Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1871-04-21
CIRCULAR
OF THE COUNCIL OF G0ODsON,
on THE
JOHNSTON LsHG PURCHASE.
FELLOW CITIZENS

FELLOW CITIZENS
1t is known to you that the con-
ditional offer of the Council of Good
sou to purchase of Joseph Johnston,
of Philadelphia, all his real estate ly-
ing west of the Va. & Tenn, r. r.,
has been accepted The question of
purchase is to be submitted to YOU for
| ratification or rejection on the 9th day
of May proximO. ---..
A statement of the purchase and the
| reasons therefor, are hereby submitted
to your serious and careful considera
| ton:
The terms are S375 per acre, payable
in the Bonds of the Corporation
said bonds to run ten years, with inte-.
rest, at per cent, per annum-paya-
bic semi-annually. The Council re-
| serves the right of redeeming the
bonds either i'm whole, CT in part, at
any time within the ten years. A
| lien is retained OH the land until paid
| for, and the Council agrees to pay over
to Mr.. Johnston or his agent, the pro-
| ceeds of the sales of lots, with the con-
dition that, whenever purchaser has
paid for a lot, Mr. Johnston is to join
the Corporation in giving him a deed
| in fee-simple. The land is to be meas
ured as it lies and as it was originally
sold and bought; except that the streets
already laid off, and those lying in
front of lots already sold, are not to be
included in the measurement.
1t is well known that this land was
originally bought for purposes Of
speculation and that it has been held
at prices so high, per single lots, As to
be almost a positive prohibition of
their sale The effect has been to
drive away purchasers to retaId the
growth of the town in wealth and
population and so we have presented
to us at this day, the anomalous spec
tacle OF large body of land lying in
the heart of a town, and as destitute
of improvement as when it constituted
a portion of the original domain.
TO remove this barrier to the growth
of the town, was prime consideration
with the Council in making an offer
to purchase the entire property. Pre-
viOusly, proposition had been made
to buy under authority granted by
the charter, acertain parcel of ground
TO be held for public uses and build
ings. This was ascertained to be en-
tirely impracticable, owing to the
price asked, $1,000 per acre. and to the
fact that the only means Of paying for
the land was by direct tdCdtiOT1- We
felt that our people were already over
burdened with taxation. and we were
not willing to propose to them any
measure that would necessitate the
imposition OF additional taxation 1t
was, therefore, apparent that the feasi-
bility of buying a part of the land at
anything like reasonable price and
on reasonable terms, was put out OF
the question. In the spoHlence
with Mr.. Johnston, he intimated a dis
position to sell the whole, and at u
price that should be deemed reasona-
ble and satisfactory.
The negotiations that ensued result
cd i'm efiecting a purchase on the terms
above stated. If the property Il worth
| buying at all. none can object TO the
price and the. terms. They are be-
lieved TO he just and reasonable to both
parties. With the Council, the great
| consideration was TO make the pur-
chase on such terms as would make II
safe and self-ststdiRing. In this res
peet, they think they have obtained
all that could be desired, both in the
| price to be paid and in the terms Of
payment. They are fully persuaded,
that in less than ten years, tho land
will pay for itself principal, interest,
and all other 8eXpenses--w without the
necessity OF imposing any additional
taxation for this purpose -The pres
ent progress Of growth of our town
al d the prospect OF growth still
more rapid, Justify the beliefthat the
land will always be good for the NOM
ey. Viewed. therefore, simply n an
Investment and apart from any l...eri-