Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-02-13
CHAMBER OF COMMERCE..
IN THPORTINT SESSION OF TIE Dr.
RECTORS YESTERDAY.

The Proposed ReOrSanlZaIIon--1Nep oi
the Executive COmmittee-Mr.McCl ung's
Plan-The Board of COntroI-DiscussiOn
on the Court House QuestiOn-SiIver
Coinage.
The board of directors of the st. Paul
chamber of commerce held its regular
meeting yesterday morning.
REORGANIZATION.
The following report was made by the
executive committee in regard to the re-
vision of the bylaws:
There shall be two classes of member
ship of this association, viz: Perpetual
memberships and annual memberships.
Any resident of the city of st. Paul may
become a perpetual member of this as
sociation by subscribing to an agreement
to become such, and paying a membership
fee of one hundred dollars ($10O), where
upon certifcatesof perpetual member
ship shall be issued to him, signed by the
president ard attested by the secretary,
and having the seal of the association at
tached. Perpetual memberships shall be
transferable by assignment or bequest,
with the consent of the association,
but no person can take or hold a per-
petual membership who already has and
holds one, and the certificate of any per-
petual membership transferred shall be
delivered up and cancelled, and a new GER
tifcate of such membership issued, before
the member taking the same shall be vest
ed with the rights and powers of member
ship. The board of directors shall have
power to make assessments upon perpet-
ual memberships, but the aggregate
amount for any one year shall not exceed
ten dollars $50 upon any one such mem
bership, and until the expiration of the
present annual memberships the perpetual
memberships shall possess the same pow
ers and rights as the annual, and no
other.
Any resident of the city of st. Paul may
become an annual member of this associa-
ton by subscribing to an agreement to be-
come such, and paying membership fee
of ten dollars $50, whereupon a certif-
cate of annual membership shall be issued
to him, signed by the president and attest
ed by the secretary, and having the seal of
this association attached.
Annual memberships shall continue in
force upon the payment each year of
the sum of ten dollars ($10) to the secre-
tary of this association, and shall be sub
jeet to no other assessment. Annual mem
berships shall not be transferable.
In case of the dissolution of this associ-
alton, or the surrender of its franchises,
the ownership of all property, whether
real or personal, of any kind whatever,
shall vest in the holders of perpetual mem
bership, and the holders of annual mem
berships shall have no claim on such prop
erty or any part thereof.
PROPOSITION OF MIR. M'CLUNG.
Mr.. McClung stated that he had pre-
pared statement, and kind of plan,
which he regarded as beneficial to the COM
munity, and thought the members of the
chamber might regard it favorably, The
document he said was rather long, but
he thought he could read it in
fifteen minutes by the clock, and he hoped
he would be allowed to read it. The
members having signifed their willing
ness to listen Mr.. McClung read the fol-
lowing statement, which was referred:
To Capt Peter Berkey and others of the
Executive Committee Chamber of Com
merce:
Ia compliance with your request to sub
nit to your committee plan for the
organization of the chamber and the
erection of hall on the basis of stock sub
scriptions and permanent memberships
rs indicated in brief by my resolution
offered in the chamber January-1883- -
said plan to be modelled somewhat after
the fashion and on the principle which has
worked so successfully in this country and
Europe in the loan and bailding associa-
lions, herewith block out the plan in
general terms which have no doubt can
be modified and
GREATLY IMPROVED
before it passes the ordeal of the able and
successful fnanciers who compose YOUR
committee.
l submit the plan of course not as a
complete and perfect one to be adopted by
you without change, but rather as suggest
ing principles and combinations to be
nodded into more perfect forms, and i'm
proved upon and perfected by the com
bined ideas of your whole committee
whose aggregate wisdom will be doubtless
superior to the individual wisdom of anv
single member. The general idea 1 have
Is that we should no longer attempt to SUD-
port the chamber by the annual begging of
IS bills contributed on the bases of pa
triotism or charity, and that patriotism and
charity will not do to bank on. We must
have
A PAYING STOCK.
First-Four hundred membership at
$12 per year to hold for ten
years. TO be made as obligatory
as if they were stock subscrip
lions, and payable monthly, annually OF
all IN advance with discount. This mem
5ership fee to entitle the members to
share in the ownership of the real estate
and the building to DO erected.
Second-The issue of 100000 of bonds
IN sums OF 500; $500 and $1,000 bearing
per cent. interest, payable in thirty
years with the option to pay after five
years.
Third-The purchase of first class busi.
ness lot worth $4,000, in a locality
where it will rent well, and the erection Of
q hall with stores, offices, etc., to cost
$4,000. ~
Fourth-The 100000 of bonds to be se-
cured by mortgage on the lot and i'm
provements, assignment of rents, policy of
insurance and the pledge of $4,000 per
yaar, or more membership fees. and the
cash to be advanced on the bonds az tbo