The Brattleboro reformer. (Brattleboro, Vt.) 1907-1912, 1907-11-08

tion Of the savings Of the people which
cannot fail 10 recommend itself TO any
one who will study it, methods aud Ie,
suits" hut Il is IN the procurement OF
a home that the cooperative banks oiler
their greatest incentive 10 the working
man, and the greatest benefit To the COM
munity. A man who owns his home y
the better, happier aud more useful citi'
zen, aud the better citizen, the better
the country ia which lac lives. Has II
ever occurred 10 thousands of wage earn
en that they are actually buying the
house they live ia Tor their landlord
Home ownership is OF the greatest value
TO the community. Where the people OF
the city are the owners OF their homes,
You viii dnd the best governed and the
rleancst city Few men will attempt to
oyefturn society or inclto a community,
when they have personal interest st
stake or are held ia esteem by Their
neghbun,
The advantage OF home ownership to
the working man is realized especially ~
times of strikes and industrial troubles,
when he is enabled to maintain himself
more satisfactorily. lie has credit
that makes 1t much easier Tor him 70
provide for his family than his equally
upright, but less thrifty fellow workman.
liy this system Of aiding the wage earn,
ers in becoming a home owning, instead
Of house renting people, 10y the smaH
regular payments, the borrower becomes
his own landlord, the money paid 10y him
is practically rent paid to himself aud
increases the amount he has IN his home,
until in lew years he owns the whole.
II is common remark when handing
over their money, II want to pay my
rent" II Is the compulsory payment
Of dues and interest which makes loan
IN a cooperative bank the best for per
son OF small means and income. The
usual experience for the wage Garner
with mortgage in a savings bank or
to a private individual Is, that the loan
is very slowly reduced, II at all, SO
long a. the security remains good aud
the interest is promptly paid, the lender
prefers not 10 have his investment dis
turbcd aud the borrower X satisfied TO
simply pay the interest, hoping at some
future day to pay off something on the
principal, and the years 90 10y and there
IL no reduction.
There are thousands Of mortgages on
homes today that have been running Tor
10, 20, aud IN some eases, Tor 80 years,
where, il there had been some compul-
sorry requirement and reminder could
have readily been eNtinguished years
ago. In contrast with the more than
500 900 of mortgages ON homes IN my
own city that have been discharged
through monthly payments into our co
operative banks almost without eAcep'
ton being among those who would not
have been able to accomplish the result,
except through the aid OF these insttu'
tons, the following true story y a
striking example OF how not to do II.
working man OF my own city with i
small family, receiving ialr wages and
steady employment, bought new cot
tage only short distance from his work.
He secured loan OF 5000 through the
cooperative bank calling for payment
of S9T dues and interest per month,
and for year or two he continued 10
pay, but gradually fell away, and finally
stopped making any payments In spite
Of everything that could be said he
would not make the exertiOn required
to meet this small payment and retain
his house The place was sold under
foreclosure. What follows! The pur
chaser Immediately rented the house to
the former owner for sl2 per month and
the rent has been promptly paid every
month since under this method. II con
tinued for about the II years, the month
IL payment OF sg.E would have dis
charged the mortgage, and made him
owner OF his own house. lie will have
paid SLIPS, and have nothing therefor but
a package of paid rent bills and be no
better off than at the commencement OF
that time How often have | heard the
remark, Il had never saved dollar un,
Ill | went into the cooperative bank and
now | have such and such an amount.
And many a man expresses regret that
the advantages OF these institutions were
not called TO his attention sooner OF
been possible when he was a young man,
Any thinking person cannot taIl to no
tice the different people who bring Their
hard earned money and the care with
which they turn it into the bank; per
haps it is only dollar but it means
more to them than ten or one hundred
times as much would to some Others.
The interest manifested by those whose
shares are reaching maturity is notice
able in many ways, showing how greatly
they appreciate the result OF their self
denial and perseverance, And II Others
could see as the officers Of the co-opera-
tive bank do, the happiness exhibited
when mortgage Is cancelled and the
home freed from debt. many more would
be led to strive for the same result.