The times. [volume] (Richmond, Va.) 1890-1903, 1896-11-29
Pnfihe Rnng In.

TO the Editor Of The Times:
Sir,-You have been discussing the
building and ,can association question
latterly, and there is "a view or II that
ought TO be brought forward now earn
estly and persistently.
There is not savings banks enough In
the state Of Virginia. There are re-"
building and loan associations, but noth-
ing like as many as there ought 10 be'
and those we have are not az wei sup
ported as they should bee. either.
You hear it stated frequently that the
per capita circulation boz Virginia Is much
less than In New York or Massachusetts,.
This IS simply because.
First. We own less money
Second, We send more money away.
We have not the reserve fund slowed
away IN savings institutions like the old
manufacturing States North and East
have. Cons equently we keep less or
our own currency moving in circulation,
and this we still further decrease by
sending money away Ia an improVident
and thriltless attempt 10 do provident
and thrifty things For premiums on life
insurance, fire Insurance. and Insurance
Of minor sorts thousands upon thousands
of dollars 90 out the State annually.
For premiums and dues In beneficial or
dcrs, for all sorts of installmcnt invest
mCnts, but especially and particularly Tor
dues I'm building and loan associations we
send thousands and thousands more. II
is argued that tho money borrowed from
these building and loan associations re-
turns our own 10 us. but the most cursory
examination of facts shows this 20 be
a mistake. / venture 20 assert not 10 per
cent. comes back 10 us in that way.
Our building associations In the State
] l.rs Id sII q q
Of patronage I'm every way as any in
New York, Pennsylvania, Maryland, o.
Tennessee. yet an these States draw
largely from our ptful little hoard Of
savings and they are helped along by
lesser calls from Massachusetts,. Ohio.
Minnesota, Connecticut, the District OF
Columbia. etc.
Observe another thing. The local insti-
| tuition d. better prepared 10 appreciate
values offered I'M support Of loans. II
can work 40 smaller expense and shout,
be able To- handle collections 10 much
greater advantage. These and other roa-
sons should induce patronage Of an
building associations we now have. and
an increase in their number and growth
ia every town of the state. IL Is not
too much 10 say that N local building
| associations would become O. feature Of
business enterprise IN Virginia towns
their effect for good would Dee almost IN
calculabie. IL is also not too much 10
say that If we continue sending our
money abroad 10 invest it In the enter
prisos of others the practice viii become
quite as incidentally injurious
Two cities in the country ere con-
srlcuous monuments OF the value Of the
building and loan system. They are
Philadelphia and Baltimore. Both are re-
noWnod ass cities Of homes and both are
remarkable for the number Of homestcads
owned by the thrifty poor.
Your great paper con 00 no better work
for the cause OF sound money. sound BUSH
ness sentiment. sound local prosperity
than 20 take Up this question ana urge
upon our people The conservation and
protection Of their own means
The State of Virginia has before II a
| future brimful Of promise. The question
of the hour 20 Us is how can we realize
on that promise. how shall be put the
forces in motion. that Will bring its bone-
fits to us so0ncst2
Respectfully.
l.. PRESTON PARR, Jr.