San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1888-02-21
BUILDING AND LOAN ASSoCIA-
TON.

A Dissent from the Maine Bank Elk
amlner's Opinion.
SAN ANTONIO. Feb. 20, 1883.
Daily LIGHT:
In Saturdays issue under the heading
Building Associations" appears the
bank examiners report of Maine, aim.
ing to clear saidinstitutioDs from charg
ing ursurious interests, etc. He says,
II the interest charged seemed exces-
sive. Ii should be remembe that mean
while house rent is saved and property
Ia accommodating.
say money can be obtained on build.
ers' liens to build house with without
going to building associations for it and
at rate OF s to 10 per cent interest and
on condition to suit borrowers. where
also rents are saved, and property aocu-
mulates,; so, there Is no advantage to
borrowers OF building associations 10
that respect. He says again: Ii points
out the fact that sound business prinoi-
Piles, wise management and executive
ability not only can, but do exist
among = class who are generally re-
gsrded as being comparatively defic lent
In these important qualifications, which
means to say that among the wealthy the
belief exists, that only the wealthy
possessed these qualifications. In an.
swer | say 10 retrospect. their fathers
or forefsthers may be found as having
been among this same class. They
built tho foundations upon which
they erected and perfected their quail
fiostions. Qualifications are with diff
Guilty brought into practical use without
al opportunity. Money is the easy key
that leads over the threshold Of difficult
ties into the sphere Of possibilities.
am poor man, built my house In q
building association too, because knew
not at that time what builders liens
were, and how money could be obtained
else on them ana that at q lower inter-
est with most favorable conditions, all
because had no business college edu-
cation) or other experience. This has
to effect, that l intend to give my child
rem the needed education and the bene-
fit OF my experience and with the will Of
providence. some means to back II up
with, like In all probability, the fathers
or forefathers of those did, who reflect
upon us with such little credit. What
glorious aspect! among a class, re-
gsrded by my children, rs implied In
that article as my reward. Respect
fully, g. g. BRADES.
The LIGHT gives space to the forego
ing article, because 1t would not give
any color OF ground to the charge that
Its columns are not opened to the me.
chanic as freely as to the corporation,
and not because II takes any stock in the
representations made. Building and
loan associations in great measure arose
out Of the unsatisfactory conditions Of
building upon mechanics liens. The
failure to connect under this mechanic
lien system has returned more property
to the hands Of the money lender and
cut of the prospects OF home from
more mechanics than can be computed
Under the provisions OF building and
loan associations the investor gets some
thing Tor his investments besides his
rents, when he is obliged to surrender
his claims by the pressure Of oircum-
stances. Under q mechanic lien there Ia
no security for the man who fails. In
the one case his interests are under the
protection OF society OF which he has
been a member, and which is interested
10 his success. In the other case the man
is In the hands OF q money lender who
seeks only his profit at bis victims
expense. The history OF building under
mechanics lien 10 this city and 10 all
others lie proof OF the facts stated, that
the Building and Loan associations offer
an Infinitely safer, aud ali things co.,
sidered. fully as reasonable and econom
ical method OF securing homes TO men
OF small means, as Ia afforded by the
mechanic liens system.