The New York herald., 1876-12-04
AFTER THE CENTENNIAL.
Is the Government Entitled to Receive
Back Its Appropriation?
THE CONSEQUENCES OF SPRINCER'S BLUNDER
Ninety Per Cent Return to the Stockholders
if the Government is Out-0nly
Twenty-Five Per Cent if Not.

PHILADELPHIA, Dec g. 1876.
Some weeks ago the Philadelphia correspondent Of
the HERALD showed that according to the statements
of the Centennial Board OF Finance the total receipts
OF the great Exhibition have been found be about
$50 oo0 and that after the expenses paid II tho
government appropriation of ST. SOC, 600 is be
returned the stockholders will receive back from
eighty TO ninety per cent Of their money but that IL
the government subsidy Is TO be returned first in full,
the proportion to 60 to the holders OF stock will be
about twenty five per cent OF their Investments How
cver before any dividends have been declared at ALL
THE GREAT QUESTION
TO be decided Is, sis the government entitled TO
ceve back the appropriation? II the Intention
Of Mr.. Springer the member Of the House who moved
the ambiguous amendment that the government
should back all OF its Appropriation before any
percentage whatever was paid 10 the stockholders
But Mr.. Springer made bunder in his phrascology,
which first called to public attention in tho Phia-
delphia correspondence Of the HERALD that the
bill reads IL would permit the repayment to the
stockholders OF tho whole Of their Investments before
anything would revert to the government, according
to tho Interpretation Of the best lawyers
AMcARLE PROPOSED.
As soon the expenses OF closing the exhibition
are over therefore the question will have TO be an
swered, ITO whom shall the money be paid 80 Tho
Centennial Board OF Finance regard themselves as
trustees, and Will not pay any money until they
OF being sustained by the courts. No measures
have yet been taken have this question Of the proper
Interpretation OF the law decided, but from inquiries
nave am satisfied that 1t is likely to be by an
amcablc suit brought by one OF the prominent Con.
tcnnal stockholders living this city. This proceed
Ing is likely to begin very soon, have settle
ment arrived at by the Supreme Court as soon as
possible
In tho meantime, the HERALD correspondent has lust
had conversation with Mr. Thomas Cochrane, vicc
president Of the Board OF Finance for the purpose Of
learning officially how the Finance Board view the
matter. Mr.. John Welsh the president OF the Board
present at this time and concurred in what his
colleague said.
ill WHAT THK BOARD WILL DO.
In answer to tho questions OF the correspondent Mr..
Cochrane said that he sorry sec that certain
newspapers have stated that It is the duty the Board
to repay to tho government, Immediately and without
question, the entire appropriation OF 81, 500 0OO He
continued
The Board Of Finance will do nothing in this that
mon to the obEsSns Of the trust imposed upon them
for yearlong weary yeasin,rustod the uphoding
are daily heard upon the msrveilous
e o as the "nos % S as %
suspicion q an improper motive IN advance
little premature As member OF the Beard OF Finance
we %
ment 50 confident am that the course which would 20
pursue
ton At the time Of the Of the last session Of the
Congress tho Centennial Exhibition an
s s. an.
%
required 80 enable us 70 pay each and upon
due and thus permit US 70 onter the opening the
could have been raised from other than that
Of the government thoagh j. wond have necessitated
the application for pecnnary assistance from the
voyed directly the success the Exhibition in its inerna
''''' why GOVERNMENT SUPPORT WAS ASKED
Foreign nations constituted as they are could not
festival Of the anniversary OF the
birth Of % nsn the under whose
slightest pecuniary aid They asked participate
their declined 10 contribute dollar underfak
ing The reason was incxplicasle though they could
es whose Keeping the Exhibition had been placed and
would 10 liable seirure or the debts Of corpo
To meet this difficulty and re remove these apprehension;
ost4n !, upon amos, any conditions Governor
ns1S IN 81 tho to ssw
e be Congress- nnp.opra.lns 8 sis o.
ton without return After consultations with embers o"
hazard nothing as the effect abroad o rejectin Of our
application that stage Of the enterprise would have
disastrous In and rather than suffer such
adscouagement would have preferred to uce
COMMITTEES Of tue House Of Representatives we rsiramed
it. provide that tho should bs divided pro
Ne did this in the belief that reuting the
praon that the volume of anticipated receipts might
swaed TO such an amount 70 be than sufficient
and that speculative profits would follow Such an argn
favorable the bin il hs form il which ]. hrst
the wisdom Of the chsnge and 50 reported it. The
days remember wthou. objection to is form
until in the closing hours Of day which had witnessed an
reached, member from Illinois, Mr. Springer. ard
the soyernmsnt substituting therefor that no avasad
until the COVER. msn shall have been first repaid
srRiScERs BLrSDkn
The language Of the amendment read by the clerk
heard In the hu, the stated
10 OF se nS hss o h1
dangers Of delay desired TO reach Vote on the
bin that day, and, therefore. suffered tho amend
subsequent reading Of the nmenamen. gave Is no
saed mention Thsr" cam cs no po to the soe
holders until they have been reimbursed in their outlay
PAID ihs sale 5000 for which purchaser
justify computation OF profits" on the part OF the person
However the bill passed the House was sent the
and referred 20 the Committee appropriations OF
that body. whom the matter explained. That
mittec by their declarations opposed TO having the
government preferred creditor; out, after careful
reading OF the amendment IL their judgment that,
under IL passed the House the United states coud
paid after the stockholders had been reimbursed
invested them They ntly reported
the bill 10 the senate without amendment IN the debate
bill In the took the ground
distinctly that This in preference
IN the Of the government deferred
lie took the further position that the could
make itself preferred creditor without the Of the
stockholders given ut meeting called tor the purpose
without the formal acceptance them Of the terms OF the
bill
cdcd not only IN the legal view thus expressed but In the
assertion their wishes that fact should be
IL thus understood senator Eaton. of Connecticut
who opposed to the appropriation. offered
making ths government prseTed in payment and the
motion being II received bnt affirmative
Under the declsrai made the senate the
bin passed and received the sanction of the President
SHALL raE GovERSNkSr PEKFrRKED.
Now what have to this that the Board of Finance
are SIMPLY trustees, and ssch. hold money
pending its payment TO the rghttu owner. You will
observe what have said the debates on the