Vicksburg weekly herald. (Vicksburg, Miss.) 1868-1883, 1869-12-18

THE BUILDING ASSOCIATION.
According to promise we con-
time our article upon the subject
Ofiho title.
We wish 10 gel the matter prop
erly before tie people 70 they can
understand cur object, the means
by which We propose to accom-
Plish Il, aud the principle upon
which the affair Is to be managed.
We have endeavored, in the begin
ming, to convince every mind or the
necessity for relief from the diff
Guilty under which poor persons Ia
Dor in procuring a home, and relief
from exhorbiiant rents. The time.
labor aud space 30 devoted were
almost supor1uous because hardly
a person but was already sati fled
that a reform was necessary Ia or
der TO enable persons to secure Il
home to live iu, either By PURCHASE
or rent.
Now We go further aud propose
the Organization ola Building AS
ISOLATION, the object of which will
DC ito accumulate n fund which
shall be loaned to its members
to enable them to buy or
build their own homes" We
propose, as VIC have said, shortly to
call a meeting where this matter
can be fully discussed and an Or
ganizatiOn perfected.
Then q Constitution and BY
Laws will be arranged and adopted,
officers elected, and the scheme put
10 order for work. Then a charter
must be procured from the Legisla-
ture, and after a proper amount Of
stock Is subscribed upon the books
the business Of the organization
will commence.
We have received the Constitu.
ton and Bylaws of the Olyphant
Building Association in Pennsyl-
vania, and It Is upon their plan we
propose to work.
We extract the following cxpla.
nation Of this plan and its working
and hereafter will make further ad-
vocacy Of this scheme:
"a Building Association is m
institution whose principal object
is to enable men in narrow circum-
stances to build homes for them
selves 10 live in. The majority of
men OF small means increase their
expenses nearly in the same pro-
portion In which they succeed
in increasing their income. The
man who earns 50 per day,
manages to support his family /; II
his wages be increased to 50 per
day, he will rarely do more. With.
out some stimulus TO frugality most
men lay up but little in either case.
But suppose two hundred such
men make up their minds 10 save
fifty cents a day for twenty DAYS in
the month, aud pay the ten dollars
per month thus saved into the
treasury of a Building Association,
their combined savings every
month furnish one of their number
with a home costing two thousand
dollars. Those who are thus sup.
piled, instead Of paying rent to
capitalists, pay interest to the AS
ISOLATION (whose money they have
bOrrowed) and thus increase the
monthly receipts and thereby has
ten the time when all shall be pro-
vided, like themselves, with homes
Of their own. This is the original
theory Of Building Associations,
and from this they derive their
name. Many companies have been
formed on this principle, and when
ever they have been prudently
managed, they have more than re-
allied the expectations Of their
founders. With average success,
the two hundred men supposed to
be associated together, will all be
supplied with homes Of their own
in ten years.
The Constitution Of the Olyphant
Building Association embraces
many notifications Of the origi.
nal plan which experience has sug-
gested and it is believed to be so
guarded in It's provisions as 10 SC.
cure TO an unusual degree the mu-
tual benefit of the stockholders,
and exempt from the undue iunu-
enco of any who might wish TO
control tho Association for their
Individual advantage, to the neg
lecl Of tho general interests. Its
operation is briefly this: Every
stakeholder pays one dollar a month
for every share he takes,and agrees
to continue this monthly payment
until each share becomes worth
5000, when distribution of the cap.