Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-05-05

OF the house, Tor the past four years, Of
Sl25,6S4 66.
s'If we turn back eight years and com
pare its present assets with the assets We
| found in 1866, we perceive that the increase
during this period amounts to S226,STl IL.
sit is proper, however, 10 state that for
| S40,002.0l Of this amount We are indebted
| to the liberality of the Church and other
! friends. whose contributions were made for
the purpose of rebuildingthe House. There
have also been paid, since 1870, on debts,
etc, due the House previous TO 1866, two
thousand dollars, but this has been met by
old claims that have been presented and al
lowed by the Book Committee, which had
not been previously recognized.
Il is proper farther TO state that the profits
arising from the busiiless Of the Publishing
House were diminished $4,000 by the fire of
February. 1872. But for this loss, our
profits fer the past four years would have
been this much in addition to what we re-
port, making the whole amount l40,6S4.O6
for the past four years, or S246,oIl.4l Tor
the entire period of our agency.
sour depository in New Orleans has been
conducted during the past four years under
difficulties that would have resulted in fall
ure on the part Of an agent less energetic
and yigilant than the Rev. X ). Harp. The
troubles of the State of Louisiana together
with the financial embarrassInents, which
have not only placed all business IN Jeop-
arGv, but threatened its existence, have not
been without their influence on his success.
"For full information in reference tOthis
depository, beg leave to refer you to the
report of Rev. X. j. Harp.
at will be seen from the above exhibit
that the Publishing House has capital of
S3l4O3T.11 over and above all its liabili-
ties. that it is in debt to the amount Of
s219.540.S1. OF this amount 100000 IS
reported as bond account, this amount of
bonds having been issued to enable us to
carry through the building. These bonds
are redeemable in five years from the time
thew were issued, with the privilege of al
lowing them to run ten years. The inter
est on them is fully provided for IN the
rents of the three stOre-rOOms which belong
IN the House. The remaining debt OF
s11955O. 81, must be met from the debts
now due us, and from the current business
of the House. The importance OF paving
off not only this part of ouTE debt, but
also the bonded debt, at as early a day
as practicable, must be apparent to
avery one. The interest We annu-
aIly nav on our Indebtedness would rapid
" increase our capital, and enable us to
accomplish much good in the cheapening
of onr literature. With careful and eco
nomical management, and with the hearty
co-onerafiOn Ofthe Church, this entire debt
can be Hquidated within the next four
wears. without infringing upon the present
capital. Should this be accomplished, the
GREAT object for which the Publishing
House was originally established may be
fully met. Instead of increasing its cap
ital farther, the profits at present arising
from the business of the Houee ought, In
onr Judgment, to be applied exclusively to
the cheapening and circulation of the liter
sture of the Church. Our present capital,
n entirely free from the liabilities Of the
House. would be fully equal TO this object.
The report concludes as follows:
Affected as we have been by the
financial troubles that have befallen the
country from time to time, we have not
been without serious apprehensions IN
reference to the Perils that surrounded us:
In the erection of our new building we had
necessarily incurred a heavy debt. This
debit was being rapidly decreased. When
tbe failure of Jay Cooke q Co. occurred
last September, bringing down with it the