Wilmington journal., 1875-08-13
A GOOD n Ov~
EDITORS OF TIE Jop18AI:

l was much grssihed q few days
since By learning through efe columns
of your valuable paper AhAt "a organ
ization had been perfected whereby
the banking capital Of this cite wouli
be increased f94OO, ,OOO) four hundred
thousand dollars. This Will GO far ~
rebuild the pressure under which tbs
whole community has suffered eyer
ing capital. IL we can have sbuI,d ans
and cheap money In ouz banks, every
department Of business mnss prosper.
Our community generally have not the
ability TO own stock III any OF ous
banks, and hence she most direct ben
eft Of our present banking instisu-
tions insure to the few who have end
control the capital. q appears TO me
that If a scheme can be devised that
will enable persons OF Rzaali means to
own and control bank Of large eapitsl
all classes would be greatly benefited
The building ASSOCIATIONS shat have
been in operation in oux midst during
the past few years have accomplished
much in this direction, and had they
been 80 organized thas the profits ware
equally distributed among all the
shares, the result would have been
most satisfactory. UnioxtsnHteIy,
however, for many they We're SO az
ranged that some paid enormous rates
IF interest, and others gained enor-
nous profits. The object OF thus com
aunication is 70 propose @ plan tos az
organization which viii retain .he ben
efcial features OF the old associations.
and avoid those that have given dis
satisfaation. proyose hss I'VE, the
people, Organise en- aeso6laticn OF
G, COO three Thousand shares OF the
par value of (a200) two hundsed
dollars each. To avoid the
frequent objections thas sit takes
too long" or too indefinite time 70
wind up" I would have esoa share
pay two dollars month. With reas-
enable prosperity tue ultimate value
of the 'lares vouId be obtained 10 less
than seven years. l would discard the
plan of redeemiDs sharea entirely, as
has already been done, 10 . great ex-
tent, in the old Associations, aud oper-
ate under that clause Of she charter al
the Wilmington Building Association.
which authorizes the loan of money
to the members 10 an a1noYrt equal 10
the ultimate value OF The stock Eney
hold. The same charter
authorizes the subscription OF . new
series of stock, which shall be held
separate and In all respacte distinct
and different from the shares Of stock"
now existing. II this plan is adopted,
those who have redeemed stock In the
present association can immediately
pay out and get a release of the4r
property by giving a new mortgage Of
the amount they now ove, and ss soon
as their stock In the new series is
worth enough 70 cancel the lest mort
gage, they can, If they choose, sell
their stock and relieve their property
entirely. Those who own unsedeemed
stock can readily ascertain the vsiue
of their shares and realize the amount
instead of waiting an indefinite period
for the collection Of "bilg 1eceivahe'
and debts due. Thus the present AS
sociation could be wound up in u
short time. When the Legislature
meets I would apply for an amended
charter, changing the name 10 EVIL
mington Banking and Loan AAsocia-
tion," or the "Peopls's Bank Of Viii
and also granting general
banking privileges. BY this means
we could have IN our city within six or
seven years a bank with q paid uo
capital Of $500. 0O0, and every one who
can save two dollars o month could
own q share Of stock In IL which would
pay as good dividends on seIl as well
in market as any other hank stock.
If there are any objections 70 my
plan, or I have no4 been sufficiently
explicit, would be pleased 10 hear
from any of your readefs, and win
'rise to explain" but by oil nneans Let
Us have Q Peoples Baak @,