Goldsboro weekly argus. [volume] (Goldsboro, N.C.) 1885-1909, 1907-02-28
COOPERATIVE SAVINGS.
What a Building and Loan Asso.
citation Means and Can Do
For a Town and Its
People.

prosperous whose workpeople nave the
most and best home life. The most and
best home life conduces to the highest
wages, the best education and training
and the greatest prosperity of a nation
and of all its people.
For working people, the difference
between prosperity and poverty may
systems of education, labor or savings
which have been afforded them.
The most successful and most advan-
tageous system for working people is
that of cooperative Institutions, where
by working people may help themselves
and make their own way to prosperity.
The most important conditions neces-
sary for the maintenance of a success
full cooperative savings institution are
these:
~. The development of a high re-
spect for Christian principles. This
work is naturally, to a large extent, in
the hands Of the ministers of the differ
ent Christian denominations.
(2). The developments ofintelligence
and skill by education and training.
The development of intelligence rests
upon the system of education provided
by the State. The execution of the
system is in the hands of teachers. The
development of skill rests upon the
system of industry or labor fostered by
the State. The execution of the system
rests, in industrial pursuits, with the
employer and the workman , in agri-
cultural pursuits, with the farmer.
All accumulated property, except
land, is the result of past labor. Even
land would have mo value except fol
labor. Buildings d~epreciate. They be-
some old and obsoacte! Corporate securi-
ties are uncertain r~ndhazardous. Even
land itself d~epreclates under changed
conditions. But the labor of a country
is always in the most modern form and
OF the fullest v&aue. Current labor-the
labor of today-labOr in the aggregate
when it's uncertainties are eliminated,
ranks, rs q basis of credit, above the
very best of other forms of collateral.
A building and loan association is an
institution for saggregating and averag-
ing them met results of labor and estab-
fishing lit lbs basis of credit. To illus
trate its operations, assume that 500
people form an association. They may
be machinists, b~rick-layers, merchants,
clerks, telegraph operators, ETC., all
working people, and all having fair
prospects OF regular employment for
for wages or salaries. If each mem ber
pays in 81 a month, these 500 people
will save an aggregate of $500 a month.
LIN two months the association will have
$1,000. This may be used to budld q
house for one OF the members. Nh
mouse is decided to the member to1
\ whom it is built. The association re-
tains a mortgage on it to insure pay
ment of interest and dues umtid ,esdh
other member, in turn, gets a house.
This usually requires regular payment
for abou six and one-half years.
The member moves into his new
house. The rent formerly paid us Row
saved, to be applied as part of the adAes
and interest payable to the building
and loan association In some cases.
when rent is high, the remit alone wal
pay dues and interest In such cases
rent money literally buys a home.
in all cases the emit money pays
a large portion of the instalmentE
Atlthe worst, a cry small additions
outlay is required for a home of com
] | paratively high value.
Where houses are rented, in half thu