The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-03-11
were expelled, the Indenturcs of 4wcre can
cellcd and died.
Tho FraBLlIn Trust.

Tho FrHnhltn
Dr. Benjamin Franklin, by his Will or cOdicil,
dated June IS 1883 and proved on April 81,
1850, bequeathed to the corporation OF tho city
of Philadelphia one thousand pounds sterling in
trust directing the corporation TO lei out the
same upon interest Mt five per cent. per annum
to such young married arti6cers under the age
of twenty five years who had served an apron
tceship In Philadelphia to assist them In setting
up their business. Theee loans were not to ex-
ceed sixty pounds or be less than fifteen pounds
to any one person. The tostator also directed
that at the expiration of one hundred years from
his death part of the accumulated capital of this
bequest should be applied to tho purpose of In
Producing water from the Wissahickon creek
into the city. f.rr q
Borrowers of this fund were to pay off an
nually one-tenth part of the principal borrowed
together with the interest, and a bond was
necessary to secure the loan, with the sureties
of two respectable citizens. rf 4 -f,
1t was DR.. Franklin's calculation that the
GlOOO at per cent. compound interest would
amount In the course of one hundred years to
G131,000 sterling. He therefore directed
E100, 600 to be expended at that time for the in
PRODUCTION of the Wissahickon water. The
water of the city in Franklin's time was de-
rived from wells and springs only. lie foresaw
that these would fail, but he did not rightly
conjecture where the new supply would come
from. The remainder, G31 600, left after the
E100,000 water appropriation had been made,
was to be again let out at compound interest
for another hundred years, as the first had been,
and under the same conditions. He calculated
that at the end of the second hundred years the
amount accumulated would be E4,061, 900
sterling. OF this sum, at the expiration of the
two hundred years, G1 ,06l 900 was to be given
to the city of Philadelphia, and G3,000,000 to
the State of Pennysylvanla. These were Frank
Inns calculations; but while hoping that tho
scheme may be found practicable, he also adds
in his will these words Considering the acci-
dents to which all human affairs and projects
are subject in such q length of time, have,
perhaps too much fattered myself with O vain
fancy that thQsa dieD0aitiOOa If parriQd intn
execution, willbe continued without interruption
and have the effects proposed"
On referring to the report of the state
of this fund IL is found that Frank
were correct. His calculations were right,
according to the rules of compound in
terest, but they are based on the supposition
that the fund would be ncessantly increasing,
and that no losses would occur through failure
OF payment by the borrower or his sureties. 1t
has been found that the money to be loaned was
accompanied by so many onerous conditions
that few borrowers could be found who would
avail themselves of the privilege. The fund
was not continually in demand, and had to be
invested In securities. Many of these securities
have turned out to be worthless, and SO the fund
has not come up to the expectation. Frankln's
suppostion was that the G1C00 continually aug
menting at five per cent compound interest
would amount Mt the present time to e49 $50, or
$247, 800, and in $780, the end of the first hum
dred years, to the sum of el51 500. The last
report shows that the actual sum now invested
to the credit of the fund is $40 1877. A
similar legacy of the same amount under
the same conditions was made by
Franklin to the city of Boston. The same cal
culations were made for this amount. Direc-
tions were given for the disposal of E100, 900 of
the fund at the end of the first hundred years,
for the purpose of public works in the city of
Boston, and at the end of the second hundred
the fund was to be divided between the city and
the State government. This fund.- held in trust
by the Selectmen and four clergymen of Boston,
now amounts to about 10000, SO that the
calculations have been found deficient in this
case also. f
The annual expenses of the Philadelphia
Franklin fund amount to 300. The investments
are made in city securities. The receipts of the
fund in 1867 were $2203; in 1868, $1SS7 and In
1869, $2015. The appropriations for the city
loan in 1867 amounted to $2244 in 1858 to $1S33,
and in 1869 to $2052. The amount actually in
vested in 1859 was $2119, leaving q cash balance
on hand of $65. The total Investment up to
December, 1868, was $40,167 1a
Fuel Funds for tho Poor.
Among various minor trusts committed to the
oversight of the guardians of the city are several
poor funds left by different parties for different
purposes. The proceeds of some of these were
destined to be used for the purpose of supplying
the poor of the city with fuel during the winter
months Some were to enable the city to supply
fuel at low value to poor purchasers, and the
proceeds of others were to be used in purchasing
that necessary and presenting 1t to worthy APP
| plicants.
Mention has already been made of the bequest
of Stephen Girard for this purpose. The amount
| of the beque was ten thousand dollars. 1t was
bequeathed to the Mayor, aldermen, and citi-
| zens of Philadelphia in trust, they to safely
| invest the money in some productive fund, and
| with the interest and dividends arising there
| from to purchase fuel between the months of
March and August in every year forever, and in
the month lof January In every year forever
distribute the same amongst poor white house
! keepers and room-keepers of good character
residing in the city of Philadelphia. The
| receipts of this fund during the year 1869 were
1894. The expenditures during the same time
were $442 There was cash balance on hand
Jan. /. 1870, of BIB. The amount of invest
ments for this fund is at present $90S9.
One of the first contributions for this purpose
was made by the first lodge of Freemasons OF
| Philadelphia, in the year 1898. One-third of the
proceeds of the sale of the lodge building, In
Lodge alley, was unanimously voted by a meet
ing of the original stockholders to the city, to bC
by them applied towards establishing fund fol
supplying ont OF the interest thereof the necessi
tous Inhabitants with fuel during the winter
season. This third part amounted to $l533 81
| On August 8, 1793, Mr.. Rickets, manager of
circus, gave towards this fund the sum of $430
and OH May 10, 1906, the additional sum of $20l
| being he proceeds of two benefits taken at hii
establishment for that purpose.
The fees and fines of the Mayors court from
the years 1896 to 1900 amounting to $307, wer,
also cted to the fund.
The sum of one thousand pounds left by viii
of John Bleakley was added to the fund. Th
will was proved September 81, 1902. The origi
nal conditions were, "to the corporation of tn
city of Philadelphia, as II fund to procure fue
during the winter season Tor poor housekeepers
aoidOtUs."
The executors of Mrs. Kirkpatrick, in 1904, il
accordance with the will of that lady, paid I
the Treasurer of the city the sum of S227S 81
which was added to the fuel fund. This was
balance of the estate after the payment of debt