The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1870-07-13

Il
the CO. operation of citizens and not
by individual enterprise.
Mr.. Henning said he could only
speak of the great want. and great
damage to the city by reason of the
want.
This was an opportunity the city
had never before had offered. and the
citizens would stand in their own
light if they did not assist the enter
prise.
Mr.. Chandler said the want of a
hotel was a disgrace, aud would now
be more SO, since we were about to
have United States Courts here. This
was the only feasible, practical prop
osftion that had ever been submitted
to the people, but he had NO faith
that it would be accepted.
Mr.. II. NJ Sweetser thought there
certainly ought to be interest enough
felt in the proposition to take the
100000.
/ Capt. +. z. Carson said every man
ought to take interest in the PROPOSE
ton. not only merchants, but every
man that owned foot of ground, and
| those who were interested in carrying
people and goods to aud from Evans
vile. The margin of 100000 will
make the security beyond question,
even if the projectors were not worth
a cent outside of it. which. however,
was not the case.
Mr.. HeRning offered, and Mr..
Sweetzer seconded. the following pro-
position:
'If the hotel company will obligate
themselves to put $60,0 of their
own money $ato the enterprise, $780,
600 of which is to be paid Mr.. Sher-
wood as first payment on the real es-
tate, then it is the opinion of this
meeting that the citizens should sub
scribe 100000 to the enterprise. to
be regarded, however, as a loan from
the citizens, provided the said hotel
company can give the subscribers a
reasonable time in which to pay
said subscription - say twenty per
cent. to be paid November LIST, 1870;
twenty per cent. February Ist, 1871
twenty per cent. May 1st. 1871; TWEEN
| ty per cent. August 1st, 1871. and
twenty per cent. November LIST, 1871,
at which time the hotel should be
about completed; then the hotel
company shall execute their notes
at ten. years to the subscribers,
(say November LIST. 1879 for the full
amount of stock subscribed and paid
by each, and secure the same by mort
gage on said hotel, both real and per
sonal. Said notes to be free from in
terest four years from date; the next
three years to bear two per cent. in
terest per annum, and the next four
years to bear six per cent. interest.
Captain Carson doubted whether
so much money would be subscribed.
at so low a rate of interest as that ap-
peared. OF course, only a nominal
rate could be expected, but he sug
gested three years without interest,
two years at three per cent, and five
years at six per cent. For himself,
he would be willing to accept Mr..
Henning's proposition so far as his
contribution wonld go, but he feared
that the low rate might deter others.
IF the greater rate was offered, men of
means would subscribe more freely.
He moved that rate as a substitute.
Capt. Lemcke said that Mr.. Hen
ning's proposition was all that the
projectors thought they could do con-
corning interest.
Their undertaking was one that In
volved risk that they did not ask
the citizens to assume, and this risk
was something for them to guard
against. The rate of interest proposed
was 3 and 6 10 per cent. for the whole
loan. To this they would have to add
taxes and assurances as the necessary
expense of the undertaking, to come
out of the rents they would derive.
The projectors did not know that
they could live up to that rate, and
the difference proposed was only one
per cent. on the whole loan. This
would be little difference to the sub
scribers, but considerable to those
who assumed the risk, especially IS it
was not to be considered as an invest
ment on the part of the subscribers
but a donation. They did not ask
the subscribers to take stock and as
sumo risks; they were 80 receive their
money again in ten years. To some,
it may be life investment, but in any
event one per cent. difference should
not prevent those interested from
subscribing.
Mr.. Henning said that the differ
ence on each thousand dollars would
be about sixty dollars fer the ten
years, and this should not prevent
any one from subscribing.
After good deal of discussion, the
proposition was finally amended to
read:
Without interest for Eve years
go aN- Ae--- rmMnw Ahr i.at e~aE.8