The daily Cairo bulletin. (Cairo, Ill.) 1878-1???, 1880-04-06

The recent decision of our supreme
court, declaring that the premiums exacted
by building and .l9an associations from
their borrowers, amounts 70 usury, has had
the effect of causing the dissolution of sew
eral associations of this kind, and of opera
ting as great impeachment to the success
of others. While we are not prepared to
say whether it it true or untrue that this
decision "ilies directly into the face" of
decisions upon the same points brought be-
fore the courts of Indiana, Maryland and
Pennsylvania, we ARE prepared TO say that
we do not consider the decision in the in.
terest of the poor men, who, through the
ins'ru9sRteifty of such associations are
striylnlNsDt secure homes for themselves
and their families. Experience has demon.
Strated several things in this connection,
and, among Others, this; that poor men,
helped to homes through such associations,
have, as a rule, been encouraged to the ex-
erclse Of increased industry and economy;
that but few of them complain of oppre3.
sion or extortion, and that, in no other way
that has yet been devised. can deserving
poor men-industrious mechanics and la
borers-secure like aid in the effort to sup.
ply themselves with homes. Another i'm.
portant consideration is, that the money of
such associations goes to the improvement
of the localities where it is raised-thus
substituting visible taxable property for
that which was non-taxable, because not
accessible To what extent the decision
Will affect the aims Of the Cairo association
we do not know. We have been told by
members that the decision forms no stumb-
ling block to their progress, since the plan
OF premiums had not been contemplated by
them. II this be true, and the association
proposes to invest its 100000, or the half
OF IT. In cheap tenement houses, for rent, or
for sale on easy terms-if this course of
procedure has been resolved upon. the re-
turns will be fully as large as those that
might have been secured through the ex-
action OF premiums; poor men will be fur
nished equally eligible chances to secure
homes, and the effect upon the city,
growth and prosperity will be more imme-
diate, and certainly not less healthy or en-
during. Fifty cheap cottages-such as
may be built at a cost of $5OO--wonld find
tenants at ten dollars per month, each,
within thirty days from this time. Such
rental would be equal to a gross return of
about "A per cent, or ID net return, above
taxes and repairs, of not less than IS per
cent There is no Legitimate business in
which men can now invest capital that will
insure more than one.half such a sum Of
profits. There is not a merchant in Cairo
who pretends that his annual profits
equal ten per cent. Of the capital
ne mas invested ana YET through the rental
OF small tcnemcnts, the building associa-
ton can realize not less than IS; give
poor men cheaper homes than can now be
obtained, or by the addition of two or three
dollars per month, put such poor men in
the way Of ultimately owning the buildings
they may occupy. BY the adoption OF this
line Of operation the Cairo Builders and
Loan association can accomplish great
work in Cairo, become a friend of the de
serving and industrious poor man, and
win the endorsement and cooperation Of
many citizens, who, otherwise, might stand
alooi from il altogether.