Year: 1871

mecnanlcS' Association laSG 1uBuss qs
subject is one that will command the at


tention of every working man who reads


1t, and eyinces familiarity with the subjec'


discussed as well as practical knowledge In


regard to carrying out the views set forth


Mr.. Browning is a skilled mechanic and


knows the wants Of the majority of his


brother-workmen, and we bespeak for his


remarks a careful perusal. The ref1eeting


mind cannot fail to see the great advantage
that would result from the formation of .


Building Association, on the basis he pro-
poses. The following is ,s1qqta


MR.. BRowNING's ADDRESS.


Mr.. Prcsidcst, and Members of dc Ne


chdnics' Association of Knoxville:


Having been selected by you at our last
meeting to deliver an address, L can do nc


better than express my views in favor Of
Cooperative Building Associations. While
we can point with pride at our efforts in
forming Library, and also to the fact ol
our rapidly increasing members, is there
not something else we can do to benefit


ourselves and families? Something tangi.


BILE, that will make us independet of mohied
capitalists? is there not way we can
husband the daily pittance we receive for
our labor, and convert it to our own bene-
fit, instead of enriching those who have
already reaped the benefit of our hard
earnings? 1 contend there is. We have
made one step already in the right direc-
ton, by the formation of a library. AS
we increase in knowledge, we will grow in
power. The mechanics are the bone and
sinew of the country, and as such should
take their proper position in society, in!
stead of being considered "greasy working
men," While I am forced to admit we
have given the world opportunities to call
us so, by our spendthrift ways and negli-
gent habits, we will have one good thing
to boast of, and that is-starting library
in the city ef Knoxville. Let us try to
make it success, and show to our fellow
citizens that our aspirations are higher
than dirt and grease. Excelsior !" must
be our motto "Onward and upward I"
must be our rallying cry. To achieve sue
cess, we must give our best energies to the
work before us. And now as we have our
library started, and in a fair way to sue
cess, let US turn our mind to something
that will be source of pride and profit to
us.


Cooperative Building Associations have
been in successful operation in the North
ern cities and in England for number of
years, and have yet to hear of the first
one that has been failure. Isee no oreason
why we should not organize one here. We
are just as intelligent as our brOther-me-
chanics of other plaoos,- and I have no
doubt can work together just as harmoni-i
ously, if we can only start right. Let US,
then, give the subject a careful considera
ton, and If we conclude that 1t will benefit
us as mechanics, let us give it fair trial !;
and il we find it impracticable, try some
thing else.


The principles of q cooperative building
association are, take it, as follows: The
association fixing the price of shares, and
allowing the members thereof to take as
many shares as they think they can pay
for, the shares to be promptly paid month
ly. Whenever the funds accumulate, say.
to $500 or 81 600, the money is then put up
at auction by the President of the associa-
ton and knocked off to the highest bid
der-the money realized from premiums
arising frsm said sale to be devoted to the.
funds of the association, forming nucleus
for another sale the party who has offer.
ed the highest premium obligating himself
to pay six per cent. for the use of the
and also having the premium
deducted from the amount borrowed, also
giving good security for the prompt pay
ment of the same when due. For instance,
if we start a building association, say with
twenty-five members, at SIS share, it
would amount to $3.50 monthly, and in the
event of ssme members owning more than
one share, the funds would be correspond
ingly greater. the funds amount to
$500, the amount is put up at auction, and
if twenty-five per cent is the highest pre-
MUM offered, let that sum be deducted
from the $500, leaving net gain to the
association of $125, besides receiving six
per cent. for the money borrowed; but in
no case will member be expected TO pay
more than the monthly payment Of his
share. The $125 will, of course, be added
to the next amount ready for auction,
when the same process will be gone
through. The party receiving the funds
will, II he is contemplating building, IeaYe
the money in the hands Of the treasurer Of
the association, drawing certain per cent
age of it as his building progresses, also
giving a mortgage on the building till
the amount is paid, the association also
holding deed to premises till the claim is
satisfied. II q member receives the money
and devotes 1t to other purposes than build
ing, ample security must be given for the
payment of the same. BY q careful esti
mate, think each member Of the associa-
tion could be i'm possession Of home in
four years from date, and of course SOME
would be in a short time. ,r.s s.


4hC UCuCut VA ouOh a OuA4uAhS5 ooSoSAs$e<OAA
must be apparent, for its advantages are
numerous. In the first place, the most of
US that do not own houses are paying from
SIS to SIS monthly for rent, when the same
amount would buy from 8 to shares in the
cooperative building association. Again,


how can a working man invest his money
at SO high rate Of interest as this plan
offers, for Independent of the six per cent


on his money, he has the proceeds of the
premium which the borrowers pay for the


use Of it; 1t is computed by the co-opefa-
cities, that a share, price Of which is
dollar per month, will amount to
70 TWO hundred dollars at the end OF five
years, making an increase of three hum
dred and twenty per cent. in that time,
ana wnile the non-borrowers are reaping


such great return for the use of their


money 1t is of incalculable benefit to the


borrowers they are enabled to build house
Of their own, and instead of paying rent