Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1867-01-05
MIR. DaneIer's Bill for the Relief Of
the Poor.

The following bill has been introduced
in the Ohio House of Representatives by
Mr.. Dangler:
AN ACT to enable associations Of persons for ras-
ing funds TO be loaned among their mem bers for
building them HOmesteads and other purposes, to
become bodies corporate.
SECTION /. Be Il enacted BY the General
Assembly Of the State of Ohio, Thatany num-
Der of persons, not less than five, may as
sOciate themselves together and becomes
corporation, as provided in the sixty-thiru,
sixty-fourth and sixty fifth sections of the
act entitled, "An act to provide for the
creation and regulation of incorporated
companies in the State OF Ohio" passed
May lst, 1852; for the purpose of raising
moneys, to be loaned among the members
OF such corporation, for use in buying lots
or houses, or in building or repairing hous-
es. And such corporation shall be author
lied and empowered to levy, assess and col
lect, from its members, such sums of mon
ey, by rates of stated duties, fines, interest
on loans advanced, and premiums bid by
members for the right of precedence In
taking loans, as the corporation by its by
laws shall adopt. Also, to acquire, hold,
cucumber and convey all such real estate
and personal property as may be legiti-
mately pledged to 1t on such loans, or may
otherwise be transferred to it in the due
course of its business: Provided, That the
dues, fines and premiums so paid by mem
bers OF such corporation, although paid in
addition to the legal rate of Interest on
loans taken by them, shall not be construed
TO make the loans so taken usurious.
SEC. 2. All stockholders of any such
association shall be deemed and held liable
to an amount equal to their stock sub
al hrrfh az IND In, a1-
dition to said stock, for the purpose of se-
curing the creditors of said association.
SEC. 8. This actshall be in force from its
passage.
The bill is explained by its author in the
following paragraphs: oG.td st.l1s
1t is the design of this act to enable per-
sons Of small means--who have generally,
In our cities, to pay high rates Of rent, In
proportion to the accommodations furnish
ed-to borrow money enough to buy or
build snug little home, and pay for it in
monthly dues, which would not amount to
more In the aggregate, yearly, than their
rent now amounts to. fw III a aat
Such associations have been incorporated
In the States OF New York, New Jersey and
Pennsylvania, and have been every way
successful In their objects. IL Is proposed
That every member shall pay, for each
share taken by him, one dollar per month.
If he takes five shares, they. will draw on
his wages only equal to moderate rent.
For each share taken, hehas the privilege
OF taking "a loann from the association, on
approved securlty-"a loan" Is $500. Thus
ave shares give q member $1,000, with that
he buys his house, and pays $5 monthly,
with simple interest on his loan, till all the
members have been furnished with loans,
on similar terms, In that case the loans
will equal the obligations Of members, and
each has his house paid for-two hundred
members, having, on an average, five shares
each, furnish every, month $1,000 to be
loaned among the members--and 1t Is hoped
that this plan will so commend itself to
your Honorable Body, thatyou will extend
to us the benefit Of tho general corpora
tion law Of the State, as it iC now enjoyed
by various other interests involving capital
and labor.