The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1868-02-15


This Association was organized on last Sat
urday night permanently, and 3s4 shares
paid in. Five hundred dollars were offered
for loan, and taken at premium of 81 per
cent. An extra meeting of the Association
is called for next Saturday evening, at which
subscribers will be allowed to pay in on the
shares which should have been paid M on
Saturday evening last. This extra meeting
is informal, but on account of this species
oil association being new thing to our PEG.
pie, it was thought advisable to call an ad.
Journed meeting, in order that persons wish.
ing to become members should have this
extra opportunity to commence their sub.
scriptions in the first month.
The principle Of Building Associations is
but imperfectly understood by the majority
of our citizens, and especially the laboring
men, for whose benefit, more particularly
than that of any other class, such institu-
tons were devised. The principle on which
Building Associations operate is as follows:
Each share Of the Elkton Association rep.
resents 5000, and the monthly payment on
each share is 81, which is Sl2 per year. At
the end OF ten years, person having one
share will have paid in at this rate $780,
This money being loaned as fast as received
the interest on the loans, together with the
bonus which the money commands, will, at
the end OF ten years, and often when. the
premiums are large, in eight years, amount
to sum received by the Association equal
to $500 on each share. so that person who
invests only, without borrowing, will receive
i1r the Sl2o paid in, in the course of ten
years, as monthly dues, $500. Thus, as
mere Investment, it is more safe and profit
able than savings bank.
The principle Of associations of this kind
however, is TO enable those to purchase a
home, who have not the means to do so
without the aid afforded by some such insti
tuition. The money paid in is sold by the
proper officers at the close of the meeting,
and the person who will offer the highest
premium receives the loan, provided he can
comply with the laws Of the Society, which
is to give security by IL first mortgage on the
property he contemplates purchasing, to the
Association. When man has no real prop
erty on which to give such mortgage, it will
occur, at first sight, that poor man has no
opportunity OF proflins by borrowing AT
amount which his shares enttle him to-
But this difficulty is easily surmounted. -
Let him look out lot and agree with the
owner for the purchase. Let him then SPEAK
TO the contractor to put up house. Now.
if the owner of the lot and the carpenter
will agree that this house and lot shall be
morgagcd to the Association, then the As.
ISOLATION will advance the amount Of money
the members shares and bid cntitle him to
have. Tho member being in possession
OF his house, has only TO pay in his monthly
dues and the interest on the mortgage held
rs security by the Association. Being owner
OF the house he escapes that oncrouS tax TO
every lsboring man which the rent of a home
ta.tens upon him. Now, if he manages To-
pay his monthly dues and interest for eight
ur ten years, till the Accommodations Of the
Association wind it up--which always oc
ours when the stock reaches par value Of
500 --Hl payments cease. Principal and
interest having been liqnilated by the natural
working Of the Association, the man has his
house free, the mortgage is cancelled, and
the Society dissolved. In addition to tho
original cost Of The house, the proprietor
has a property which has increased in value.
BY the rise in value that has taken place
within the eight or ten years he has been
paying for it, TO perhaps double the first
cost; for rec! property, in all of our thirty,
Ing villages, increases rapidly in value
This is but glance at some of the i'm
portant features Of Enil,liug Association.
There are many other features about il ,o
recommend i, 10 those who would secure T.
nome, nol having the requisite means within
themselves to accomplish 50 desirable Il
purpose.