simply as the ordinary mechanic. And it is noteworthy that this rapidly extending system of coöperative credit-banks has been established in Canada wholely without government aid, Desjardins having given his services free, and his travelling expenses having been paid by those seeking his assistance.
In 1909, Massachusetts, under Desjardin’s guidance, enacted a law for the incorporation of credit-unions. The first union established in Springfield, in 1910, was named after Herbert Myrick—a strong advocate of coöperative finance. Since then 25 other unions have been formed; and the names of the unions and of their officers disclose that 11 are Jewish, 8 French-Canadian, and 2 Italian—a strong indication that the immigrant is not unprepared for financial democracy. There is reason to believe that these people’s banks will spread rapidly in the United States and that they will succeed. For the coöperative building and loan associations, managed by wage-earners and salary-earners, who joined together for systematic saving and ownership of houses—have prospered in many states. In Massachusetts, where they have existed for 35 years, their success has been notable—the number, in 1912, being 162, and their aggregate assets nearly $75,000,000.