The times and democrat. [volume] (Orangeburg, S.C.) 1881-current, 1911-07-04
A SAVER OF WEALTH

HON. I. W. BOWMAN MADE IN
TERESTING ADDRESS.
On the Benefits Of the Building and
Loan Association Before the State
Convention at Chester.
At the recent meeting in Chester
OF the State Building and Loan Leag'
ue Hon. I. w. Bowman, who was
delegate from Orangeburg, delivered
a strong address, which we pub
lish below. He took as his subject
1.-The Building and Loan Association
Conservation of Wealth and a Pro-
noter of Patriotism" The follow
ing is the address in full:
Systematic saving and safe In
vestment are the foundation and sal
walton Of the Building and Loan Asso-
citation. Cooperation is its strength
and life. What perhaps, no one
member could accomplish, acting sep
arately and Independently, every
member may achieve with the joint
and concentrated efforts Of all the
other members. Individually each
member may be weak but collectively
the members become strong asso'
citation. The motto of every success
full association is impliedly at least.
eve will work together" In union
there is strength. United we stand,
divided we fall. Each member
should be imbued with the dtermt-
nation ito Look up and not down,
look forward and not back, look out
and not in and lend hand"
Despise not the day of small things.
Take care of the cents, and the dol
lars will take care of themselves. 1t
is much better and wiser to show
man how to make a dollar than to
give one to him. And to show him
how and to help him save 1t is the
same as helping him to make it. The
great consideration is to aid your fel-
low man and at the same time to
enable him to maintain and preserve
his self respect.
"Abject and helpless, poverty is
exceedingly unfavorable to the de-
velopment of manhood"
The object of the Building and
Loan Association is to provide homes
for the people. To make our people
comfortable and satisfied. To pro-
vide comfort for the many and not
luxury for the few. To make men.
Fer 'Ill fares the land to fastening
ills a prey, Where wealth accumu-
yates and men decay"
TO illustrate the workings Of the
association; there may be in a town.
one hundred persons, each able TO
save or put aside ten dollars per
month, and yet no one Of them may
own his home, nor be able to raise
sufficient money with which to pur-
chase a home place. There, in all
probability, will be no place where
each can proftably and safely invest
this small amount. And it is more
than likely that the one thousand
dollars owned by the one hundred
people will be used in payment OF
rent, or expended for some temporary
luxury or in some other way dlssl-
pated so that by the time anotner
month come around there is very lit
fle If any of that one thousand dollars
in the hands of those who earned It,.
Now If those one hundred persons
get together and form a Ruilding
and Loan Association, each paying IN
to the association his SO per month
(thus pooling the resources) at the
end Of the first month there Is In
hand for investment the snug sum
of one thousand dollars. The money
by rules of the association can be
lOaQ1Q Ouly W luSLnp0A ~ SAS NooO
citation and loaned to such members
only upon security as would be &C
cepted for loans by any safe and
conservative bank. Any member pos
sessing the security may borrow 1t.
The money thus borrowed, Is expend-
ed In the construction or the securing
of a home for a deserving family.
The borrower continues to pay into
the treasury, his ten dollars per
month, which is credited as a pay
ment on his bond and mortgage for
the money borrowed and he also
pays each month, one-twelfth of the
annual interest on the amount bor-
rowed. So 1T Is seen that at the end
of a month, he has lesseIed his debt
by ten dollars and has paid 1-12th
of a years interest; and each and
every month he makes the same pay
ment and each and every month the
security is strengthened to some ex-
tent. At the end of the first month,
the association has for loan, another
$1,000 plus interest on first one
and loaned. This is put out or
-.a conditions And fhic OrOcaSS