Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1895-05-14

and that these expenses eats up
the profits. More or less of loss
on loans is also unavoidable
when risks are taken in strange
places. All this unnecessary loss
is obviated in local associations.
In the Fergus Falls association
all officers, except the secretary
who gets $500 a year, serve with
out pay. Bad loans are also
obviated as the board of direc-
tors are easily able to ascertain
both the character OF the men
who apply for loans as well as
the real value of the security
offered All that is necessary to
make such an association a CON-
plete success in every way is that
a number of our substantial and
level-headed citizens take hold of
the matter.
We are inclined to think that
the association should take in
the whole county and loan money
on improved farms also. In fact
some such mutual savings and
loan association has been in our
mind for some time back. We
all know that the curse of this
county, as we'll as of all of the
West, is the foreign capital loan.
ed here. We never shall have
permanent prosperity until we
can get along without loaning
money from the outside. The in
terest that is drained out every
year to foreign capitalists takes
all, and lately more, than our
people can produce and leaves
this section stripped of money to
do business with. Now the Or
ganization Of a savings and loan
association on a safe scale and
practical basis, will in due course
of time enable it's mem bers to
get along without the foreign
capitalist. All the members OF
such a society are simply organ
ling their own credit, and bank
ing on it. Every month the
small contributions from hun
dreds of young people come in
to finally make a stake for a fu-
ture business, or home, and like,
wise the man that now pays
interest on his mOrt0aoed home
year after year without being
able to pay the principal, will
take that interest money and in
about eight years pay both
principal and interest under the
association plan. This seems
incredible to some, but the pro
TESS is very simple. It is due tC
accumulation Of interest com
pounded monthly. Capita
doubles itself in few years under
this process even at low interest
The way to make money
easy, is to have money out a
compound interest on goo(
security. All you have to do il
to keep ii record and draw TIN
interest OF the money at STATED
times. The accumulation of in
terest is something wonderful
Even at low interest it accumu
lates very much faster than tn
productive capacity of mankint
can produce wealth. Hence al
the wealth of the world is con
stantly passing into the hands Q
a few creditors.
4 saving and loan association
is simply All organization b,
which all it's members shar
mutually the benefit of the &C
cumulative power of money a
}; interest.
We have no doubt there ar
lots of men i'll the city who under
, stand the principles of such sc
cieties, and we leave it to sue
to take the initiative lest some
body might think it Was a "Pop
: scheme simply. The editor c
the Tribune, however, stand
ready to cooperate in the organ
ization OF such an association a
t once. The columns of the Tr
/ bune are open for discussions O
} suggestions from anybody rels
t tive to this matter.
There may be difficulties in tn
way that we do not see, still "
l believe the subject is worthy {
careful consideration.