Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1879-06-10
THE METHODIST
Publishing House at Nashville the Sub
ject of Consideration at a Meeting
Held Last Night at the First
Methodist Church, at which
the Renowned
Rev. j. B. M'Ferrin Made a Speech, in
which he Gave an Account of the
Past and Present of the Con.
Germ, and Made an Earnest
Appeal for Help.

Germ, and Made an Earnest
Appeal for Help.
The meeting of Methodlsts last night, at
the First Methodist church, to hear DIR.
M Ferrln's report on the condition of the
Methodist publlshing-house, and the plan
formed for the relief of that institution, was
opened by singing 4 Charge TO Keep, which
was sung without organ accompaniment.
DIR. Harris, of the Central Methodist church,
then offered prayer.
DR.. M Ferrin requested Rev. DIR. johnson
to read the committees report, which was as
follows:
The book committee of the Methodist Episcopal
church, South, at their entrance into Office found
the indebtedne of the pubshinghous to be three
hundred thousand dollars. of which eighteen thou
ground, and secured BY the vendors lien, one nun
dred thousand dollars Is in ten per cent bonds,
cured by mortgage on the entire properly of The
house, and the remaining one hundred and eighty
two thousand dollars is mainly floating debt with
no security whatsoever. We undertook TO pay as it
accrued the Interest the ten per cent bonds and
appealed to all other creditors to withhold all de-
mands for payment until July 1, 1879, so as to
afford time 10 test by actual experiment the bust
ness capabilities of the house under cur manage
ment, and upon this ascertained basis to project,
and endeavor 10 execute. plans for its relief AT the
end OF eleven months, We are enabled to make the
following statement or facts:
FTrSt-The house, under the present management,
has paid all It's current expenses up to May lst-has
paid the ten thousand five hundred dollars of inter-
esI accIung on the first mortgage bonds; has a few
thousand dollars I'm hand, an increased stock In
trade, and a constantly growing business; SO that
the com mttee is convinced OF its ability to pay four
per cent on its entire inde btedness meet all current
ual reduction OF Its debt.
Sec0na-There have been procured satisfactory
subscriptions to four per cent bonds OF the house
the amount OF two hundred and tveRty-one thousand
dollars, on the condition that they be Issued
IN dQd for IN cuH-
valid. eOON -NN
Hence there now remain to be subscribed To these
bonds SeVenty-ntne thou and dollars necessary to
bind the two hundred and twenty-one thousand dol
lars or subscriptions already made, and to provide
for the entire three hundred thousand dollars with
the near approach OF July 1st the limit of the IN
dulgence ASKED by u.s. and promised By creditors.
failure OF this scheme we would regard an end of
all hope to relieve the embarrassments Of the
house-a disaster remediless, and too ruinous to
contem plate; and failure to complete the sub
scrlption within tue time granted by our creditors
would lessen public confidence damage our credit,
and be hazardous to tue entire scheme All who
feel any concern for the honor and future Of our
chutcn or Interest IN It's great publishing enterprise
must see the urgency OF its present demands, and
the vast importanee Of prompt and liberal subscrIp
are grateful for their ability to make this showing
they rejoice with trembling" and between hope
friends to ibis urgent and nnal appeal for imme-
Publishing House of the Methodist Episcopal Church,
South, Nashville, Tenn, May II. 1879.
ACTION OF THE COLLEGE OF BISHOPS ON
THE PLAN OF RELIEF.
We have been invited to attend the late session of
the book committee, and have heard carefully pre-.
business Of the publshIng-house for the year past
1t gives US great satisfaction to say that the manage
sanguine expectations. We recommend the MEM
bers OF our communion and Its friends to meet the
book agent in the spirit OF prompt hberaity, and,
close up, by the first OF July, what remains to
pets the subscription required to set the house free
from all Its em0arraSSments.
By order and in behalf of the college Of bishops
IA true extract1rom the journal
H N M'TYEIRE. Secretary.
NASHVILLE, TENN, May 10, 1879.
DR.. Nj 'Ferrin then alluded to the two in
terests of the church-spiritual and material.
The spiritual referred to the people, religion
and their God, the material to the churches,
furniture and other property. The revenue
of the publishing house was derived from its
publications, the principal of which was the
Christian AdUocGte, a nicely printed, ably
edited paper, the circulation of which had
nearly doubled in the past year, its circula-
ton was between thirteen and fourteen thou
sand, but he wanted it increased to thirty
thousand, and he thought the Methodist
church south, with a membership of eight
hundred thousand, ought to take thirty thou
sand copies of their leading paper. There
were many good Methodist papers, the VEN
cradle minister said, that deserved patronage,
one of them was published In Memphis
These were all good christian reading; but he
wanted the people to subscribe for the AdrO.
cate, for with list of thirty thousand SUBJ
scribers the pubiishing-house could pay the
interest on its bonds. The pub
fishing house also publishes the SUI DAT
School Magazine, which Dr.. Vincent. of
Indiana, had recently declared the best Sun
day school magazine in the county; also, the
Stnday-SchOOl YiSitOr, Our Little People
and NeI0 Life, a musical publication. A diff
ference of opinion had existed on the subject
of the MethodIsts owning their printing es-
Enlistment; some thought it best to have
the work done by contract, but the conference
had decided In favor OF owning the publish
ing-house, and it ought to be extricated from
financial embarrassments. The house was
started in 1854 and was conducted success
fully till the war broke out; then it was
greatly damaged. He and others had asked
the government to pay something for the
losses susta ned at its hands; some believed
the claim wouid be paid, and others thought
it would not. After the war fire destroyed
the house, and a new and magnificent struc-
ture took It's place. Then a great
shrinkage in all values occurred, and
a debt of one hundred thousand dollars
(bonds) was drawing ten Ter cent. interest,
and debts commenced accommodating, and
continued till debt of three hundred thou
sand dollars had been made. He did not
find fault with his predecessor in the man
agement, but the committee found that the
publlshing-house owed everybody, from the
bishop to the printers devil-sll sorts of
debts, from one dollar and fifty cents to one
hundred thousand dollars. The committee
took twenty days in investigating affairs aud
arranging plan of relief. To have sold the
property would have been ruinous, as il
would not bring enough to pay out, and
large debt would have remained, to be paid
by constant begging and contributions. 1t
had been decided to consolidate the debt,
kkn -
three hundred thousand dollars in bonds
bearing four per cent. The committee in
charge was composed of some of the best
business men In the country, and had
few preachers thrown in to give 1T
ecclesiastical dignity. He had been !
placed in charge of the business greatly |
against MS wishes; but they said he must |
take charge, put business manager In to |
look after the internal affairs, so that he could
go abroad and secure subscriptions. The |
first Saturday night after ne went to work all |
the hands had been paid in full, and this had |
been continued every week since. Ten thou |
sand dollars OF interest on bonds, lot of |
back taxes and insurance had been paid, and |
there was more stock on hand than a year |
ago. The enterprise could easily be made to |
pay the twelve thousand dollars of annual |
interest on the consolidated bonds. About two |
had already been subscribed, and he hoped |
the balance could be taken before the first |
day of July. He wanted the Methodists of
Memphis to help him in his great work. If
they got only four per cent. when six per
cent. could be had by some other investment,
they might afford to contribute two dollars
on the hundred for the benefit of a great
enterprise that had the sympathy of all the
He had given one thousand
dollars, was taking one thousand dollars in
bonds, and his wife and son had also SUBJ
scribed. Many of the creditors had agreed to /
take bonds for their debts. Memphis had
not been visited sooner on account of her
misfertunes and SORROWS; but now that he
beheld signs of recuperation and prosperity,
he wanted her people to do their share. After
ffty-three years of earnest work for the
church, he did not want the great work of his
life to be failure. If it should be, he would
never ask for another cent for the church; he
nod baaD for TO- ~ - |