The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1866-06-10

very rev, even Of the citizens Of Boston
are familiar with the fact that there is nov
accumulating here in the hands OF trustees
fund bequeathed By Benjamin Franklin on
terms quite as romantic As those of the i'm
aginary will which forms the basis Of Mias
Edwards novel, "Half Million of Money. !
Upon the death Of the venerable statesman.
patriot, philosopher, diplomatist and printer,
whose figure in bronze now stands ia front OF
our City ball, his will was found to set aside,
by q codicil executed just before his death,
each TO the cities of Boston and Philadelphia,
where his early life was spent, and which he
always held equal in his love. These sums
were to be kept IS fund, to be loaned to
young mechanics not less than TWENTY-FIVE
years old and married. who have served a
full apprenticeship and can obtain shreties OF
two respectable citizens. The amount to be
loaned to each was limited to sixty pounds,
with interest at FIVE per cent, to be paid back
in ten annual installments.
Young mechanics answering the stipulated
provisions OF the will are not SO numerous
now rs they we're in Frankln's lifetime. and
so small loan would be Of little uke to any
one ID the exigencies of modern days; SO
that Of late years the application for loans
under the will have entirely ceased The fund
has gone on aceumulating, however, a. the
legatee expected itwould. at compound inter
est, in the hands of perpetual board Of
trustees. The thousand pounds were paid to
the authorities Of the then town Of Boston ia
1871. Twenty years after it had nearly
doubled, and now it amounts to something
oyer hundred and ten thousand dollars.
Franklin's will provides that the sum shall
60 on accumulating in this way, by judicioGs
investments, until 1S9i-one Aundrea years
from the day Of his deash-when, according
to Poor Richards own careful calculations,
i will amount to hundred and thirty one
thousand pounds sterling. He then directs
that at the expiration Of the century, the
pended IN public works Of general utility
suggesting Notifications, bridges, acoue-
ducts. public buildings. baths, paver,en,s.
as likely to make the tovn more convenient
TO Its people. ana agreeable to strangers, -
and that the odd thirty-one thousand shall be
put at interest for another century. In 1893. .
if the world lasts so long and the arithmetic
OF tse old philosopher is sound, the fund
will amount to about twenty millions Of dol.
lars. Three fourths Of tai3 is to be given TO
the State of Massachusetts,, and the resi- 10
the City Of Boston thus terminating the
fund
Snbhc attention is called to this remarka-
BILE legacy jus, now. BY the resignation Of the
Treasurer. Hon. William Minot. who was ap-
pointed ffty-hve years ago, and in whose
hands, a. he passed from youth .o age, the
sum has increased more tAan tenfold A
successor has been appointed. by o vote Of
the trustees, 10 the guardianship Of the fund
and the matter will sink into forgeteulness
again for another quarter of century. when
may be expected a vigorous contest over he
use TO be made OF the half miaon of
money TO be expended for the general ben
eft.
Il would be Interesting to know how the
Phlladeiphia portion Of the legacy is getting
along all this time. and whether it has obeyed
as faithful as the Boston fund, the laws O.
compound interess