The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1871-03-11
|Hk PALLADIUM,
SATURDAY. NAH. II. ASA.

,
lsATuROAY. MAR. II, ls71.
worth Reaains.
es -s14.t 40 gies 81
The following, from the Bfa rict-
! Register, very clearly sets forth
ae excellence Of Building Associ-
tions, and We commend it 70 al
tho desire iuformatioa concerning
hese institutions: 8
The organization Of Building AZ.
pclations il ono Of the outgronths
I the theories Of, hardly Fourier,
ut We may allow, Horace Greeley.
imply the theory Of corporation
sduced to . practical form. Citips
large and Increasing population
rowing BY the impetus of manu-
,cturee, and the consequent large
ercentags Of population -olassed
b mechantcs-thereby first 1t
smpted By the formation Of these
ssociations, to seeuse homes for
heir laboripg classes. These So
ieties are formed, We may say, -
>Ollowe: aiss7
Taking either OF the three Build
sg Associations in our midst, for
xample:
let. One hundred persons have
greed 10 raise . certain sum Of
loney--say $780, 900 lin this way
ach person agrees TO raise 5000
+ some multiple Of the same, and
ot exceeding $1,000, by psying
pto the hands OF the Treasurer
ne dollar each month for each two
sundred assumed until such . time
5 the monthly instalments 50 paid
, by air The persons Of the Asso-
iaticn shall have accumulated the
1pm At el0O, O0c; then each, person
,ill receive the amount back hc
ssumsd. This is simple--evsry
aonth put dollar in q sack. and
> 200 months. or 16 years, the
bntents Of the sack will he just
500.
Now The Association says;
LIST. We will take care Of your
title monthly savings Of 81, place
IL where e cannot be- stolen, or
there the desire Of some foolish
expenditures cannot reach It. But
IL said, I don't want to wait over
ixtesn years for money.
" ID. Well, We win do more. We
ill place your 81, Interest rate, ct
: per cent, payable monthly, secu-
~, real estate mortgage.
=. Sd. We will keep the interest ON
bur one dollar, add y 10 other In
rests, and the next dollar you
ay, and lad that n the same
tanner, thus securing you CON
ound interest compounded month
=. s sas bseoas
4th. We will do far more. Whom
% lend your dollss, Ne will Offer
ito . large number Of persons,
ach very anxious to borrow il and
ach one, according TO agreement.
qually entitled 70 receive il. Now
) decide who shall have it, VI
ill say that the person who bids
lost for precedence in taking said
IAN Of your dollar which is in
luded Of course among others J
en- have IT. Now, past experience
hows and proves, that bid may
Q expected Of not leas than . bo-
ns Of twenty five cents on eact
ollar thus loaned, and Thus We -
ure for your dollar loaned : mort
age for not less than one dolIal
nd thirty-three and . third cents
obably more, interest payable
nd compounded monthly ct 6 pei
ent. upon the whole amount.
: 5th. We will do more with your
v,ollar.. By the stipulations Of tn,
aortgage given nc to secure TIL
ban, it 10 agreed that each month
tier said money 10 loaned, the Dor
over shall pay towards diminish
sg the principal Of said loan . sun
I money exactly equal 10 th,
ionthly installment Of interest
md do 90 each month. But not
.vithstandipg this diminishment o
Principal to tho monthly install
aent OF interest 10 paid upon tn
Mole amount of the mortgage nm
II paid out, the last payment bein,
jqnal to the first, and being jus
DUAL TO tho last payment OF prin
ipal paid. s.
9th. We will do still more Wit
our dollar. Rocollece that .h
rst month after your money
oaned, an installment Of princips
lill be paid, Interest still "a
4 hme). Now We take that also an
einvest it for you in the sam
manner, and 20 on. indefinitely n
most, at least 90 long - any sue
mounts paid - interest or piincl
hl shall not be less than ONE CENT
low take the above items int
consideration. and every one mus
gree that all that can be don
/ nth . dollar 10 done in these Al
ociations, and that within eigt
ears these dollars. paid In month
y will have accumulated to tn
hundred, instead Of in sixteen an
wo-third years. under the fr'
proposition. .-..l 80. asR z
But now on the other hand, say
Jne, what becomes Of the poor bo
over all this time. Aren't 10
(sing him up. 'skinuing him alive
We sey NO, not BY any means, bt
hat We are doing him . benefit
shus: s5 =
i 1st We cay to the poor man
be laborer, the mechanic, the ma
nth the mortgaged homestes
. - L "a ..