Triumphs and Wonders of the 19th Century: The True Mirror of a Phenomenal Era / A volume of original, entertaining and instructive historic and descriptive writings, showing the many and marvellous achievements which distinguish an hundred years of material, intellectual, social and moral progress

by James P. Boyd

There has been scarcely a great mind in the country that has not moved the lips to say some good word for the building society cause. Henry Ward Beecher in a sermon said,—

“I think that a young man who places before himself not a speculation, not a fortune, but some object that he means to achieve, who selects a particular piece of property that he would like to own, and aims steadily at acquiring it and works diligently for it, and saves for it, will be almost sure to succeed. I will say that every young man in a city, either through the instrumentality of a building association when there is one, or independently, when such an association does not exist, and when at last, having toiled and waited patiently, the debt is paid and the piece of property is earned, is a great deal richer than the assessor knows him to be. The assessor goes around and puts a valuation upon his property for the purpose of taxing it. But, ah, those habits of industry and self-control; those wise measurings, which we call economy,—all these the man has gained over and above the property. He has saved himself from a thousand temptations. He has protected himself against remorseless vices, which would have gnawed out his marrow. And though you call it merely amassing property, it may be amassing manhood. It is one step on the upward way.”

State officials who closely examine the workings of these societies never seem to tire in their praise. Superintendent Kilburn, of New York, in his last annual report, refers to the conservative and honestly managed building association as follows:—

“During the past year associations of this class alone have returned to withdrawing members dues and profits amounting to $8,014,039. During the same period no less than fifty-seven associations were engaged in the payment of matured shares, and $829,752 were paid to members who had faithfully continued payments through a series of years, and at last saw their confidence justified. But these sums are of small consequence when we consider the comfortable homes that have been erected, and the families that have been permanently and comfortably housed through the facilities for frugality and thrift, for self-denial and saving afforded by them. My attention was recently called to a village of the State in which it was said that nearly one-third of the houses had been erected through the agency of a small local association.

“Nor is this an exceptional case, unless the element of proportion be taken into consideration. In nearly all the cities of the State, and in many of the large villages, there are associations that are models of their kind, and are worthy of the admiration and support of every good citizen.

“Their educational influence, too, can hardly be over estimated. The workingman who joins such an association takes part in the administration of its affairs and learns his first lesson in finance from those of larger experience, and, who perhaps, touches elbow with the lawyer, the merchant, and the minister as they discuss the safety of an investment, or proper amendment to the articles of association, and will not lend a ready ear to teachers of socialism, of class hatred, or of financial heresies.”

As shown elsewhere, the members of the New York societies have over $37,000,000 invested. The Building Association League of Pennsylvania, an organization of twenty-six years’ standing, composed of the most active associations in the State, some years ago proclaimed a “Declaration of Principles,” from which we quote:—

“The local building societies of the State of Pennsylvania are true coöperative organizations, transacting no business with the public, and not amenable to laws affecting financial institutions that have dealings with the public. They encourage thrift among the wage-workers, help to create taxable property in its best form—real estate, educate their members in business methods and teach them both how to save and how to invest money.

“By this service they have created a state police of tens of thousands of home owners, more efficient for the protection of life and property than a standing army.

“They have lessened the cost for the maintenance of alms-houses, prisons, and asylums, by teaching men and women to be self-helpful and self-reliant, and in that way have benefited the State to an amount far exceeding any sum that could be gathered by taxation.