The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1869-08-07

rars guard, comparatively speaking, OF its
people. BY means Of cheap Chinese labor,
the same, bat no more, can be accomplished.
The Convsption was destitute Of brains saf-
fcient, or Of desire to comprehend that
much, or else it was composed Of men anx-
ious only to attain such result They le-
gislated either with blindness or wicked
cunning.
COOPERATIVE BUILDING AssO.
CIATION.
Co. operation, as applied to the building
of homes for workingmsn, has never re-
ceived the attention the importance Of the
subject demands. In all our cities and towns,
especially where manufacturing 10 carried
on to any extent.-the greatest drain In the
workingman's purse is RENT. Houses, that
with the ground upon which they are erect
ed, can DO bought for from one to three
thousand dollars, are renting for from twen-
ty to fifty dollars per month, paying their
owners from twenty. Eve to City and even
eighty per cent per annum on the money
invested, and from this sxtoftion renters
have no redress. Under these circumstan-
ces, any plan that will efectuaiIY stop this
drain, should receive the earnest considera-
tiOn Of all who pay rent A
We know Of no plan 20 we'll calculated to
accomplish the desired objees-as the for
nation Of Co. operative Building Associa-
tions.
We are at present connected with one in
Philadelphia, known 40 the Landreth Build-
ing and Loan Associatlon. We assisted at
its organisation, and have made ourselves
thoroughly acquaintedI with it's workings
and are so we'll saiis6ed of the correctness
Of the principles upon which il ID conducted
that We propose, for the benefit Of our
readers, to exemplfy lie workings.
On the formation Of the association any
person could become . stoskholdsr By agree
Ing 70 mi zss my -ssnSsfcf Ihsfss, TN s..
ing the svsrsgs) and paying one dollar on
each share, and one dollar on each SNARE
every month thereafter until the association
ssruns outs The oaRcers Of the assouatio On
are President, Viee;President, Treasurer
Secretary, and nine Directors, the whole
constituting a board OF directors and are
elected annually. None Of the officers rsceiv.
pay for services except the Secretary and b.
q mere nominal amount. The treasurer gives
security Cor 81 900, aad the association 1.
carried on for the benefit Of the stock-hold
ers, and moi. for the officers - such, as i,
usually the case in Loan Associations. The
receipts Of the association are
Fsst-The daes Of menbees, OIL on each
share Subscribed for, payable monthly.
Second-A fine Of fve:csnss on each share
each month for failure 70 pay dues punetu-
ally.
Third-Premiums on the money loaned,
paid BY the members who borrow.
Fourth-Interest on the money loaned a
six per cent. per annum.
As on az from these sources OF revenue,
each share Is worth @200-that ID, say we
have one thousand shares, then ~ coon a.
the association holds mortgages and cash
to the net amount Of 500, 900, the assoeia-
ton 10 dissolved.
None but members can borrow money
Each member can borrow TO the amount Of
$500 on each share Of stock be holds. The
borrower must give the association q first
mortgage on real estate for the amount Dor.
rowed, il there are bOildiDgs they must Be
insured, and the policy Of insurance togesh.
er with the stock upon which the loan ID
made must be transferred to the associate
The borrower must pay his dues and interest
punctnally, and must also pay the expenses
Of conveyancing.
The loans are made by the President stat
ing that there are 5000 in the treasury un-
appropriated, bat that the members can
borrow to the amount of $500 on each share
Of stock they hold, payable as soon a. the
money is in the treasury. Some member ID
willing to pay Is per cent. premium for the
money, another l6, another IL, and 50 on
until is reaches soy 80 or IS per cent. II
the buyer has ten shares, and wishes to
borrow the full amount, he receives the
$1,000, less the premiom he has bid. He
gives security for % 900, and pays interest
on the. 81 900, bat receives (if the premium
Is 80 per cent? only 81, 400. After he re-
oeives the money be pays go per month in
70 the associatioa until each share In the
association is worth $500, when the mort
gage given as security for the money re-.
esived 10 cancelled. The result Of this bor-
rowing and paying go per month may be
summed up as follows: A member OF the az
ISOLATION rents and livesin house for which
be pays $40 per month rent or more. The
house can be bought for 81, 400, he has tea
shares In the association. He borrows from
the association on his ten shares, snd re-.
eeives 81. 400, he buys the house, and give.
. nortgsgeto the association for the OIL 400
He then psss bis dues ON bis shares $40 ne,
month, and interest on $1,000, which i,
$40 per month more, to the association
making $40 per month, be would be COM
PEELED to pay to the association until each
share Of stock In the association was worth
5000, then his mortgage would be returned
TO him marked paid, and he would own hil
house. The effect being that for q term Of
yeats he would change his landlord, with
this very marked difference. By paying the
go per month (dues and intersst) to the a.
trf Ref.a m VIA. s--. a iul.e.y sft