Moderate Houses for Modern Means An Argument for Cheap Trains As Essential to

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Moderate Houses for Modern Means An Argument for Cheap Trains As Essential to
Quincy Josiah
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As His Excellency in his message states, great moneyed institutions object to lending small sums of money on account of the trouble in collecting the interest. This arrangement obviates the objec- tion.
The great difficulty of forming such an association and car- rying it out, results from want of confidence. Laboring men have earned their money hard and are unwilling to put it at risk. There is, however, one class of institutions that is enti- tled to and that has the confidence of the whole c
...ommunity the savings banks. Should such an association be formed, I should hope not only to procure the money from them, but to consti- tute them, in a manner, the financial agents of the concern. I should propose that a committee of the association should be appointed to collect the rents, $3. 50 a week, and deposit in a savings bank where interest is allowed. Supposing there are one hundred members ; they have in a year together paid in $18, 200; $5, 600 will have paid the interest on the $80, 000 borrowed, and $12, 600, or $126 for each individual, paid on the principal of his debt, which is thus reduced from $800 to $674 ; this may be endorsed on his obligation, and at once reduce his rent $9.

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