Frostburg mining journal. [volume] (Frostburg, Md.) 1871-1913, 1877-04-07
THE MINING JOURNAL.
FROSTBURG, MD, APRIL 7. 1877.

w hA16N may NC ouio " i'AA SSo@N~.
to the status of those building and
loan associations of Frostburg which
have recently undergone the ordeal
of long and tedious Investigations and
emerged with some startling defcien-
cies overhanging them, it is manifest
that popular respect for such insti-
tutions in general has unfortunately
deteriorated. 1t is no small matter of
morals Or responsibility which perverts
the trust of Git is granted) a some
times too confident public, yet where
investments are not watched and
guarded with a care which ought to
be quite religious, it is not strange
that monies involved should sometimes
stray away from legitimate uses In the
monotonous routine of receipts and
disbursements The reprobation which
follows is, therefore, very much the
involuntary offspring of the repro
bators.
The zeal which propagates whole
sale dlstrust of the system Of lean as
sociations because of isolated cases
of official dereliction, acknowledgement
or misuse of funds, dedicates itself to
the commission of great wrong. On
the contrary, it would be far better
to sustain by all means the reputation
Of reputable institutions; to restore
lost confidence, and encourage a rein
statement of the normal conditions.
There are several ways to do this,
some of which the stockholders have
already adopted. But next to the
necessity Of fortifying the Investments
of the people against further losses,
is the urgent duty of all to maintain
intact the public trust in all sound in
situations. This is due the building
association no less than the country,
state, county or church, for all stand
very much upon the honor Of their
trustees. Without being charitable,
it is more benefcent than many in
situations ostensibly devoted to char
ity. By affording means for the ac-
emulation of savings, it encour-
ages that which prevents the occasion
or necessity for almswork. 1t fosters
industry, economy, and every habit
which contributes to the growth of
competence, AID by so much relieves
the charitable Of the burdens which
tax their kindness, too often unavail-
ingly. 1t isaquestion whetherthe So
called charities of the world have not
created more poverty than they have
relieved. The savings institution, by
mutual division Of profits accruing
from safe investments Of the funds
committed to it, accomplishes double
benefcence in that it consolidates
capital otherwise dissipated, and en-
ploys it directly to the end Of giving
employment to the labor by which
it is developed. The Importance Of
this view could hardly be exaggerat-
ed. Speaking If similar institution,
the savings bank, Lord Jelfrey of Eng
land declared that its spread was more
likely to increase the happiness and
even the greatness of a nation than
the most brilliant success of its army
or the most stupendous Improvement
Of its trade or its agriculture.
It is not denied that our loan asso-
Citations possess more OF less features
which might be prohtably eliminated
from their constitutional powers and
privileges. But even here the lessons
of experience are almost wholly
abortive as to amendment, owing to
the listlessncss andiuditierence ofthose
whose sole prerogative it is to effect /
reiorms--the stockholders them !
selves The officers and directors
may be responsible for violations or
oversight Of organic law but not ex-
clusiveiv for the perperuity Of impol!-
tic or extortionate constitutional pro-