Evening star. [volume] (Washington, D.C.) 1854-1972, 1867-10-17
Workingmen's Assembly.
THE COOPERATIVE QUESTION.

the regular meeting OF the Workinkmen'l
Assembly was held last evening at the City
Hail, Council Ohamber,l Vice President J
w. Mattingly in the chair; Jas. H. Reed, sec.
Rotary. After the rcad,ng Of the minutes, .ne
executive committee, VIM. Boron, chairman
presented report in re erence to circular
presented at the last meeting, sno wing the ad-
The report was adopted Aprinted communi-
cation was then read, headed "Co-operatiy We
Building Association; Words of Caution to our
which was one originally laid before the Ex
ecutive Committee Of the Workingmsn's AS.
sembly by Mr.. J. @. Judd, aHd orderad to be
printed tor circulation. the Communication
operative Building Association OF the District
or Columbia" and refers more especially to
article IL, in which it is provided that the
etockholder who has taken an advance from
the association shall continue to pay his
monthly subscriptions regularly during the
whole time he is paying the returns OF his ad.
tinue to pay his monthly dues for length of
time not exeee ding fourteen years. The writer
undertakes 10 demonstrate BY figures that the
stockhelder who borrows 81, 600 at 66 premium
for ten years, and continues his monthly dues
four years longer, pays on principal 5000, in
interest $500, and in shares $500, q total Of
S2,GS0. He also maintains that the borrower O
S1,GCO, at &c. pays an annual (average) interes
Of Is i.1Gth per cent and that after having
struggled through this life. drain lining process hs
10 bound by his mortgage to pay $50 q year tor
i9ur Years for the PRIVILEGE OF being oorro wsr.
instead Of Ia years, the borrower still pays
Sl.960 for his $1,000 and gets nothing on his
shares, while the investor, who does not Dor.
row, pays $500 and receives $1,000. Even sup.
posing that the stock subscription should be
dropped from the day that the advance lie pur.
chased the borrower OF $1,000 at Sc premium to
be repaid In ten lnstailments, ons-twsifth of
each installment monthly, still pays nineteen
ana three. tenths per cent. per annum, and ac-
tual!y pays back 81 $50 for his $1,000: which
would be fair enough ii he had the use of the
money tor 10 years, but the longer he has it the
smaller 1t gets, and the more he pays for it. The
writer argues that the solution Of the difficulty
IL that the $1,000 should not be returned and this
Strike that from the Constitution and the in
/terest at So would be very low; indeed
there should be proviso that the money
should not be sold under eight per cent.
A pays So month for fourteen years, and
does likewise. Why should not each be en-
titled to the same amount at the end! Two
thousand stockholders each pay $3.50 on the
first month, making 5000 on the table. Now,
as each man OF the two thousand is entitled
alike to have his $1,000 first, how shall it be
decided who is to haveit! Put it up at auc.
for it, because has no business to have his
before b receives his; therefore he that will
give the most must have 1t first (The consti-
tuition provides that the directors shall see to
the safe Investment OF the funds, it Is prefer
able that the stockholders shall have the
funds, and the directors shall only 81 that
the security offered is sufficient, not for the in.
ferest, but tor the principal only-they have
30 business to ask security for debt that can.
not accrue) A we will suppose pays ~ per
&C cent It,, and ne can afford 70 do that il mis-
be 5emans Inch In his hands
month on every dollar he received, or $40 per
month for interest, and his 81 so on his share
OF stock, w1ich is in fact repaying the princi-
pal, because his payment on stock will be
worth $1,000 just at the same moment that the
payment made by b amounts TO $1,000, the DIFF.
terence beng that the borrower pays the IN
terests while the lender compounds his inter.
estmonthly! A then pays Sl2 so a month, being
$40 interest, and So 81 on stock, and retains
the use OF his $1,000 through all the time. and
keeps 1t as his share when the Association
winds up. Is pays $3.50 u month until the
association Is able to pay $1,000 to each stock
holder on every share held. This Is surprising
the purchaser pays II per cent; but take the
first NJ Getting, six and thrf s-f1fths, and then A
pays SIS Us for interests and $3.50 a mouth for
STOCK, or 81. IS month while the Association
lasts; while Il pays his s.. so for an ea ual time
or 1920 in all, and then receives his s 900: A
having received his and been paying interests
all through.
The Communication, which embodied a
report OF committee upon the sub ect, of
which Mr.. j. G.. Judd was chairman, was
adopted.
communication was read from the Jour-
neymen House. carpenters Association, en-.
closing copy Of their constitution. The COM
munication was received and ordered to be
filed.
The President reported having appointed
the following committee to visit and address
the various trade organizations, which dutv
had been ably performed: Bookbinders, A. r.
G. Judd, Donald McCathran, and others.
Committee have also been appointed to visit
the bricklayers, tcol-sharpeners, and coach.
makers.
The committee on the late picnic of the
Workingmen's Assembly submitted report
showing balance OF S356.03 after paying all
expenses. The report was received and filed
and the balance turne d over to the treasurer
ON motion Of Mr. Mitchell, the election Of
officers was postponed for one mouth.
The following resolution was then offered
Resolrsd, That hereafter it shall be the duty
OF the treasurer or the Assembly to report at
esch meeting the amount OF contributions col
lected, and from wnom collected, all of which
the secretary shall record as part of the pro.
ceedings of the Assembly.
resolution was also adopted looking to the
appointment OF a commi tee Of i've members
OF this Assent bly, to organize workinsmen's as
sociations throughout the District.
Mr.. J. g. Mitchell offered a resolution to ap-
point committee OF three to make arrange
ments to tender serenade to Gene al Carey,
h T. from Ohio, who had been elected solely
upon the eight hour labor principle. The
resolution led 10 debate as to whether General
pie; participated in by Messrs McCathran.
Flynn, Rothweli, and Boron. Mr.. McCathran
moved that the further consideration OF the
resolution be postponed, which was lost. The
resolution was then adopted. and the follow
ing committee appointed: Messrs. Mitchell,
Cook, and Mattingly.
Mr.. Richard Rothwell offered q resolution
appointing Messrs. McCathran, Mitchell,
Boron, Cook, Mattingly, and Reed q commit.
tee to address this Columbia Typographical
Union On the eight.hour question. and to urge
a contln nance OF its delegation in the Working
mems Assembly. The resolution was adopted,
after debate. Adjourned
HYMRNIAL-This morning, at ten O'Clock, an
interesting marriage ceremony took place at
the Chul ch OF the Epiphany, in the presence
OF quite a number Of ladies and gentlemen.
The parties were Mr.. VIM. H Champion, OF
the Pension Office, and Mrs. Sarah Irving, Of
this city, who were united in wedlOck by Rev.
Dr G. II. Hall, of the Church Of the Epiphany;
and after receiving the congratulations OF their
friends the happy pair left on bridal trip.
Mr.. Champion, previous to embarking on the
sea Of matrimony, was the recipient OF q hand.
some massive silver pitcher, from his fellow
clerks, through MessIs Daniel WEIGH, JOS S.
WorthinRton, and L. N. HonRhton, committee
Mr. Champion, In accepting the gilt, In neat
letter, says that although he 10 no base ball
player, che 10 the catcher OF the finest pitcher
In Warrington" t-itH
AN lMPoeTER.-About two weeks since,
woman named Catherine Rady, was sent to
the workhouee as vagrant, ana a short time
after her admission there $l52 were found Sc.