Frostburg mining journal. [volume] (Frostburg, Md.) 1871-1913, 1876-08-26
Perpetual Building Associations.
CAPT. JOHN DOUGLAS,
BEFORE THE
Homecoming Perpetual Building
Association,
Tuesday, June q, 1876.

lPublshed by request OF the Association.
Mr.. President The fact that an
amendment of this character has been
seriously offered, and the further fact
that quite number of the members
of this society honestly believe that
such measure would be fair and
equitable, is to me matter of such
serious aspect that think twill be
well for US to understand its full
significance, if we desire that this
society is to continue in existence.
AS an officer in this association 1 feel
that I have right to speak, and do
so because it appears to me duty
not to be silent in a matter of such
vital Importance.
1 look on the proposed amendment
as blow aimed at the very ex stence
of the society, and while I do not mean
to assert that it was deliberately so
intended, do say that were it possible
for us to pass such measure nothing
| would remain for the Board of Man
agement to do but wind up its affairs
as expeditiously as possible.
Let us look at the law as it stands:
Upon the sale of the right of redemption
the money shall be set apart for the men,
Der entitled to it, and be paid to him upon
his giving security approved by the stand
ing committee, conditioned that he will
regularly pay to the Association until each
share shall be paid up in full and complet-
cd, the weekly dues on each of his redeem
shares of stock, and sic per cent. interest
per annum, payable weekly on the amount
of money advanced for the redemption of
| such share or shares.
We are asked, you preceive, Mr..
President, to strike out the words
"aduanced for the redemption of such
share or shares" and insert in lieu
thereof the words, actually owing to
the society,"" wouldjudge that most
persons would naturally conclude
that the amount of money actually
owing to the society was exactly the
sum which had been advanced for the
redemption of shares, together with
legal interest thereon; but evidently
many members entertain a very diff.
ferent idea.
If l did not personally know the
gentleman who proposed this amend
ment to be thoroughly honest and
upright man, Iwould consider such
move as the ingenious effort of de-
signing, dishonest person to avoid the
payment of a just debt; but knowing
the gentleman as do, I can attribute
his action only to his total and bound
less ignorance Of the objects and de-
signs of Building Associations in gen.
eral.
Now, if we can enable such mem
bers to see the workings of our So
ciety in truer and better lig ght; if we
can correct some erroneous ideas that
have become fixed in the minds of
certain of our members, and forever
put an end to this absurd and injuri-
GUS patching and tinkering at our
Constitution, I believe the time will
be pro6tably spent and will contribute
much to the future prosperity of this
society.
I would now, Mr.. President, call
your attention to Sec. 2, Art. 2, of our
Constitution, as follows:
Every stakeholder shall upon subscribing
pay an entrance fee of one dollar per share,
and shall pay the sum of fifty cents per
share weekly thereafter until their CONS
bined payments and profits shall amount to
the sum of $3.50 per share.
Now this section plainly shows me
that while this society is technically
building association, it is really and
practically so far as we are concerned
cooperative savings bank, The un-
derlying idea, the very cornerstone
of the whole structure is that mem
bers will pay an entrance fee of one
dollar and save of their earnings at
least fifty cents per week for each aud
every share they subscribe for, and
invest this amount in the association.
The end such society as this is de-
signed to accomplish is to restrain its
members from extravaganza and to
teach them economy. Members of an
association like this must learn the
wickedness of waste and avoid it; they
must learn the duty of living within
their means and do it so they may be
able to save the money they are re-
quired to invest in the society and
honestly fulfil the conditions of mem
bership. In various parts of the
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