The Brattleboro reformer. (Brattleboro, Vt.) 1907-1912, 1907-11-08
THE PROCUREMENT OF A HOME
This is the Great Advantage Offered Wage Farmers by
Building and Loan Association.

[Address by Frederick \, Currier, Fitch
burg. Mass, at the Convention OF the
United States League nt Local building
aud Loan Association at Boston, july,
1881
We hear and read ~ much about i'm.
proving the condition OF the wage earn
or that the question Is naturally asked,
"Nhat, ii any, an the opportunities iol
snynu aud accumulation of the irllts oi
his industry aud tully' The institution
known in Massachusetts ~ the coop
etatNc banks aud outside Of this state
As building and loan associations, oilers
the best answer To this inquiry,
The great mass of humanity is now, aud
always will be-, until the soclallstic NH
Irnnium arrives, made up OF those who
suhsist from their earnings from manual
labor This law OF human existence ma,
been the experience OF mankind IN aii
agr, a. far back as We have any recoius,
n has been said, Money Is condensed
labor and it, possession Is desirable
chiefly for the c0uNcnlcnee~ ana com
forts il prucurcs aud It's pursuit made
energetic trnm the inequality at ITS us
tihutiun The man who Labor, looks
Inr. ami l. entitled To something more
far his skill and industry than enough
ol lie for himself and family, and hopes
To save something out of ms earnings,
the same as the merchant or manuiac-
inner from the profits of his business,
Savings aic the results of labor IN some
form. And il is the savings of the world
that have made the civilization oi the
world. Anyone who saves something
steadily is prosperous and will ultimate
~ become independent. mo,
The cooperative banks were establish.
ed to furnish the man and woman oil
small income a safe and CONVENIENT ald
i'm the acquiring Of a home OF their own,
and for the accumulation OF funds TO
nroyidr for the DAYS when age or mlsior-
iune shall have reduced their earning
cuacitv. How well they have fulfilled
This mission is shown in the thousands
of homes that have been acquired there.
by and the millions of dollars OF small
savings that have resulted, which would
not have been otherwise possible Tor the
wage Garner These institutions hold out
10 PROSPECTIVE members none OF the al
In.ingspromses of the Get Rich Quick
concerns of our day, they promise no
large dividends from some unexplained
system of coming wealth, but the deposl-
tor is assured in the cooperative bank
that his money will he safely kept,
ulaced at interest as soon a. deposited,
and if he finds it necessary to wllhdrd"
it, he will receive it with interest almost
at call; if through misfortune he iaIls
to keep up his monthly payments ms
money will not be contScated hut placed
to his credit until such time as he de
sires to withdraw 1t, while 1t he con
tinucs to meet his regular payments, al
maturity he will receive the tnll value
of every share he holds. In the words
Of the savings bank commissioners OF
Massachusetts in their annual report Tor
1893: NO other system can show such
beneficial results or is 50 well calculated
to meet the requirements OF the man
or woman Of small means, for whose pro
lection and benefit these banks were es.
tablished. There can be no doubt OF
their efficiency as practical financial IN
stitutions' or of their service IN aiding
the citizens of the state to save their
surplus earnings and acquire homes,
The simplicity Of their workings Is cas-
ily understood and the distinctive iea'
tllre of their system is the enforced say
ing 900. ~
"pay monthly or be fined, is strong
factor in the medication OF the haOll
of promptness and regularity.
Ii is in short system by the peo.
pie. of the people and for the people to
assist them on business principles IN get
ting ahead. 1t is not a charitable IN
stitution for the poor, or financial IN
stitution for the rich, but it is for
thrifty. industrious wage earning people,
be they mechanic, clerk, artisan, busl-
ness or professional They are not IN
tended as a receptacle for the surplus
funds of large investors, as is shown by
the limiting of the amount any one can
make as monthly deposit to not eX'
ceedng $25; but to assist the common
people in the requirement OF money by
systematic saving.
The cooperative banks are distinctive
" the wage eaner's banking system,
wherein the owner of one share has an
equal voice in the management with the
holder of the largest amount allowed,
There are no preferred shareholders, and
no syndicates are employed to ''tloat the
shares at large profit to themselves,
but every member receives his full and
equal share of all the net earnings OF
the bank on his deposit. The wage earn
er, especially in the case of weekly pay,
ments. receives his money in such small
instalments that it is the more difficult
for him to save the surplus above the