The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1878-12-05
Franklin's Legacy.

Developments relating to the existence
OF an organized effort looking to the OBJ
tanning of loans on insufficient or worth
less security from the Franklin fund for
| married artifcers, which is under the di-
rection of the Board of Directors of City
Trusts, says the Philadelphia Times, has
directed attention to the present condition
of the legacy Of Franklin for the benefit
Of Philadelphia's industrious mechanics.
Franklin died in 1890, and by the pro-
visions of his will $4,000 sterling were
divided 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
interest. 1t was Frankiin's idea, as out
lined In his will, that the fund would in
the manner indicated be kept constantly
Id use, until, compounding at & per cent
at the end of hundred years, or in 1890,
it would amount to $655,000. As regards
Philadelphia, the sanguine philosopher
advised that $500,000 of the amount
should be employed in bringing to the
city the water of the Wissahickon in
pipes, and that the remaining $155,O0O
be kept on interest in the same manner
during another hundred years, when, By
the arithmetic, it was to reach the enor-
nous amount of $20,305,00O. 1t was di-
rected in the will that $15 200, 900 of this
sum at the end of the second century
should be given to the State of Pennsyl-
vania, while the remaining $5,305, 900 was
to be placed at the disposal of the City of
Philadelphia.
So much for the plans of Franklin and
the paradOxical effects ascribed to the in
crease OF money at compound interest.
To be sure, he inserted in the will pro-
viso that he had, perhaps, too much flat
tered himself with "a vain fancy" in re-
gard to the ultimate results of the bequest.
Elghty-elght years have gone by, leaving
but twelve years before the end of the
first century will be reached. On Jan.
the capital of the fund amounted to $55,-
400. Of this sum, $17,1OO represented
loans to Franklin's much-loved artifcers,
while S3S, 300 was made up 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 well-ordered mechanics. Al
though Franklin himself was a runaway
apprentice from Boston to Philadelphia,
he was careful to provide that no loans
should be made save to those who had
faithfully fulfilled the duties required in
the indentures"
The causes that have gone to defeat the
object contemplated in Franklins dream
of benevolence are not far to seek. From
a report submitted to councils in 1881
from the committee having the fund in
charge, it appears that the fund at thai
date had, on an approximate estimate, Il
capital OF $4,000, which was about whai
the original amount would nave yleide,
at simplo interest 1t was confessed il
the report that loans on worthless securl-
ty for some $4,000 were then outstanding
thus revealing that the fund was at timcs
depleted either by well meaning but un-
successful citizens or rascals in the gar
of workingmen BEFORE the organization
nj rna R1lard of Citv Trusts III Isno ~.
security was essler than since that date
but, as has been shown, there are No
wanting designing men at this date VIII
do not hesitate to obtain the money of til
lund.