The daily gazette., 1880-03-09

OF the society borrowing $500 will pay
per annum first the assessments on his five
shares, .$65, and set tond, the 10 per
cent. on the prineipal,zs si50.==or,
q total Of S2i5-a fraction less than "a ID
per week.elf this IS kept tor ten years,
the payments will amount to $3.50,
when he Will hayeo paid his entire In
,debtedness aud be $3.50 better Off than
The osber Borrower, plus his share in the
profits of the society when 1t is wound
up. In this last Instance the payments
may be either some what below or labove
/ this totals gwen, ACCORDING TO the con-
ditions under which the Appropriation Is
securedI t n9'H1 ~ III s44a
VAs might be expected, IN the first two
or three years, the competition for the
appropriations is 80 brisk that premiums
are given with the bids, while IN the
latter years 1t is so dull that consider
able bonus may be- offered to induce
members to take the monthly aocumula-
tions; the strong businesses feature Of
success being the speedy employment at
ten per cent. ofaH the money that is
taken In. iif . a 4t3.-. iafs ul
There il no doubt but that many pee.
pie, not only workipgmen of, small
earnings but Others much better. of
also, have lived ip q house long enough
to have paid In rent many times its cost
on highest valuation! IL is therefore
not to be wondered that in Philadelph in
Boston, New York, Baltimore, Cincin-
natl, San Ffaneised, and other large
cities, the working classes should 30
greatly favor this easy, gradual method
Of becoming their own landlords; that
they should prefer such a society
whether they use an appropriation OF
not, to savings-bank that will take
their earnings up to the moment 1t IL
Obliged to admit Its Insolvency.
The first SECTION ofthe First Cooper
alive Building Association of the city OF
New, York was established ten years age
and handled during that eriod half a
million dollars of the hard earnings OF
poor men and women, and returned the
total sum paid in, nearly doubled. .
Who, after such a record, will say that
workiDgmen are no fnanciers? We lchal-
lenge the best hnan cier OF Wallstreet 70
produce such q record, OF 90 1rse, we
mean not of themanagement of his own
10 oney, but of his management other
peoples money Tn Philadelphia to-day
between SIT ,0t0,00d aud $4,000, 900 are
thus invested; and In Boston, under the
enthusiastic direction Of the Hon. Josiah
Quincy these soceties will SOON have
more of the workingmen's savings than
all the banks together. lrr-,s.
Z luo huOtc JchCuco oOLuof lmpOTtdut
lessons of which the mep SO learned In
social science should take particular no
tice; first, the creative power of labor,
which Ia the basis Of all wealth; secondly
the. value of cooperation when we'll Or
| ganized, thirdly, the necessity of keep
Ing out OF the management any one who
| has another axe tp grind for himself,
fourthly, the maintenance OF strict su-
pervision to secure honesty, and never
to be be. at the mercy of some abscond-
ing employe, ifthly, that in many In
stances the aid Of The capitalist sah be
dispensed with by Cooperation, and
sixth.y, the value of the q and principle
of self-help. aa = E
The, first loan association was establish
ed here about % years ago. There are
III loan associations In Wilmington, in
which the Investments now amount to
about S2,l00. 600. which In ten year, +,
will aggregate about 81 100000, at least
$4,000, ,000,. of which in that time will be
absorbed in zeal estate as permanent
hom9s for working men. The principle
is becoming more and more valuable
the better it is understood; and there Is
nothing more certain than that the hon
est toiling, patient laborer who invests
$40 month in o building loan instead OF
paying It Torrent, with In ten years be-
come thereby the owner OF the residence
In which he lives, should he pay no
more than n fair price for 10, Aud 1t be
worth from $500 to $500. ~
. 7