Year: 1869

ing AssOciafl0ns s-s---


The, homes of the people are the centres
of their affections, the promoters Of peace
and good government, and the foundation
Of their patriotism The State cannot exist
without the family, nor the family without
a home. Volumes have been written upon
the virtues springing from happy homes
but the half has not been and cannot ne
said. ANY means which will aid the poorer
people OF tile country to secure comfortapie
homes becomes matter OF immense lmpor-
tance to the community. Crime will be les
sencd thereby, the family will be protected,
population will more rapidly increase, and
in protecting the dear spot every man is a
citizen soldier, and it becomes the citadel OF
nations liberties


The Raleigh Co operative Land and
Building Association was organized for the
purpose of loaning money to aid men to buy
houses and lots who could not obtain them
by their own unaided efforts. The Legisla-
ture granted charter at its last session, and
the association organized under it in March
last. The par value of the shares of the cap
ital stock is 5000 each, and payment for the
shares is in monthly assessments of one dol
lar per month per share. This brings the
stock within the reach of the poorest labor
er The association is to run until the
shares, by the accumulation of monthly
payments, and interest upon money loaned,
makes the shares actually worth 5000 EACH
The owner of each sharesis entitled to bor-
row 5000 from the association at six per cent
interest, payable monthly. The capital is
derived from tn monthly dues; and the Gus
tom is to loan the money received at each
monthly meeting to the highest bidder in
sums of $780, When the share has reached
its par value of $500, 1T is exchangeable for
the borrowed money;or twill be taken for its
true value at any time the maker wishes to
pay his note.


The person who borrows money, first Sc
lects the property he desires to purchase,
and submits that to the inspection of the
directors; and if they think it advisable for
the Association to loan money upon it, they
submit the title to legal counsel, and if the
title is found good, the Association pur-
chases the property and takes deed in
trust for the member who borrowed the
money, guaranteeing that when he has paid
the principal and interest of his note he
shall receive the title to the property in fee
simple.


Though the company has been organized
but two months and held three monthly
meetings, about 500 shares have already
been sold, and S1400 have been loaned at
six per cent. With this money houses are
provided for three poor men, who probably
would never have been able to pay for them
without this assistance. One man owning
two shares has borrowed S400 and bought
house. His monthly dues will be on his
shares SO. and interest on the borrowed
money SO, making 81 month, less sum
than he would pay rent for place like the
one he now occupies; and in few years
his stock will pay the principal of the note,
and the house will become his own. Thus
member of the Association. by paying
sum monthly, equal to his usual house rent,
will have immediate possession of the house
to live in, and at the end of few years will
have a house of his own. 'I


The limits of this article will not allow a
more extended outline of this co operative
system. The plan has been for years in
successful operation in many cities in the
North and in Europe. Another similar
company has commenced business in Raleigh
one in Newbern and in several other
towns in the State, and we hope steps
will ere long be taken to secure the benefits
of corporation to the poo; people in every
town in the State Let intelligent men
take hold of the subject, and by little ef-
fort thousands of families can be provided
with homes in few years The gratitude
of tile people will be awarded to those who
lead in the movement.