, 1885-01-15
BEN F~RANKLIN,S FUND.
HOW BosToN's wisEsT SON MEANT
TO HELP OTHERS.


boston Globe-1
Every person who Possesses any knowledge
Of Bosfonis history, every one who has read
the life Of Benjzmin Franklin. and thousands
Of Newspaper readers besides. know the gem
eral fact that that thcrc Is a franklin fund"
that 1t was in some way intended to benefit
young Boston mechanics, and that tho
changed condition OF industrial pursuits has
In soma way interfered with the original
plan Of the donor, and that his bsquest Of
1000 pounds sterling has grown TO nearly
5000, 900. So little has boon said about II In
very recent yean, however, that tho detaiL
OF the gift and its object seem 10 have been
forgotten by the major portion Of tho com
munity.
Franklin's will was made July II. 178s, in the
s3rd year of his age. In this be provided
for tho distribution Of silver medals to the
most distinguished boys in the schools OF
Boston, bequeathing for the purpose 100
pounds sterling. tho interest OF which was TO
be devoted to this object. This original be-
quest now amounts to $4,000, which is in
vested In city . per cent bonds, but tho $50
interest Is now inadequate, and the school
committee now appropriates annually a
much larger sum as a tribute TO Franklin's
memory.
Having thus provided for the encourage
ment Of education In his native town, he re-
membered his own early difficulties in the
effort 20 enlarge his business, when a loan OF
so pounds sterling would have been con-
sidered almost a fortune. Accordingly, June
%, 1850, he prepared a lengthy codicn to his
viii. This codicil was the origin OF the
aFrankiin fund" as It Is now known, the
objects Of which will fully appear from the
following extracts from tho codicil;
/, having considered that among artisans
good apprentices are most likely to become
good citizens, and having myself been bred
TO a manual art, printing, in my ATTY
town, and afterward assisted 70 set up my
business in Philadelphia, by kind loans OF
the foundation OF my fortune, and OF all
the utility In life hat may be ascribed to
me, / wish to be useful even after death, II
possible, in forming and advancing other
young men that may be serviceable 70 their
country in both these towns. To this end 1
devote 1000 pounds sterling, OF which l give
1000 pounds sterling thereof to the inhabi-
tants OF the town Of Boston, and the other
1000 pounds sterling TO the inhabitants OF
the city Of Philadelphia, in trust, to and for
the uset, intents and purposes hereinafter
mentioned and dclhred-
The said sum OF 1000 pound sterling II &C
cepted by the city OF Boston, shall be man.
aged under the direction Of the selectmen
united with the ministers Of the Oldest Epis-
c~opalian, Congregational and Presbyterian
churches In that town, who are to, let out the
same upon interest at 8 per cent per annum,
to such young artilcers, under the ago OF 70
years, as having served an apprenticeship in
said town. and faithfully fulfilled the duties
required In their indentures so as to obtain
good moral character from at least two re-
spectacle citizens, who are willing to become
their ~sureties in a bond with tho applicants,
for the r~epaymentof the moneys 50 lent with
interest according to the terms hereinafter
prescribed:
> 4 As these loans are intended to
assist young married artihcers in setting up
their business, they are to be proportioned
by the discretion of the managers, so as not
to exceed 90 pounds sterling to one person.
nor to be less than 10 pounds sterling :
These aids may be small at first, but as the
capital increases by the accumulated interest,
they Will be more ample. And in order to
serve as many as possible in their turn, as
we'll as to make the repayment OF the princi-
pal more easy, each borrower shall be
Obliged 10 pay, with the yearly interest one
tenth part OF the principal, which sums of
principal n interest, so paid In, shall be
again let out to fresh borrower.
Thu codicil expresses the hope that mana
gers win devote their time and attention to
the matter gratis; hat the money viii not
be diverted to any other purpose, but con-
tinua1y augmenting, 30 that other towns
might havs some Of it's benefits It Is esti-
mated that the fund would In 100 years reach
the sum OF 1871, 900 pounds sterling, Of which
100000 pounds sterling, was thon to be paid
out in public works of utility. The other 81
900 was TO be continued to be let out at In
terest In the manner directed for another
100 years AT the end of this second term, ["
continues DIR. Franklin, "ff no unfortunate
accident has prevented the operation, the
sum win be 1901, 900 pounds sterling, OF
which l leave l ,061, 900 pounds sterling to the
disposition Of the inhabitants Of the town of
Boston, and $4,000 o pounds sterling to the
disposition Of the government Of tho state,
not presuming TO carry my views farther"
The bequsst to Philadelphia was under ex-
aotiy similar conditions TO the above. In
concluding his directions, DR.. Franklin said;
l wish, indeed, that they may both Boston
and Philadelphia undertake to endeayor the
execution Of tho project, because l think
that, though unforeseen diniculties may arise,
expedients will be found to remove them and
tho the scheme win be found practicable.
The experience OF the trustees and man
ayers Of this fund shows how useless 1t is for
man, however wise, to make infexible condi-
lions in regard to his property which shall
continue In force for a century, or even fifty
Year,. The changes in population, business
methods and social life cannot be anticipated
by any man for q single generation In 1rol,
50 pounds sterling or $500 was a largo sum.
rs purchasing power was more than double
thatof the present day. II the loans under the
will could be made as high as 1900 or $500
even. a better class OF borrowers would be
attracted to them, and conse quently o more
rseponsible set of bondsmen would DO secured,
and the chance OF loss be correspondingly
diminished A young man to-day who can
not borrow OF q friend the small sum Of $500
can hardly be a desirable borrower from thii
fund, and stiIl less can he furnish satisfactory
bondsmsn- At the present there arc but
three borrowers who are using the money oil
this fund in pursuance OF the system devised
by Franklin Applications are few, and q
majority Of these do not come within the re
strictions OF the will. The trustees have
waived the provision concerning apprentice
| ship, because Of tho fact that indentures ar.
no longer a part OF our industrial system
but they still insist upon the other condition
that the applicant shall be a mechanic
married, under rs years Of age, and furnisi
responsible bondsmen-
There nav been several attempts on the
part Of the Massachusetts, Mechanics Char
liable association and others to divert a por
ton OF the fund to purposes somewhat alieI
10 the illustrious testator's intentions. Blu
the corporation counsel has always wisely
m that the city alone can use the
funds. at the period specified in the will, and
for public works. exclusively. The fund
however, will not, at the end of the first 10'
yeais-in 1891, seven years hence-reach th'
amount estimated by DR.. Franklin, VIII
placed IL ut 13l 600 pounds sterling. or abou
gave the following figures:
I trrrr,rf - fund E.brtuvu INNQ ~peu QIt "A