Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-08-12
BEN FRANKLIN'S LEGACY.

Ho,c the Philosophers Dream, Of Bcnevo-
lence Failed of Realization.
The recent developments relating to the
existence of an organized effort looking to
the obtaining of loans on insufficient OF
worthless security from the Franklin Fund
for Married Artifcers, which is under the
direction of the Board of Directors of city
trusts has directed attention to the present
condition of the legacy of Franklin for the
benefit of Philadelphia's industrious m e.
chanics Franklin died in $780, and by
the provisions of his will $4,000 were divided
equally between the cities of Boston
and Philadelphia, to be regarded as a fund
in each city to be loaned for the benefit of
young married mechanics at per cent in
terest. 1t was Franklin's idea, as outlined
IN his will, that the fund would in the man
ner indicated be kept constantly in use, I'M
til, compounding at 5 per cent, at the end
of 100 years, or in 1890 it would amount to
S655,0O0. AS regards Philadelphia, the san
guine philosopher advi ed that 100000 of
the amount should be employed
IN bringing to the city the
water of the Wissahickon by pipes
and that the remaining Sl55OO0 be kept on
interest in the same manner during another
hundred years, when, by the arithmetic, it
was to reach the enormous amount of 800,
100000. 1t was directed in the will that
Sl5, 100000 of this sum at the end of the
second century should be given to the State
of Pennsylvania, while the remaining So
3O5, 900 was to be placed at the disposal of
the city of Philadelphia.
So much for the plans of franklin and
the paradoxical effect ascribed to the in
crease of money at compound interest. To
be sure, he inserted in the will provso that
he had, perhaps, too much flattered himself
with ga vain fancy in regard to
the ultimate results of the bequest
Eighty eight years have gone by, leaving
but twelve before the end of the first century
will be reached. On January l the capital
of the fund amounted to SS55,4OO. OF this
sum u 100 represented loans to Franklins
much loved artiGcers, while $4,000 was
made mp of investments in city securities.
In other words, it has been found necessary
to invest the money of the fund otherwise
than by extending loans to we'll ordered
mechanics. Although Franklin himself was
a runaway apprentice from Boston to Phil
adelphla, he was careful to provide that no
loans should be made save to those who had
faithfully fulfilled the duties required in
their indentures.'
The causes that have gone to defect the
object contemplated in Franklin's dream of
benevolence are not far to seek. From re-
port submitted to councils in 1887, from the
committee having the fund in charge, it APP
pears that the fund at that date had, on an
approximate estimate, capital of $4,000,
which was about what the original amount
would have yielded at simple interest. It
was confessed in the report that loans on
worthless security for some 900 were then
outstanding, thus revealing that the fund
was at times depleted either by we'll mean
ing but unsuccessful citizens, or rascals in
the garb of workingmen. Before the or
ganization of the Board of City Trusts. in
1869, the operation of obtaining loans on
doubtful security was easier than since that
| date, but, as has been shown, there are not
wanting designing men at this date who do
not hesitate to obtain the money of the fund.