Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1871-10-29
BUILDING ASSOCIATION.

The Memphis Appeal of recent date
contains article on this subject, and gives
figures and facts showing what working
men of all classes canEdo by combination.
Notwithstanding the fact that Building
Associations have proven grand success
wherever they have been formed, but few
comparatively of the mechanics and labor
ing men throughout the country seem to
4 appreciate its benefits and merits as they
should This is due, however, in part, to
the fact that the principles on which such
associations are based are not sufficiently
known.
Last spring very able address was de-
livered before the Mechanics Association
of this city on this subject by Mr.. w. 81.
Browning, and its advantages clearly set
forth. 1t is only question Of time as to
the formation of such an association in
Knoxville, for the .workingmen here are
too intelligent to continue paying rent all
their lives for houses they themselves
build, when the same money applied to the
cure them homesteads.
The Appeal states that two societies have
been formed in Memphis, whose object is
to encourage its members to become the
owners of homesteads.r These societies are
now before one of the Chaneery Courts of
that city as applicants for charter privi-
leges, and they intend, as soon as charters
are had, to open books for the names of all
parties who desire to avail themselves of
membership, and commence operations az
soon as possible. The conviction has fas-
tened itself upon many of the poor men
of Memphis that they must take steps to
help themselves to comfortable homes, for
the rich capitalists and spectators have
too many demands upon their means for
other purposes now to engage in the con-
struction of rows of dwellings such as in
st. Louis and Philadelphia have made
those cities more advantageous places of
residence for workingmen than any others
in the country.
The workingmen OF Knoxville might
learn lesson from their brethren of
Memphis. In England, the value of
the property thus owned is estimated at
S1,O00,OOO. The fundamental principle is
that, by certain arrangement men uni
ting together, can realize in the first in
stance the same amount of interest for
their own savings that they are sccustom-
ed to pay for the use of other peoples mo-
ney; next, that they can practically obtain
one-fourth more than that rate of interest;
and next, that the rate of interest is COM
pound interest. The result is that, while
ordinary men, out of their sayings, can Sc
cure very little indeed throughout their
lifetime, if they are poor, yet if those small
earnings accumulate at high rates Of COM
pound interest, it is sufficient absolutely to
emancipate any of them, or all of them,
from poverty.
In this work they should take example
from the building societies of England,
which have come to be an important fea-
ture in the labor reform movement there,
and are closely identified with the inn
proved industrial life of the kingdom. In
spite of aristocratic opposition, middle
class is being constituted thereby which
will be the strength perhaps the saliva
ton, of the nation. A great many
of these societies are called Bowkelt
societies, from DR.. Bowkelt, who origi-
mated them. -.--