1893 - State Library Information Center

1450 STATISTICS OF LABOR AND INDUSTKIES.national associations, most of which, in my opinion, are worsethan the private concerns, being organized mainly to secure comfortablesalaries for the organizers and managers at the expenseofothers and without risking any money of their own. Withsuch organizations this League has nothing to do but to aid in.their suppression.Our associations are organised for two purposes; First, tohelp the investor to help himself by saving Bmall sums until theyamount to a respectable amount; and, second, to help the borrowerto get that home of his own which he probably wouldnever get in any other way* These two parties coming together,,having a mutual interest, agree to help each other, and I holdthat these interests should continue to be mutual while the connectionof interest in the association lasts.The investor, who can withdraw at almost any time, is entitledto as much safety in the loaning of the funds as the ability of thedirectors can secure for him, and to a fair interest for his money.The borrpwer, who pays all the expenses and all the profit, is entitledto as liberal consideration as it is possible to give himcoupled with absolute security and a fair profit on the moneyloaned him. If the borrower is compelled by the plan of theassociation to pay too high a rate or to carry too heavy a monthlypayment—a payment that must be met at all times, in dull tradeor in good, in work or out of it, in sickness or other disaster—theassociation ie not doing a safe business, though for the time itmay appear to be doing a profitable one, and it certainly is notdoing a mutual business.Who are your borrowers at high premiums? Certainly notthe clear-headed, careful, calculating man, who counts the coatand readily determines that the venture m not worth the cost, orwho gets his money outside the association, though he quietlyremains as an investor. If all did that (m so immy are doing),where would be the life and profit in your association ?The larger number of your borrowers who agree to pay highpremiums are just those people who cannot help themselves unaided,who frequently cannot couut the cost, but, buoyed up bywhat they hear and their own honest purpose, hope that it willbe all right. If they keep their health and get their income orwages steadily, they will probably pull through; but I have .