly lived at this
1T Tybo now resides in Georgetown, says
y 30 highly approved that in some OF them
!.,rss can be purchased, even at an advance
that they cost. a.
NE Bolivar and Harpers-Fe,Ty Associa-
n consist of soc shares. Ea ch person
~. down his name for a share, pays in one
Month. and if he takes more than one
~ navs in the same proportion. This
Ss0O paid in every month, all of which
I. loaned out among The members, (for &C.
IN The articles OF association no money ls
y 5,ned except to members, unless it should
e".aIIed for or unprOdIctive for two months,
.,D ne loaned to others than those be-
IN The association, by consent of two.
~ the stockhoIders.) Each share of stool
lid IN borrow from the association 5000
a ~. cum Of $500 is called a loan. At the
~, meeting this money is offered on loan.
gg.v no ten or a dozen members who want
so,y tail have equal rights to t-but The
~, il settled by that person taking it who
a.s highest premium for the preference.
1 w ,b,s loaned, satisfactory real estate secu'
S.cy given for it, and a share of stock scr
S95 being transferred TO the Association
"~,,Srerzi. The person TO whom a loan is
n has the privilege OF taking not more
j, hui loGas at the same rate OF premium
br instauCe, a mechanic has decided on
as certain house and lot. and has no means
.Iop tor il. lie has, however, three shares.
,,roc of the Auuse is say $500 or $780,
.ILs9e shzEcs enIilIe him to a Loan VI $500,
u Is awarded him at a regular monthly
n,r With this 5000 he huvs the property,
I'd deed Tor it, and gives to the Association
Ltqage for the amount, the interest of which
Iage he pays up monthly, witIl his regular
sde9llars on his three shares. Now the $500
Cn him is never called for, for it has been
a in all these Building Associations, that
IJ, and profits accumulate SO rapidly, by
81 Of the interest and compound interest
Ibis pcrpetuaIIy paid in from borrowers,
,rus and fines, that in about seven years
,,,s much due to him from the Ass0Cia-
rs he Sorrptced from ii-conseq"entIy his
,sis paid for, every dollar OF it. Therefore,
|, the shares of the Association are found TO
IDtb $500 each, say in about seven years,
,.oclariun is dissolved. Ia other words, a
,nu borrow a sum OF money large enough
IN ar build him a house, and be allowed Sc
,pars To refund ii in small mOn'hly install
q: which would otherwise have e. be paid
= in the shape Of rents, and for which he
j meyer receive any benefit for thereafter
1e Young man may deposit or take shares IN
ASSOCIATION aud pay IN his one, two, or three
.,s a month, Ms his circumstances or earn-
> nav admit, and it wiIl ut ouce go to work
Fhm by drawing interest every month, which
ep,r is aieo Iua ued. The wlte aud Children
M sprcndthrit or inebrlale eau be provided
ILy their friends, and the property is projected
hr law tina, aUrhOrizos this Association. The
.ipuinus al the hpnctiCeHce ut Il HUmeSteGd ~
\ kaed by the workings vi these Associations