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Chap. XVI. App. No. 10.
On Benefit Societies.
The advantages resulting from Benefit Societies need not bedwelt upon, being so generally admitted. Their tendency to pro-mote good conduct among the lower orders of society, whilstthey encourage at the same time that independency of spirit, sodesirable in a free country, and so favourable to virtuous habits,can hardly be questioned ; and the prospect they hold forth ofdiminishing the heavy burden of the poor-rates in England, andpreventing any risk of their establishment in Scotland , are ob-jects, in a national point of view, of infinite moment. If Bene-fit Societies could likewise be rendered serviceable in maintainingthe public credit of the country, the advantages to be derivedfrom such institutions would be incalculable. The outlines of aplan for that purpose, it may be proper briefly to explain.
All plans hitherto adopted for the extensive establishment ofBenefit Societies, have been too often unsuccessful, on the fol-lowing accounts.
1. The money paid has been often embezzled, which checksmuch a spirit for entering into such institutions. 2. The moneyis not accumulated with the rapidity which it ought to be; and,3. The plans of such institutions have often been founded on er-roneous principles.
1. In order to remedy the first objection, the money, as soonas paid by the contributors, ought instantly to be remitted to
j London , and invested in the Funds.- Through the medium of1 the Excise-office in Edinburgh , in conjunction with the collectors| in the country, there is no difficulty in receiving at, or remitting■ to, London , such trifling sums as a few shillings paid on accountof soldiers or sailors, or their wives and families. Through thesame channel, the funds of the Benefit Societies might be remit-ted, and any sums transmitted back again when necessary,j For managing these concerns in London , an office may be ne-cessary, to invest the money in the Funds, and to correspondwith the Excise establishments in the country, regarding boththe funds of the Societies remitted, and the payments required,whose correspondence would, of course, be dutyfree, being a pub-lic establishment.
2. It is evident, that by following this plan, the funds of theSocieties might be accumulated at compound interest, half yearly,which is but rarely done at present, at least in country districts:and which would enable them much better than otherwise would
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