The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1897-03-30
TWO LARGE GIFTS
investments Made a Hun.
dred Years Ago.
Permanent Results OF Washington
and Franklin's Public
Requests.

Historians have dwelt at length upon
the personal attributes of George
Washington and of Benjamin Franklin,
yet it probably is not generally known
that each of these men, among other
deeds of charity. set aside e1,OOO as
an investment for the benefit of young
men and young women. That was a
hundred years ago. Washington do
nation helped endow an academy:
Franklin gave his money to be let out
AT interest TO young artificers who
wished to set themselves up in bust
ness. Much good has come out of both
investments. and it is interesting to
note the results of the gifts. coming as
they did from two such men, actuated
by the highest motives of benevolence.
The statistics relating to the invest
ments were taken from the Washing
ton Star.
Franklin's gift of 1000 was made
TO the town of Boston and was to be
controlled by the selectmen and minis
ters of the oldest Episcopal, Congrega-
tional and Presbyterian churches of the
town. Franklin stipulated that the
money was to be |'let out upon interest
. =
married artificers. under the age of
twenty-five years. as had served an ap-
premiership in that town and had
faithfully fulflled the duties required
by the indentures.' 'These loans were
intended to assist these artiicers in
setting up their business" The loans
were not to exceed $50 to one person,
nor TO be less than els.
According to Franklin's calculation
eff this plan is executed and succeeds
as projected for one hundred years, the
sum will then be e131 ,000," of which
he desired 100000 to be laid out in
bridges. public buildings. etc, for the
benefit of the people of Boston. He
calculated that the remaining e31 900
would, at the end of 200 years. amount
to c131 900. But his hopes failed of re-
aliZation. The sum amounts today to
$50, 900. Just why it is no more is not
stated. 1t is lamentable fact that
out of the large sums of money loaned
to poor students in the American uni
versitieS and colleges an astonishing
per cent is never returned. Some of the
beneficiarieS of Franklin'S gift may
have failed to return the loan. What
ever may have been the causes the
fund has nowhere near reached the
proportions which its donor had an
ticipated. 1t is now about to be applied
to endow a trades school. so that the
spirit if not the letter of the provision
will be carried out in these later days.
Long before his death Washington
announced to the trustees of Alexan-
dria Academy that he proposed invest
ing at his death lone thousand pounds
in the current money of this state, in
the hands of trustees: the interest only
of which to be applied to instituting a
school in the town of Alexandria for
the purpose of educating orphan or the
children of such INDECENT parents as
are unable 10 give it. 1t is also my in
tention to apply the investment to the
sole purpose of education, and of that
sort of education as would be most eX-
tensively useful to the people of the
lower classes of citizens. viz. reading
writing and arithmetic. so as 10 fit
them for mechanical purposes"
During the rest of his life Washing
ton paid the interest on e1 900 to the
trustees and at his death left that sum-
considered equal to 81 900 to the Aca-
DENY. The trustees arranged with
Philip Webster ''tO teach twenty schol-
ars the several branches of reading,
English writing end the common rules
of arithmetic for the sum of fifty
pounds, being the donation of General
Washington
To-day" says the Star. "the public
school system which has grown out of
the donation of General Washington
comprises in all five large school build
ings. with room for 1900 pupils. male
and female. white and colored. which
last year educated over 1000 pupils on
the average during each school day.
This is the result of General Washing
toms one thousand pounds. In pecuni-
airy value alone the school buildings
are estimated at $35 900. and the school
property in all is worth at least $50
OO0"