The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1878-03-14
THE STEEDMAN BILL.
Protest Against Ii by the Buildin
ASSOCiatiOnS

Associations.
About two hundred gentlemen mostly
Presidents and Secretaries of Building As
sociatons in this county, representing thir-
ty thousand people, met last night in Turn
err Hall to protest against General Steed-
mans bill affecting Building Associations
The following was unanimously adopted:
Whereas Organizations known as Build
ing Associations, or Building and Loan As
socations are prospering in large numbers
throughout the State, and embrace in their
membership large proportion Of the labor
ing, thrifty citizens of every community
whose weekly savings are here deposited, to
the end of obtaining for the use of the same
fair rate of interest by way of profits, or of
paving, by easy installments and at a rcas-
enable rate of interest, for home, which
they otherwise would despair of obtaining;
and,
Whereas, In the County of Hamilton,
Ohio, there have been organized since 1867
two hundred and four Building Associa-
tons, which, with few exceptions, have
proved double blessing to the members,
while they have contributed, also, to the
prosperity of the country, by turning cap
ital from the channels of waste into those of
production, encouraging economy and in
spring a laudable ambition to acquire a
competence if not wealth. and,
Whereas, The amount of deposits with
the Building Associations of Hamilton
County alone is about $50, 900 per week, all
of which has been, and by the laws of the
State and the Constitution and Bylaws of
these several Associations must continue to
be- leaned on real estate security; and,
Whereas, A bill known as The Steed-
man Bill, which provides that delinquent
mortgager may redeem his property at any
time within two years after the foreclosure
OF his mortgage, and may occupy the prem
ises in the meantime, has already passed the
State Senate, and threatens to become a
law; and
Whereas, Such a law would prove most
oppressive to all classes, and especially to
the laboring, producing classes, by driving
capital from our State, through depriving
it of reliable security, which it always seeks,
and thus destroying all the smaller manu-
featuring and business enterprises, and still
more, by sapping the very life from Build
ing Associations and so destroying these
powerful means instituted by the wisdom
of a former Legislature, for sustaining and
building up the most important interests of
city and a State; therefore be it
Resolved, BY the representatives of the
Building Associations of Hamilton County
here assembled, That we enter our most
earnest protest against the passage of the So
called 'Steedman Bilf by the Legislature of
our State.
Resolved, That we deem such law most
pernicious to the welfare of all classes of
our citizens; thatwe believe it will heap un-
told injuries upon the borrower as well also
as upon the lender, and must, if passed, re-
suit i'll greater oppression and want to the
people of Ohio than they have yet been
! called upon to endure.
Resolved, That copy of the foregoing
preamble and resolutions be forwarded to
our representatives in Columbus with the
earnest request that everything be done to
avert so great calamity as the final passage
of the so-alled 'Steedman Bill would
bring upon the citizens of Hamilton Coun.
ty and the great State of Ohio; and that q
committee of five be appointed by this
meeting, whose duty it shall be to 60 i'm
mediately to Columbus and bring this mat
ter to the personal attention Of our repre-
| SentativeS"