Connecticut western news., 1878-09-05
BENJAMIN FRANKLIN's LEGACY.
WHY THE PHILOSOPHERS DREAM OF BEN
 EvoLENoE HAS NOT BEEN REALIZED.

The recent developments relating to the existence of all organized effort looking to the obtaining of loans on in- sufficient or worthless security from the Franklin fund for married artlfcers, which is under the direction of the Board of Directors of the city trusts, has directed attention to the present condi- tion of the legacy of Franklin for the benefit of Philadelphia's industrial me- chanics. Franklin died in 179O, and by | the provisions ot his will two thousand pounds sterling were divided equally between the cities of Boston and Phila- delphia, to be regarded as fund in each city to be loaned for the benefit of young married mechanics at five per cent inter- est. It was Franklin's idea, as outlined in his will, that the fund would in the manner indicated be kept constantly in use, until, compounding at five per cent, at the end of 100 years, or in 1890, would amount to $655, 900. As regards Phila- delphia, the sanguine philosopher aa- vised that $500, GOO of the amount should be employed in bringing to the city the water of the Wissahickon by pipes, and that the remaining $155, ,OOO be kept on interest in the same manner during an- other hundred years, when, by the arithmetic, it was to reach the enormous amount of $2O, O,3OO,OOO. It was directed in the will that $15, ,O0O.OO of this sum at the end of the second century should be given to the State of Pennsylvania, wLile the remaining $5,3OO,OOO was to be placed at the disposal of the city of Philadelphia.
 So much for the plans of Franklin and the paradoxical effect asoribed to the increase of money at compound interest. To be sure, he inserted in the will a pre- viso that he had, perhaps, too much hattered himself with ''a vain fancy" in regard to the ultimate results of the bequest. lightweight years have gone by, leaving but twelve before the end of the first century will be reached. On January 1 the capital of the fund amounted to $55, 400. Of this sum $17, 100 represented loans to Franklin's much loved artifcers, while $38, 300 was made up of investments in city securi- ties. In other words, it has been found necessary to invest t-e money of the fund otherwise than by extending loans to well-ordered mechanics. Although Benjamin Franklin himself was runa- way apprentice from Boston to Philadel- phia, he was careful to provide that no loan should be made save to those who had faithfully fulfilled the duties re- quired in the indentures."
 The causes that have gone to defeat the object contemplated in Franklin's dream of benevolence are not far to seek. From report submitted to coun- cils in 1887, from the committee having the fund in charge, it appears that the fund at that date had, on an approxi- mate estimate, a capital of $16, ,OOO 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 $8,OOO were then outstanding, thus revealing that the fund was at times depleted either by we'll meaning but unsuccessful citizens or rascals in the garb of work ingmen. Before the organization of the Board of City Trusts, in 1869, the operation of obtaining loans on doubt ful security was easier than since that date, but, as has been shown, there were not wanting designing men at this date who do not hesitate to obtain money of the fund.