The Hancock Jeffersonian. [volume] (Findlay, Ohio) 1857-1870, 1867-09-06
Savings and Building Loan As.

savings and Bullding Loan AS
sOciatiOn.
A movement is on foot in this place
looking toward the organization of a
"Saving and Building Loan Associ-
alton" Something Of this kind is
much needed here for the purpose OF
giving such of our laboring men as
are unable to purchase homes in the
usual manner, an opportunity to
build on easy terms and thus avoid
paying exorbitant rents.
Differing from other associations,
it is not the capitalist alone who re-
alizes the profits. The poorest man
derives equal benefits with the veal
thiest, and no man is too poor to be-
come q member.
The design Of such an Association
is:
First-To enable persons of small
means, who want to save their money
and build themselves a home, to
deposit their savings where they will
be safe, and where they will be draw
ing interest until the amount is large
enough to be made useful.
Second-To accumulate fund to
enable persons who are paying birh
rates of rent, in proportion to the
accommodation furnished, to borroU
money enough to buy or build snug
home, and pay for it in monthly dues,
which would not amount to more in
the course of a year than their rents
now amount to.
Third--To enable builders, who
are poor but energetic and whose
securities might not be available for
short bank loans, to obtain means to
build houses TO sell to working men.
Fourth-By the purchase of its
stock to furnish a safe investment for
persons who want TO put their sa-
wings where they will draw interest.
A share il $500, for which shall be
paid 81 per month, and in return the
shareholder has the privilege of ta-
king sloan" from the association,
on approved security. A sloan" is
5000, so that a member holding five
suarSs 10 euLlLlcd. 80 bvsrow cl,UOo
less his premium-with which he
can build or buy a house, and return
the amount of money received at the
rate of S5 per month, at the same
time paying simple interest on the
loan.
We have not sufficient space for a
lengthy explanation of the workings
of the institution, but give the fol
lowing illustration of the manner in
which men of limited means may get
permanent homes:
Suppose that four hundred men
are each putting aside from their
earnings ten dollars a month to build
a house with. This would make
S120 q year, or 5000 in five years.
1t would thus require five years for
each of the four hundred persons to
wait before having enough to put up
$500 house. If the money were
kept at home there would be danger
of its being lost, stolen, or misap-
piled. If placed, month by month,
in bank for safe keeping, no inter
est would be allowed for such small
deposits. If kept at home, until
enough was got together to loan to a
neighbor, it would be at the risk of
the owner until loaned, and in loan
ing and obtaining securities men ig-
norant of such business would be
likely to be imposed on, or to incur
much trouble and vexation in its
management.
Now, in Savings and Building
Loan Association, this same four
hundred persons, each paying in ten
dollars a month, would, the first
month, make fund of $4,000. This,
divided say in amounts Of $500 to
each loanee, would enable five persons
to commence building at once; the
next month five more could have
means to build with; and at the end
of year sixty members might have
houses finished or in course of con.
struction; and so through subsequent
wears until all who desired loans
could have them. In every sucf
number of persons there are many
who are not married, or, for Other
reasons, in no hurry for homes, but
expect to need them in a few years
These are getting the interest fol