The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1866-11-10
what may be Done.

|
The enlargement Of the manufac-
turing interest is the one thing needed
| to insure the rapid growth and perma
nent prosperity Of our city. ,,ad.,
While we should neglect no legiti-
mate means Of increasing our trade,
and cheerfully second every we'll con-
sidered enterprise calculated to foster
the mercantile interest, we ought not
to lose sight Of the fact that the adj
vantage derived from manufactures
are of universal application, while
the profits resulting from trade are
confined to q comparatively limited
class. OF every dollar received in this
city for merchandise, probably eighty
to ninety per cent. goes to Eastern
manufacturers and merchants, while
every dollar paid to our manufac-
turers is expended here at home.
These reflections are suggested by
the action of an Eastern city, az stated
in n Boston exchange:
The City Council of Augusta, Maine, at q
special meeting, have ratified tbs. doings
OF the cltizene' meeting, already repOxted
In the Bulletin. The action Of the city Is TO
the following effect:
lst-To pay Sl05, 600 towards the purchase
of the real estate needed by the Messrs.
! sprague for the proper development OF the
water power.
2nd-To tax such property as the Messrs.
| Sprague should purchase at its present
valuation, for two years from MARCH, lst,
1867.
sd-Not 10 impose any4tax on improve
! ments TO the amount of 100000 or over,
that the Messrs. Spragues should make, for
ten years from the date of each improve
ment-all such exemptions to cease Janu-
airy list, 1881.
4th--To make such changes In the streets
as shall be needed by the Messrs. Sprague.
5th-To pay the expense OF surveys,
If through any failure of the city to fulfil
its part of the bargain, the purchase should
not be made.
The Mayor of the city is ordered to petit
ton the Legislature, mt its next session, for
power TO raise 100000 by city loan, and
also, for authority to exempt the property
of the Messrs. Sprague from taxation as
specified.
Four gentlemen were appointed to nego-
tlate on the part OF the city, with the own
ers of real estate, desired by Messrs,
Sprague.
The property of the Augusta Water
Power Company bconsists 6fIaodGm
across the Kennebec River, small
cotton factory, several saw mills and
furniture manufactures, and about
fifty acres of land, worth, all ftold,
about $730,O00. Aoois isod hne isog4ai I
1t has paid profit of about $64, 600
q year for several years past.
The SPRAaUE's are to invest, for
land and water power, the sum Of
$500, 900, and the city is to give them
5000, 900.
The question naturally suggested is,
what does the city make by this oper-
ation2 How are the citizens of Au-.
gusta to be compensated for the as
sumption of such debit, The an
swer is this: iie@ HoL
The Messrs. Sprague will erect next year.
hve cotton mills, of 10000 spindles each,
ON the west side of the river, giving en-
pioyment, directly and indirectly, TO $4,000
people. Dwellings for tine operatives and.
their families will be built on the east side
| OF the river.
There is the solutionl
The population Of little city of
not more than thirteen thousand in
habitants, will be more than doubled
at oncel 1t isa heavy tax upon the
people, but is, beyond a doubt. the
shrewdest business transaction and
the best investment they have ever
made; and we are informed that the
enhanced value of real estate in An.
gusta, since the arrangements were
practically completed, already exceeds
the total proposed expenditure.
Water power is by no means an in
dispensable prerequisite to the sue
cess of cotton manufacturing. Many