The Tiffin weekly tribune. (Tiffin, Ohio) 1859-1868, 1868-02-20
Tiain Savings & Building Loan
Association.

Knowing that many Of our readers,
and those for whom this organization
is mainly designed, do not understand
its workings, We propose to give a
brief description Of its object and the
manner Of attainingi IL. The practical
operation Of these societies is very
simple, and is substantially as follows:
A share is two hundred dollars,
Every member shall pay for each
share taken by him one dollar per
month. For each SHARE taken no has
the privilege Of taking ga loan" from
the Association, on approved security.
"A loan" is two hundred dollars.
Thus Eve shares gives a member 81 =
600 (less his bid or premium)j with
that ho buys or builds his house, and
pays Eve dollars monthly, with sim
ple interest on bis loan, till all the
members who desire it, have been
furnished with loans on similar terms.
When, by the payment of monthly
dues, and the profits on loans, the
shares shall be paid for, they will
each equal one loan, and will cancel
ono loan. The shares will be oonsid.
cred at par when the securities aud
money in tho hands Of the Associa-
citation will divide 80 as to give two
| hundred dollars to each share holder
The Association is practically {
Savings Bank, in which the person
making a monthly deposit becomes
stookholdcr, and realizes for the us,
of his money, not simply low ratio o
interest, as in most savings banks
but all that money IS north or ioil
bring for building purposes, tchiic h
is dcpositing Il. All the receipts 70
premiums, (bids For loans), fines an,
forfcitures, are means Of adding to th
profits on each mans savings, an
tend to make the shares Of the Asso
citation worth tho par or paid u
valuo long before the amount of
share has really been paid in.
The manner In which working mor
who want to got houses Of their owr
are aidod by joining tho Associatio
may be illustrated thus Suppose tina
four hundred men are each putin
aside from their earnings ten dollar
a month to build a house with. Thi
f would mako sl20 year, or 5000
fiyo years. IL would thus requir
Eve years for each Of the four hur
. drcd persons to wait before havir
9 enough to put up house. If Il
= money wero kept at home there wou
be danger Of its being lost, stolen,
misapplicd. II placed, month |
$ month, in bank for safe keeping, I
II interest would bo allowed for su,
g small deposits If kept at home, u
a Ill enough was got together to lo
to n noighbor, it would be at the ri
of the owner until loaned, aud
II loaning and obtaining securities m
il ignorant Of such business would
q likely to bo imposed on, or to inc
i much trouble and vexation in
. management.
" Now, in this Savings and Build
II Loan Association, this same four hu
III dred persons, each paying in ten d
IS lars month, mako fund of Sl,0'
m This dividend, say in amounts
: $500 to each loanee, would ena
10 five persons 10 commence building
IN one. the next month five moro COZ
n have means to build with and at
A. end Of year sixty members mis-
= have houses finished or in course
construction aud so through sub
V quent years until all who desi
loans could have them. In ev
such number of persons, there
many who arc not married, or,
"a other reasons in no hurry for hon
'ot but expect to need them in
,er years. These are getting the int
u est for their monthly deposits Fl
me their associates who have taken
10 loans in order TO build sooner,
10 also share of tho premium paid
Oh tho privilege of tho earliest loi
.ut Those who do not get early loans
.or thus making a good investment
II their savings, while those who h
ne paid premiums for loans are suppo
ne to know how to make tho mo
0, profitable at the price they h
ca paid for it, The Association
en- nothing whatever to do with deal
t.e, in lands or lots, except so far ii
An takes mortgages to secure them.
AN- We can see nothing in il but gC
,ne and believe II will bo the age
na' through which hundreds Of indus
per Gus poor will be enabled TO ob
LOT what were otherwise impossi
mas homes of their own, aud omaucipa
am al from that CALLING bondago-rent'