Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1867-11-27
Homestead and Loan AssOcI-
alton.

alton.
EDITOR CHRONICLE Since the pub
LEGATION of last weeks article in refer
ence to the contemplated Homestead
and Loan Association for this county,
l have been asked by many wherein
the real benefits Of such an Association
consist, l will endeavor to answer these
inquiries by actual figures. 1t must,
however, be borne in mind that the
data from which these 6guses are made.
are based upon estimates, rather than
actual experience, for IN this section
Of country societies Of this kind are of
recent origin, but 20 far as they have
been tested, they have produced the
most satisfactory results TO the mem
bers. besides being Of general interest
to the town or localities in which they
operate. For instead of the old dIlap-
dated Iookeries, generally offered for
rent, there spring up neat cottages, oil
which the inhabitant is sole proprie-
tor. and which he will take pains to
improve. because it is his own. Now,
it must not be expected that such q
desirable thing as homes are to be gra-
tuitously distributed. We however,
aim to help each and every member to
obtain one, in the following manner:
In the first place, then, the society is
supposed to consist of men of moder-
ate incomes, whose savings are, at most
but small-so small that it seems hard
ly worth while to save /; but if a proper
place was offered, where that little
could be safely deposited, and at the
same time be increasing, it would be
saved. Now such q place, we claim,
is our Association. Seven years is sup
posed 10 be the greatest length of time
the society will run. At that time all
persons will have their obligations can
celled. This is not positively asserted
but sincerely belieVed.) Let all bear
this in mind and follow me through this
article. We will now suppose that you,
reader, are a member of the Associa-
zion, being in a rented house, for which
you pay one hundred and fifty dollars
per year, land this is not extravsgant)
how long will you pay rent before it
becomes yours? l answer, always; it
will never be yours. But you are q
member of our Association, owning
eight shares, which, in all probability,
will realize you from eight hundred to
one thousand dollars any day, in the
manner I set forth last week. Suppose
you take this money, buy q lot, build
YOU a house-of course it will not build
a palace, but if viii be infinitely better
than the n you nov occupy-and
take sixteen dollars 9 month to the
Treasurer of the society, and in turn
help some other person, instead of the
landlord, are you benefited? Now
how much would you pay into the So
clety in the time specified abovel 1t
will be l,344 dollars. This, you think,
is pretty steep. Well, We 60 q little
further-you must remember you had
nothing to start on-we will go out
now and borrow eight hundred or 8
thousand dollars; we will take it for
granted that you a get it for the ask
ing, by paying the interest. Call the
interest ten per cent, II think you can
not get it for less.) Now what will this
amount to in seven years2 If l mis-
take not it amounts to seven hundred
dollars, simple interest, add this TO the
principal to be paid back at this time
in a lump, and we have the nice little
sum of one thousand seven hundred
dollars, a difference in favor ofjoining
the society of three hundred and fifty
six dollars, besides having the oppor-
tunity of canceling your obligations
monthly, a little at a time, the adYsn-
tsge of which a working-man can see.
Add TO this the consciousness of having
helped along some other struggling
brother, instead of some Shylock, is it
not worth while then that all should
wake up and take an interest in this
enterprise?
Take your pencil and figure for your
self, and when satisfied that it is 9 good
thing, and that you would be benefited
by it, write your name in n of the
little books left at the designated
places for that purpose. We should
have at least q good portion of the
shares subscribed before calling q meet
procuring a Charter or adopting a
Constitution and By Laws. The i'm
portance of the enterprise forbids IN
necessary haste, while no one should
become a member until, having fully
investigated it, he is satisfied he
would be benefited by joining.
HOMESTEAD.