Clarksville chronicle. (Clarksville, Tenn.) 186?-1872, 1868-06-12
CLARKsyILLE BUILDING AssOCI.
ALTON.

held at the Courthouse last night, to
inaugurate, or rather to resuscitate,
the GAINESVILLE Building and Loan
Association" but as we have to go to
press on Thursday we can only give
the object Of the Association as we
understand it, with some views, or the
skeleton of n plan, which was to be
offered by person who IL somewhat
prominent In the initiative. Our
readers will remember that this Asso-
citation was attempted to be formed
and we believe charter obtained from
the Legislature just previous to the
war, but like many other things was
"rulned by the war;"
The first
OBJECT OF TIE ASSOCIATION
Is to furnish to such citizens as want
cheap but substantial houses, and can
pay sufficient advance to guarantee
the Association against loss-to build
up the city by this means, paying the
loaner or capitalist fair rateof inter-
est, and so reducing rents and furnish
ing tenemcnts, that people in the mid
die and poorer classes of life-the pro-
ducers and preparers--the population
Of true worth to any city or commu-
nifty, shall be induced to remain with
us, and not as has heretofore been the
case, driven from our city by enor-
nous rents, or as is often the case, by
being unable to rent house on any
terms. ..,. OBJ.
The difficulty is not i'm the rent of
such houses as we have being too
great, rs perhaps the rents generally
are not more than fair rate of inter
est on the worth of the house after
adding insurance, taxes and natural
"wear and tear" but the difficulty is
In the houses being of too costly n
style-built under former system of
labor, when the idea of economy and
labor saving was not as prevalent or
asnccessary as ut present. * " .aiG'
The following is the crude idea, that
was TO be suggested as n foundation,
subject of course to conformity with
the decision of the Supreme Court,
(Which has, we believe, since the war
decided the old idea of q Building
and Loan Association unconstitu-
tional I'm so far as il wasusurious,) and
to the general criticism of thcmceting:
The capital stock of the "Clarks-
vile Building Association shall not
be less, or start with less, than sub
scription of twenty-five thousand dol
lars, five hundred shares of fifty
dollars each) and may be increased at
the pleasure of the &C. b. A." only
limited by the charter obtained or to
be obtained of the Legislature.
The officers of the Association to
consist of President, Secretary, four
members of arbitration or general
committee, and Superintendent,
who shall be, cr oDfcio, II member of
TIE committee aIOreSalu.
The President shall be without sal
ary. The Secretary and members of
the arbitration committee, such salary
at the end of the fiscal year as shall
he voted them by the Association, in
consideration of the duties they have
performed. The Superintendent, how
ever shall he paid a certain per diem,
to be agreed upon by the Superinten-
dent and the Association, to he paid
only for such time as he Is actually
employed.
Each and every share shall be due
entire in three years, any per cent
age thereof upon call, rs hereinaf
ter provided, but each shareholder
may elect to pay the full call in cash
or moiety in cash and a moiety In
material.
Thepayment in material shall be al
such times and of such kinds as shall
be convenient to, and answer tn,
needs of, the Superintendent, and the
price of such material shall not b,
above the cash market price if a homo
production, or if foreign, only the for
eign price with freight added.
If shareholder shall at any tim,
have more of material to dispose of
than the call upon his moicty woulC
amount to, and the Superintendent
should be in want of such material
said shareholder may have the privi
lego of either paying in full the ma
tcrial portion of his stock, Of increas
ing his subscription, or both.
Immediately after tile organization
of the &C. Ii. A." by its choice oI
officers and subscription of stock I,
the full amount ~ i'm previous articles
the shareholder who wishes 10 avail
himself of the benefits of the Asso
citation shall make his proposition t
the Association rs follows: He shall
furnish n plot Of the ground with
description of thehousc, by plan, clc
walton and details, with all neccssar
data to enable the Superintendent I
make n clear estimate of the cn;ir
cost with q sworn statement ms 10 hi
ability and readiness To pays ther,
of within the year In monthly q
quarterly payments, and thercupo
the superintendent will report to ia
Association or the committee afor,
said tho per centagc on the whole eos
of the building that saidpaymcnt wi
a,.,,,,,t A.,