The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-08-14
Zen. Franklin's Legacy.
now raE PHILOSOPHERS DREAM OF BEsEYo-
- - rs rEYoE FAILED or REALlzATI0N. 80
4 &. z 800, Il. ,l,hi,.de,pllla Ti,nes.l

Sc From the Philadelphia Tines1
ME recent developments relating 70 the
ayistenea ,,i an organized effort looking 10
The ohtainfng of looms on Insufficient or
; .o security from the Franklin fund
FOR married artificers, which is under ahe
i;rection of the Board OF Directors OF CI1y
Trusts, has directed attention to tue pIsss gu,
condition OF the legacy OF Frankhn loi u, .ne
benefit of pbitade'phia's tndusarlous5 nv hr
chapics. franklin died 10 It5o, anu ~
the provisions OF his will ss,OVv ste a.,ias
we're divided equally between llc ois 10
Of Boston and Philadelphia, 70 oe ha
garded as q fund IN eacE ciIy w
innned for the benefit OF young marrieu
ma,banics &c five per cent. interest ~
WAS Franklin's idea, as outlined u us.
,vilI. that the fund would in the manner IN
dicated be Kept constantly IN use, un.,l:
commanding at five per cest.. at the emu ol
one hundred years, or in 1890, lI Wouiu
amount to SG5j,000. AS regards fniiadei.
nh;a the saneuil,e philosopher advised tDaG
sssnn mn NJ the amount should be employed
IN hrin ring to the city the water OF the W IS
eabicEon by pipes, and that the remaining
s155. 600 he kept on interest IN tne SUM-
manner during another hundred Yeas
when, by the arithmetic, 1t was 10 lescn LIZ
enormous amount Of $20.395.U0U: IL wa, MaS
directed in the will that $l5,ooO.ooo o. LII
sum at The end Of the second century snT .,;Ia
be given to the State of Pennsyisana so mIi NJ
the remaining S., 800, 900 was to pc piaceo ~
the disncsal Of the city of Philadelphi2.
So much for the plans OF Franklin ana tue
noradov;col effect ascribed to the increase OF
money at compound interest. 10 De sure,
ho Inserted in The will "a proviso That he bad,
nerhans. too much battered himself with "a
vain spncy,, in regard to the ultimate re-
snlts Of the bequest. Eighty-eight years
have gone by, leaving but twelve before the
nnd of the first century will be reached.
I'm January 1st the canital OF the fund
amounted to $4,000. or this sum S17,1O0
represented loans to Franklin's much-lofed
artifccrs, while 800 was made up OF IN
vestments in city securities. In othei
words, it has been found necessary TO invest
the money Of the fund otherwise than by
extending loans to well.ordered mechan'cs.
Although Franklin himself was runaway
aDpr etin ce from Boston to Pniadeiphla, ne
/ was careful to provide that no loans should
I've made save to those who had '.faitllfully
fnlfilled the duties required in their indetl-
lures" u,o
The causes that Lave gone to defeat the
object Of Frankin's dream Of bencyolence
are not far to seek. From a report sud-
mitted 70 council in 1887, from the COM
nittee having the fund i'll charge, it appears
that the fund at that date had, on an APP
! proXimate estimate, capital or Sl6,oOo,
which was about what the original amount
would have yielded at simple interest. Ii
was confessed in the report that loans on
worthless security for some $4,000 were
then outstanding, thus revealing that the
fund was at times depleted either by we'll
meaning but unsuccessful citizens or ras.
calls in the garb OF worklngmen. Before
the organization OF the Board CT City Trusts
in 1869 the operation of obtaining loans or
doubtful security was easier than since thai
date; but. as has been shown, there are MOI
wanting designing men Mt this date who &c
not hesitate to obtain the money OF TIT
lfund.