The times. [volume] (Richmond, Va.) 1890-1903, 1893-04-15

Hon. Robert Howard. a member OF the
Massachusetts Senate. has taken the
nublic into his confidence and has told
q how TO get rich as illustrated by the
particulars Of his own life and career
He saws: "a man will never get rich
working for a days pay lie thinks
that II man working for day wages
can persevere until he accumulates a
moderate sum TO invest In some good
business speculation he has then placed
himself upon the first round of ladder
I'D which ne may climb by his specuia-
tions to any degree of fortune to which
he may choose 10 aspire. Says he, i
am making on borrowed money alone
invested IN my property more than $500
per year" With great frankness and
particularly he tells us how he got ahead.
He SAYS that in 1881 he received 500
year as his salary as a member OF the
| Legislature, which he deposited in bank,
and. with what he had saved from the
salary ne received as secretary Of an AS
ISOLATION of Spinners in previous years.
he bought a piece of property In the
| Globe village for the sum Of $500. pay
ing Of this amount $1,000 and taking
mortgage held by a savings bank for
$500. We allow him henceforward to tell
| his own story:
The Peoples COOPERATIVE Bank started
IN 1882 / was one Of those who started
IL and one of it's directors. 1t MAS there
| learned that industry and frugality
brought their own reward. l commenced
I paving $40 per month at first, then /
increased the amount to SIS a month
and subsequently 10 S25 a month, the
/ largest amount that will be taken from
| a member monthly. With what | saved
outside of my dues l soon paid the Geht
on my property. l was assisted mate
rally in doing this by being hired at
! fair salary to act as associate editor OF
| Wade's Fibre and Fabric.
In the latter part of 1890 I decided TO
| buy piece of property which is situated
! not in Boston proper. but in RoXbuTy.
! The price was $1,000, carrying with 1t
a mortgage of $1,000 at 5 per cent ]
went to the Peoples Cooperative Bank
! and found what / had paid into the bank,
with interest and compound interest, had
| accumulated 10 the handsome sum of
| s. 600. 1t took nearly nine years TO make
| this sum. 1t looks a long time ahead,
! does eight or nine years. but years soon
fly by. and when / gazed back. it re
minded me of the words that life was
! but a span. But there was 81 600 as
reward Of frugality and perseverance.
| This sum, with what l had saved from
| my six years service in the Senate at
! $3.50 year. which was in the savings
| banks of this city, gave me nice sum
| of money to speculate in real estate with.
He then tells of buying two houses in
| Be ston for $3.50 Of which s2S7Oo was
money borrowed on mortgages and in
1892 he bought more property in Boston
and a Fall River block On these two
purchases. he says he is owing more
money that they are assessed for. but he
says they will pay for themselves in due
time. The lesson that Senator Howard
teaches is, strain every resource to borrow
| money TO invest in real estate Of specula-
tive value.
We have given the substance of this
gentleman's confessions 10 warn all pru-
dent a~S Industrious people to reject his
advice absolutely and entirely. There is
but one way to get rich and that is by
| honest toll, economy in life, and prudent
saving Of what is once gained. A sober
| life ordered on this plan brings its own
and its certain rewards. A speculative
life ordered upon the plan Of Mr. Howard
is one Of feverish excitement, and nine
such end in bankruptcy, ruin and dis
| grace where one achieves success.
1t is very pertinent to comment in this
| connection upon the indisposition which
| our working classes in the South show
TO deposting their savings in savings
banks. These are the very best friends
that poor people have and the surest
| agencies accessible 70 them for not only
| preserving what they have once saved,
but adding TO 1t by good and certain ac-
cretions. Yet our laboring people make
but small use OF them. on the contrary
In the North every laboring man or
woman deposits that part Of his or her
wages not absolutely necessary TO daily
life in savings bank, where the de-
post increases regularly By fixed interest.
The deposits in the savings banks Of
New York city amounted. January
1893, TO the enormous sum Of 1896. 800 900
A great proportion Of this Predictions sum
was the savings Of laborers Of che sort
and another. each one of whom there
has his deposit book, and each ere Of
whom regularly makes his deposit at the
end of the week. This is he way to get
rich. and it is astonishing that our labor-
ing population makes no greater use of
the facilities savings banks offer tc them.