The union Democrat., 1870-03-05
NUMBER 3S.
4 Rili to F~.ter taeaa~ Iads>try--A tsenatss
Lahoring Naas Biil

Laeertax usas Bii.
Senator Roberts to-day introduced hill
which appears 10 be tie first really practical
and UNDERSTANDABLE measure for the benefit
oE the lahoring men Of this State. IL is 10
permit AMI facilitate the establishment ut
Savings Banks hy mechanics and laboring
nen, in order that their own funds. instead
Of being used in mere real estate specaiatlons,
shall be loaned for the purpose OF creating
permanent and profitable employment for
themselves. Under q general certificate Ut
corporation the stockholders NAV adopt bylaws
limiting the loans to single interest it they
choose, and afterwards, by amendment, ex.
tend its aid to as many other interests as may
be necessary 10 furnish profitable emplevnsens
tor all their funds, or they may, by their GER
tIhcate. limit their operations forever to aid
;ng single class Of entert rise, such as min
ing, agriculture. etc. Thus, for instance.
farmers may establish Farmers Bank. 10
aid only those employed in agriculture. Tho
miners may establish Miners Ranks in every
county, which are 10 aid the development nf
promising mines and thus furnish employ
ment to the miners who deposit the money or
that class Of laherers. Or the 81. CrsSpirs
might organize bank under general certi-
ly 10 Shoemakers, SO as TO provide employment
to those Of their own craft. As its funds ac-
cumulated, by an amendment 81 their hv-
laws they could aid tanoeries, aud ~ their
business extended and the principle Of nsinS
the funds oflaboring men 10 provide work for
lahoring men was Acknowledged and under,
stood, gradually the trustees might he author
ixed 10 make loans 10 anv class OF menutar-
tuners Of home-raised or imported materials,
50 as to afford employment to resident work
men,
II provides that banks organized under this
Act shall lean their funds and deposits
First. 10 applicants for sums not exceeding
S. 00o to be used directly in the Developments
OF one or other Of the industries specified in
the articles Of incorporation as those..to be aid
ed and to afford employment to laborers and
mechanics. Second, to applicants OF the
sort desiring larger sums. Third, on land
to aid in the erection Of buildings. or the eS-
tension or repair Of buildings, t. be used IN
manufactures or otherwise and thus afford
employment 10 labor. Fourth, on land 10 be
improved by buildings, reclamation, caltiva-
tion or the planting Of timber. Fifth, ON pro-
ductive real estate generally.
| Ii will be observed that these objects are
arranged in the order in which they ara
most likely to afford employment TO the larg-
est number Of men. First, small manu-
rers; second, larger manufacturers; third.
building; fourth agriculture, and fifth, on
land generally. Tho funds are always to he
loaned to applicants of the first named classes
in preference 10 others; but TO prevent money
| lying idle and 10 enable these banks 10 COM
pete with other banks, when money is plenty
and goes begging. they may loan ON renl es.
tate even when no other labor is proposed tn
he employe upon itwith the borrowed money.
| But no loan is 10 he made for over FIVE years.
These banks can take personal property.
such as machinery, mechanical implements
and tools, raw material, etc., ms security. be-
cause tho Trustees, being practical meohar
les. will know the value Of such articles quito
as well as those Of other banks know the val
ue of real estate or commercial papcr. IN
stead of loa0Ing money 10 importers on their
stock, or on their notes indGrscd hy others, OF
on real estate. they will lend money TO enter.
! priSing mechanics. who desire 10 afford en-
/ ployment TO their fellow workmen who reside
among us, aud thus compete with the import.
ers.
In order to make labor and capital cooper
ate, and have no war between them. vnluntn-
~ and incorporated associations of mechanics
are allowed to invest their funds and taxa
stock in thtso banks. which is to be roprr-
sented like other stock, so that they may have
n Voice in the adoption of tho bylaws and
tho management of the business, tn see that
the funds are actually loaned 10 such CONNIE
tent and deserving individuals or co-operntive
or other manufacturing firms or associations
ms will employ the largest number of men,
and thus develop the industry and resources
of the State
The bill is separate and district from the
Saving and Loan Society Act, but after rro.
viding for tho peculiar necessities of this stvl~
OF banks then adopts all the safeguards and
provisions of that Act. so far nv they ARE nr-
plicable TO these. and no. in conflict with this
Act. The bill was. ns | am informed. drawn
in this way, in order that the Savings Bank
Act, with which existing hanks are supposed
TO 5e content. need not he disturbed II il
not amended or repealed by this Act in anv
respect. This Act simply authorizes the 90.
tahlishment Of now kind Of hanks, which
the existing condition Of our agricultural min
ing and manufacturing affairs calls for, and
provides for their peculiar wants. IL then
makes them subject in all other respects ~
the same safeguards of rights of depositovs
and stockholders as the best and ost cnre.
fully managed of tho existing savings banks.
whose loans nre based almost wholly upon
real estate. and make no special dscriminn.
ton IN favor ct loans that arc intended 10 NJ.
ford permanent employment to our laboring
men.-Buiietn.
Tom. having purchased gallon Of genuine
mountain dew for want NJ n mora h,.;n...