The Cairo bulletin. [volume] (Cairo, Ill.) 1872-1878, 1877-08-24
Ghe 8alletin.
FUND AND LOAN Association
A New Movement for the Encourage.
men OF industry ana Easy Acquire.
ment Of Homes
| Boston Post.l


The plan by which persons of moderate
means have been able 10 secure homes. by
turning into the payment for them the ar
nua rent which they ordinarily pay, has at
last been inaugurated here; In modest
way, 10 be sure, but NO much the easier to
be comprehended for so simple beginning.
We predict for this new movement visible
change In the industrial and social charsc-
ter Of Boston. BY encouraging industry to
apply its surplus, however, smallit may be,
to IT. own immediate advantage, on the one
hand ss an investor and on the other a.
borrower, 1t will work such radical revo-
luton In the methods OF life for the great
body Of our population that they will newt
ably stamp their own new spirit and chsrac.
ter on the prosperity Of the city. The leg
stature acted with great deliberation In the
passage OF the law which authorizes the es-
Enlistment Of these organizations. Though
II had the example and experience Of Penn.
sylyania and Maryland before 1t, there
SCENE TO he Il lurking Jealousy OF any pro.
position that bore upon the int rests ofthe
sufficient to protect those interests faith.
fully and then legalized the proposition.
The hrst association under the lsw has been
launched. The mode OF conducting the
business has been many times explained 10
the public, and still hose who think OF be-
coming members Of the association will find
questions to ask which none but their active
managers could satisfactorily answer. One
restriction l. particularly sound and com.
men liable, that which iOrbids any person
owning more than twenty-five shares In
any single association. The object Is abyi.
ously 10 prevent lie control from passing
into n few hands, 10 the possible detrimeEt
Of the plan on whic,. 1t was organized.
Those who become memt ers do so By.
subs. riding for certain number Of Shall rs
on each OF which one dollar IL to be paid
monthly. The assessment Of one dollar per
share continues 20 be paid until the share
rises TO The value ofs200, at which time the
member can claim and receive its full value.
That Is, OF course, when he has not heen a
borrower Of the association. suppose that
he wants TO borrow sl.000; he is first requir.
ed to subscribe for five shares all amounts
being diyisitly by ive-on each Of which
shares he pays one lar monthly, or five
dollars altogether; and in addition TO this
he pays i've dollars interest monthly Tor the
use Of his O., go, calling the rate OF interest |
six per cent. which makes monthly pay
ment OF 80 in all. But II he has 10 pay a |
premium on his thousand dollar loan, as 10
usually the case, bis interest will be more
than Xix Yer cent; he IS 10 consider, how
ever, that asa member Of the association
from which be borrows he is receiving an
advanced rate OF interest as well as paying
il; ana, furthermore, that the higher the
premium and the accompanying rate Of In
tere,t the sooner each OF his sharesis worth
5000. This Is equivalent 10 putting out his
savings at high rate Of interest, and re-
ceiying the active and productive benefits
OF his savings beside. In this way, that Is,
by subscribing and borrowing, be can at
once secure home for himselfwthout any
intervening waste OF his savings in rent
and have term OF years in which to pay
for It besides. To those who would get q
clearer comprehension Of this most benef.
cent project, we must recommend an early
subscription Of shares, whereby its practi.
cal workings would be Instantly understood
from an experimental knowledge of them.
Tbs Pioneer Association has the good
wishes OF everybody.