watch-fund

Updated: May 3, 2025

For example, if one of his boys has been reserving a portion of his spending-money as a watch-fund, and has already half enough for the purchase, the father may offer to lend him the balance and take a mortgage of the watch, to stand until the boy shall have taken it up out of future savings; and he can make out a mortgage-deed expressing in a few and simple words the fact that the watch is pledged to him as security for the sum advanced, and is not to become the absolute property of the boy till the money for which it is pledged is paid.

Jacob Abbott - Gentle Measures in the Management and Training of the Young: Or, the Principles on Which a Firm Parental Authority May Be: Established and Maintained, Without Violence or Anger, and the Right: Development of the Moral and Mental Capacities Be Promoted by Methods: in Harmony with the Structure and the Characteristics of the Juvenile: Mind