The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1878-09-12
Ia tIse Creditors ard Friends
Of ffse PubsisEiiRS EEriisc of
the Methodist Espfsc0peE
Church. @os3fh.

Book Committee to The Methodists of
( The South IN behalf Of the Publishing
1 House ut Nashville It seems to US
thai every man who Las little spare
money ought to take advantage Of
this chance to invest it. 1t win be
safe, and viii help to do Il great
amount Of good. We hope to hear Of
liberal ard prompt subscriptions to
this great and good enterprise.
AT a meeting of the Book Commit
tee, Aug. Is, 1878, the following pre-
amble and resolutions were adopted,
viz:
Whereas, we have ascertained that
the Indebtedness Of the Methodist
Publishing House is about $500, 600;
and whereas, from the experience we
have had in operating the house, we
ere satisfied that the House Is self
sustaining, and that we can, by she
application of stiict business principles,
make a profit annually-the amount
we are not prepared to state; and
whereas. we are satisfied that we can
not paw the interest on this debt at lis
. present rate, and pay any part Of the
'I;na,pal with or ont If the nrsss-f
business Of the House, but do believe
that we coold meet the interest on the
above smornt fixed Of four ,er cent
ner aDnpm IN addition ~ the annual
EXPENSES Of the House. and whereas
we have reouested the craditors Of +ha
Horse fa~po-4none thc;r Gabt far y
neriod Of fiwalte months fro,o the FIRST
II July 1878 ard we have respon.as
from 50 many nc IN leave no raasona
III, do,,bt a= e tho action of The ~.
n.afnder Of the creditors. and ,rbarea.
we DO not believe that we shall be
able at the maturiry oe this nansr 10
nav one dollar IF he ,,ripcinal ~ -a:J
indebtedness but shall be driven 10
the necessity when it fails due. of
asl,;noanotber extension. and 50 at the
end IF the newt twelve months l. in,
deed we should be 50 fortrnato rs 70
secure another extension. and 50 on
indefinitely. until the pat;epce Of orr
creditors sLaJI have become exhausted
hv "a succession OF broken promises.
and whereas. we.beiieyS that the Inc,
vilalIe result OF this policy wifi be
certain ruin and bankruptcy. if Der
sisted in, in which event We believe
that the property of the establishment
viii be sacrificed, to the injury of the
House and creditors; and whereas. we
believe that If this debt IS to be paid
by the Publishing House, it can only
be done by degrees, at the end of ma
ny years of successful operation; and
in order to this we are satisfied of tie
necessity of extending the debt for Il
term of years, at low rate of interest;
and whereas, we believe that the pres
ent Property. and all that the Pubs
fishing House may acquire in the flu
ture, Should be pledged to the security
of all the creditors Of the House,
equally and alike, which they would
not nave if we should now close: there
fore. be it
Resolred, That, in the opinion Of
this committee. the only practicable
method Of dealing with this vast in>
dea!odness is to issue coupon bonds of
the denominations as follows: $50,
500, S5OU, $1,000. bearing interest
at the rate Of four-per cent. per an
mum. PAYABLE at Nashville, Tenn, on
the first DAYS of January and July Of
each succeeding wear; the principal
of the bonds TO be payabIe as follows:
3a-4Os. and to be secured by a mort
gage to be executed on all Of the props
erty of the Publishing Houie. both
real and personal and the House and I
nroaerty kent insured by the agent, /
for is value in two or more coed in, |
surapce companies. for the benefit in
ca,c of its destruction b.. fire. Of the /
holders Of tbesa bonas
Be # further resolved. Tbattte AGENT 1
have printed circulars embodving the /
sense of these resolutions and have /
tl,e anne advertised m the central and /
all the local papers Of the Church in, !
v,ting the friends and creditors of the /
Church and Honse 70 subscribe to this !
loan and that he baye brenared Tor .
hiss. nurDose substitution names /
which he win cause TO be pronerIv dis. /
tributed and circulated. asking friends |
and creditors to subscribe on coudi. |
tiop tbafthe amount subscribed Shall |
in the a~nre@afe reach the sum Of !
$500 600 fhe same to ho dine and /
na,qbie on the frst day Of Nav 1870 /
At which lime tie bond is to be deliv, /
croJ
ANA he # f,,tle, rs.oI,,ed That in
tho oninion of this committee. the /.
AGENT. the said J 3 McFcrIip, should |
Wiz in narson rs many of tho Con> |
f,.rancas soon 70 moot ~ ooss;bIe and |