The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1856-1888, 1871-02-25
Franklin's L~egacy-An Attempt to make
40 it Useful. avEEAg

When Benjamin franklin died. 1890. IL wa,
found that by his will he had made some pecnliaI
provisions. Among others he left to the town O
Boston and the city of Philadelphia each l.OO(
pounds, upon trust that they would lend out the
same in sums of not less than Is nor more than
90 pounds to one person, at an interest of FIVE pei
cent. per annum. The intention of franklin was
to assist deserving young mechanics and the
parties. who were entitled to the benefit of bis
fund were TO be =" young married ~artifcers under
the age of % years, who had served an appren-
tlceship In Philadelphia or Boston, and faithfully
fulfilled the duties required in their indentures -
and. they were to give bond, with two sureties,
for the payment of the money lent. Franklin
calculated that, under these provisions, the fund
would increase so that in 100 years it would
amount to 913l ,000n or over 1865 600, and he
gave directions how much of it was to be used i'm
bringing the water of the Wissahickon Creek into
Philadelphia. AT the end of the second 100 wears.
he estimated that the amount would be f4 .O61 :
BOO, which he ordered to be divided into certain
proportions between the city of Philadelphia and
the State of Pennsylvania. Perhaps there never
was a more remarkable case of miscalculation
We are now within 20 years of the end of the first
century since this money came into the possession
OF the city of Philadelphia. 1t ought to amount
Mt this time to $3.50. 900 at least. We have not
the figures of the board of trust but we know
that the amount of the fund is less than $50, 900.
1t has never been applied for to such an extent as
to render Its accumulation, by payment of inter-
est, anything like what DR.. Franklin expected it
would be, and. in addition, much of it. has been
lost by the dishonesty of borrowers, the failure Of
~sureties, and by being swallowed up in that mael-
strom of Philadelphia wealth, the bank of the
United States. Objects for the trust have also
become scarce by the changes in our social custom.
Artiicers do not marry as early as they did in
franklin time, and the proportion of mechanics
under Is years of age who are married has dimin-
ished greatly in 80 years. Besides this the system
of apprenticeshiplhas almost gone out of fashion,
and the requirement that the borrowers shall have
faithfully fulfilled the obligations in their inden-
lures shuts out large numbers of young men who
would be otherwise willing to avail themselves of
the advantages Of this bequest. The amount to
be borrowed. cannot much exceed $500, and this,
nowadays, is not enough to set any mechanic up
in business. The board of public trusts.
which has charge of this legacy finds itself en-
barrassed by the terms of the bequest. The
board, has therefore, resolved to apply to the
legislature for authority to make the charity OPP
eratiye by increasing the amount to be loaned,
and-taking real estate as security. 1t would be
proper, perhaps, if it can be done, to change
somewhat the qualifications required of each ap-
plicant. Substantially, he must be an American
bat if the eligfbilityof the borrowers
is confined to such. mechanics as have served an
apprenticeship, there WILDE few competent to
claim the assistance. By compliance with the
spirit and intent of DR.. Franklin's will. it can be
easily arranged so as to dispose OF all these diff
culties. ~