Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1872-02-03
1SDUsGREA1 EXPOSITION.
The Approaching ExhibitiOn-HOw
the Money is to be Raised.

The Approaching ExhibitiOn-HOw
the Money is TO be Raised.
The Board of Managers of the Tennessee
Industrial Exposition met at Z O'Clock last
night with President Parsons in the chair.
The minutes Of the last meeting were read
and adopted.
REPORT OF COMMITTEES.
Mr.. French in behalf of the Building
Committee stated that the committee had
obtained sketch of the elevations of the
plan of proposed addition, and asked that
the verbal report be adopted. The report
was adopted.
The Finance Committee reported as fol-
lows:
Your Finance Committee respectfully
submit: That, in our judgment, the better
plan to raise the funds needed for our pur-
poses would be to adopt the note system as
it may be termed, (of course accepting such
cash subscriptions as may be tendered,)
to procure such notes as can be obtained
from corporations, firms and individuals in
lieu of cash, such cash notes to be used as
collateral in bank, and only such prorata
amount as may be deficient at the winding
up Of our Exposition, to be paid by the
signers Of the notes. As the plan has been
tried with such success in Gin
cinnati and Louisville, and meets
the appreciation of our leading banks,
who propose to loan us such an amount of
money as may be required upon the notes,
we are unanimously of the opinion that an
amount sufficiently large to pay all such
notes and cash subscription will be realized
from the sale of tickets, entry-fees and sale
of building fixtures, and also to pay all sub
scribers to the former Exposition as are yet
unpaid. We, therefore, ask the consent OF
the Board, by resolution, to the plan as pro-
posed, and that the Finance Committee be
empowered to carry out the details, as they
may find most expedient, in fu-thering the
enterprise, subject always to the will of the
Board; which is respectfully submitted.
M. KEAN, Chairman.
The report was accepted, whereupon the
following resolution was adopted.
Resolved, that the Finance Committee be
hereby authorized to raise by subscription
in cash and notes, an amount sufficient to
enable the managers to add to their present
buildings room to accommodate a much
larger number of contributions than here
| tofore, and in order to raise money in sub
scription notes they be authorized to pledge
the same with the banks as collateral secur-
ity for any money now advanced by them.
| And as additional security thereto, be au-
| thorized to pledge the net receipts, from the
| sale of tickets and from exhibitors; and al
so the proceeds from the sale of the build
ings and fixtures which shall be sold for
cash as soon after the close
of the exposition as practicable,
and after paying current expenses
that all the cash in the hands of the Treasu-
rer be applied to liquidate the obligations in
bank, and thereby release the notes held as
collateral. In the event that the receipts
be not sufficient to pay all debts against the
| Exposition, then an assessment shall be
made pro rata on subscription notes to meet
any deficit. The subscription notes are
then to be returned to the parties who made
them.
EEw BUSINESS.
Mr.. Howell moved that the Building
| Committee be instructed to cause to be pre-
pared specifications for the erection of a
building upon the ground plan exhibited by
/ the committee as an extension of the
| present building upon the same design, and
| also upon the same e,egatlon submitted by
the committee, On motion, the above was
adopted.
Mr.. Rich was appointed to supply the
vacancy caused by the resignation of Mr..
Campbell on the Building Committee.
Mr.. Weakley moved that from the first
money raised the Finance Committee pay
off the old subscribers so as to have the EX-
position Building released. Carried.
Mr.. Parsons suggested that the Finance
Committee be instructed to have published
the method adopted for obtaining subscrip-
tons.
Mr.. French stated that the plan was in
the hands of the reporter and would be
published in the papers.
Mr.. Parsons thought it could not be too
well known, and in addition to its appear
ing in the papers, it would be well for the
committee to print a CIRCULAR with their
names signed to it, showing the plan Of
raising funds.
Here the Board adjourned to meet next
Friday night.