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


Tor the purpose OF further explains.
ton.
Il ia no easy matter 10 establish
a method Of operation for q Build.
ing Association which shall, at lhs
same time, make suitable provIs-
ions for The needs thereof and pro-
vide necessary guards against self
interest and fraud.
In doing this the authors Of the
plan we propose working upon
have been obliged to adopt certain
laws, which we may call rules and
regulations, for the government Of
the Association.
These laws, or rules, to one un-
initiated 10 the practical working
Of the plan naturally seem cOmpli-
Gated and difficult to comprehend,
but Investigation will throw light
upon each and every step until the
whole is made plain.
The Kindness Of Mr.. d. NJ. V0yle
Secretary Of the ELEPHANT Building
Association, has furnished us with
memoranda wherewih to form m
-9sOciation similar to the Olyphaht.
We have labored assiduOusly
over the instructions and specimens
sent us and think we have ABOUT
mastered the details % the system
of operation SO that there will DO
no serious difficulty IN organizing
one here. 1900, 'ti - 'iil''H ''
We will present our reasons for
approving tho plan of the Oiyphant
Association! IN bro gI9siw sHd d. ]
First, lts ObjeCt-Ht to enable per-
sons In marrow circumstances to
build or buy hOmesg-is decidedly
a good one 10 cog fgJTo 81 "la ut
Next, ltprOpOsosltO operate upon
a plan that will give query man ..
chance to be beneHteditheraby. 9i
Thirdly, poor man has the same
opportunities, privileges and rights
that q riChm man may havos lja.I1I
FOurthlyp thenlcan DO no mOBOps
oily by capitalists, or 0thegsjsandI
every stakeholder has o bOiCe In
the management Of the stock. 90 sd
Filthy, the money OftheaAssOCia-
tiOnean only baused tobuy Onbuild.
property 4. ,yio',os bus 1JGJd bni
Sixthly, Id o. man ever sOfp0Or
he cam aftsra while, secure motley
TO buy or bulla'him q h6mey and the
acCumalatiOng Of his ihetAllmehss,
and hlb share dpprOAts Wfll pay his
debt without dncnrFlng the usual
risk OfiOsing everything bya forced
payment 1t ~ time most In
OppOrtuhe.l 9di bun Nh sdJ oa.ai.
3ssvShthiy, ifSnS does not desire
q home, by f~der0siting his odd dol
lars I'D this instit1tion he can sdve
1t and draw d good percentage on
the amount while so deposited. Or
he can invest 1t IN stock according
to his means, aud receive reward
BY the wonderful increase in the
value thereof. We could 60 on with
arguments In It's favor, but these
will answer now. Now we will
allude briefly to points In tie work.
ings.
The organization starts with no
accumulated capital. The capital
will be the amount paid in for
shares. For instance, of the first
series of stock one thousand shares
are sold upon which one dollar is
paid monthly ; at the frat monthly
meeting there will be one Thousand
dollars in the treasury to be loaned.
Among the stockholders there may
be several, each of whom desire the
loan. AS no preference can DO
given, the money is put up at auC-
tiPn and ,premlqm9' for it bid &c.
cording 70 each mans necessity,
These RalSasJ bsrs made in writing
and md handed t9nlRs Directors who
report the Alshsst bid " The.
amount lessthepfmipm isawardtI
ed ~ thebsucOsssfnl % party and
liz the examining COMMITTEES re-
PoEt his security good the casAsis
pAidhim. This loan y held At ls,,
qal Interest Payable monthly, and
is,a permanent loan, that IL, Is rot
to be repaid until The general set
tlement Of hcFcpncerp. The bor-.
rover can PAY N before, # hP.
chooses, aud thus save paying i'm
tgrest. The yalle Of each share at
the end Of each year 4, the amount
paid in monthly inslPllments Of
one dollar, hointeresLOR the same,
and the dividends thereon, The.
usual incroase-s-such that each
share, upon which one dollar a
month has been paid, is worth two.
hundred dollars in about ten years.
Then the Association settle up
-.sAk "a. NnaIb.11aro A Fnoppnp