, 1877-09-16
CORRESPONDENTS.

l IL.
TO that am assured Of some benefit from it!
| CAPITALIST.
The editor Of the esGrowler,'' With rech~
| less Ignorance, replies, Put it in the coutri-
! bution-oox bright aud early this morning"
It is not surprising that amidst ail the excite
lnent Of these failures little nothing has bee3
done to instruct the working and other savings.
classes, OF the well-tried places Ut safety to1
sayings-buidng associations, ION the English
or Philadelphia plan.
Savings banks, while useful Institution when
well managed, are simply dens OF robbery when
captured anl administered ov the Spencers and
Bulklcys OF the State Savings Institution. But while
admittedly useful, they do not by any mems ex-
haust ali furms Of usefulness; and that there are
otncr safe rccepcles for savings, in the shape OF
building associations, is too palpabc fact to bo
ignored at this day.
The differences between savings banks and build
iny associations may be ep:totn1zed as follows:
/. Savings banks arc managed by stockholders
and their nominees; depo.ttoFs having no voice.
Building associations arc controlled BY the stock
holders who are likewise the depository and their
!. Savings banks when run upon can and do tx
act notice. Buildins associations, while entitled
to do the same. have no occasion TO exercise the
power, as the depos:toFs have full controls bcsacs
that. run cannot well occur while one half of the
Deposition. likewise borrowers.
j. Savings bsnlss history too often proved,
run large rlsss for large interest. Enlld!uy as
Euciutions lcd their money real estate Ut ample
value to their own ne:nhsrs: and. while savings
in this country England of The failnrs. Of build
ing society OH the co-uperativc plan.
!. What with expensive buildings, high sala-
RIGS aud e1pcnses s:yilis hunks eat pthclr prof-
its largely the depos:tor. usually b.in: lett to tho
eventual risk OF failure. lndng associations Of
the type described have asways vary n,oltsl quar-
teEs and but salaEic uicer, tile SecretlrV-
whbse snlarv Alway. reasonable, it, by thu ruWtlt
Of tile society, spread over an increasing aatouat
OF deposits and stuck with corresponding economy
S. Savings banks in this cltJ with but ono
honorable exception thai VIC know of have sys-
tculaticaly uud successfully opposed State exam
nation. The building associations are Lit only
open to the inspection Q; deDos!sogs and STUCK
noiIers at all times, but many OF them tnutably
the Peoples Building sS Loan association Ut
auditors quarterly for the examination OF secnri-
ties and tic previous quarter n transactions. sor
is this IN empty, fosns Tue worS has oeen done
Eostors, it has beeu carefully and e1haust1vely
done.
inys Institution specimen, while no1ntnally
allowing per cent interest, calculate 1t only OH nll
eunls which have ren,ainea ueposit one MOHt!H
or more. but nut for patts Of month"; nor FUR any
part OF the half years endin. July aud Jan /, on
| any Sums Withdrawn durin: these prriotls Build
ing associations taking again the = rco'lcs." Of
| this city, or the Philadelphia Associations, ~
types} not only allew to withdrawing nemocrs u
per cent interest frun L,c due date Vi each pay
mcnt hut !, b"uas ''li s!are5 - thcy rnneh .ae aso
| ot October next Will he - per share the lrst
SERIES anu -. 10 the scco.l. third. and fourth
series. withdrawing mcin:ers therefore,. with
their; per cest interest and tue nun'5s will gain
an interest On thslr money e4in to a'Uut Il prE
cent per aunu,n, ,csacs leaving considerable autli-
tjopai pruGt tu tho remaining Stockholders.
1t may be asked flu,S such profits can be realized
without oppression tu borrowers: Simply by COL
lect:ng every week month small SUMS. Which
in the hands or the depositors wpMiA yield no ill.,
t.rsst anil combining AMT lending tlcm al u
premium aud at interest, with tne further urovis-
ion that repayment OF these loans aud payncut Of
intercst shatl commence at once On small scales
and the amount, collected anu small tu the1n-
selves, b. again 1ent At ] premium and interest
1t it we'll here to staLe for the hencs u the ua-
intinted thai building associations Oh the English,
or Philadelphia, cooperative plan have been
thoroughly tried. and not in any sense expert
them by the lnboring aud poorer classes amonnt to
hundreds Of millions Of dollnrs. In fhila-
dclphIa the htcst statistics o show TIE IN.
ycstments there. through 700 associations
now existing, and not counting those whcn
have completed their course and been dls.
bundled to anounr ~ some eighty to one hundIcd
increasing at the steady rate OF about ST. UuU, uoo
per month! Col. Forncy states That since ne
loration Of these associations tn ,s<
members Of thtm; and that Tie excess " uWet.nE-
hpnse5 III philadelphia over New York Is CO, ooo,
Wi1at h.s been done In Illinois to foster and en-
courage such institutions: III 1877 bill to iegaiize
them on the Philadelphia co-oreratiye plan was
no sooreF passed than the sasln:-s hunks set up
hue and cry, and the Law WIS quickly, and at their
demand, abrogatca anu c1nceiel While It e1iateas
however, charters were obtained, IN good ialth'
for few associations, while some spectators se-
cured great number fo: speculative purposes.
The bill was again introduced for re-enactmchc
at the recent session cf the Illinois Legislature anu
passed the usual feasings and YVES sent to the
t:overnur tor approval, and to 1ae g1rat surprise
and regret OF thosc who wish the savings of tue
working -ci1sses sept safely and under their own
CONTROL it was vetoed The reason assigned was
public policy; astonishing REASON, truly, coin
Hidering that the Legislatures of both ten1sylvala
and Massachusetts nrc supposed to know sonse-
thing to what Ii good for citizens. II Is cleaf
that the savings tr.nsr, and pernnps the speculatoE
WHO wanted to sell chatteFs oIEeadx Obtained, aau
in thu light OF recent savings bank failures an<1~
the further information which wilt b. iad before
him when tkc bill i re!ntrolucet!, VII probably
act differently when it Is again presented 10 hiin
for approval
There arc two classes benefited by theso
Comparative institutions; th"sc VINO as. t:.
pot'' Dot Of b borrowing, M and those WHO both d.
posit mud borrow to SECURE homcsteals- The
former continue their paynlsnts us IN ts cass u
IL. cenis per week. nnt their deposits, added 70
their profits, amount to 31U0 per snare. at which
na ne hs e :osior seeeres n1 o per saIe
eash, having probably not paid In beyond sr s5o o.
3Jt per shaFc accordlnc to the success and profits
Borrowers, IN tho othcr hand, having to hold
,tock to the amount Of their loans. simply pay up
their stock the same rate ~ stated l!S7 cents
per efarc per week. and in aeveH Vt eight years
III he eauurs find money to lqndate IT. sooner) MS
STOCK having become worth $500 per sllase, Is can
ceIed his deeds retained to him, anu MS
transaction Is closed.
The great feature Of these nsti:ntluns-weekly
or monthly pay1ncnts-is An admirable onc, IS
many Gin and will keep up such
payments who would fail, unleF the
pressure Of circumstances, in accumulatinS
the money for quarterly haIf-}satty: or yeat,y
the aid Of builtin. association, called, and oy
their aid only TINT the working cass Or others or
small means. can achieve possession Of their o"n
holneAtealA- ,.,1+
The sanitary question do not touch ss It Ii well
understood.
It IS well to state that there are, to the knowsdge
Of the writer, three such co-ope1atlsc aAeoc'at'u9
now in existence In this city.
In conclusion, let me advise TIC "olkf1s o.nns
and othcrs dcsirous Of investing sa1ah satings ~
investigate fully the workings of sucn
ind to ascertain c1refully what iaas uceu oone Uy
rnc1n iu England, Phiiadeiphia, aud elsewhere,
fully sati.de that it will indicate rcceptacle 1ok
their hard earned say!n!s where taty I'LL nAso
some voice III their diaposat- ,.,.,.
II ,0aY he suited that the writer hotdS no poslt3on
in any of these Institutions, except az small
st,ckhoucr; and tha; his object III this astiSie II
tf,a benefit Of the poorer classes AA~
cood Beef at Three Cents Pound.
Ttt,ts Point {TEr.) 0tserreT.
coync peon1e NAV talk about hard and dull