Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1890-11-20
A Pulp and Paper Mil.

Mr.. EDIToR:-I was compelled to
leave for Chicago the day following
our public meeting, held last week
to hear the report of the gentlemen
who have visited us to investigate
our resources for the establishment
of the above enterprise in our midst.
Those who were present at the meet
ing, and others who read your last
issue, know the conclusions of those
gentlemen.
| have since met them in Chicago,
and in reviewing their work they
became more firmly convinced in
the correctness of their report.
| am sure, from facts and figures
presented, that we do not full y real.
ize the advantages we have in sue
cessfully operating this business.
The first step is TO organize COM
pany with a sufficient capital to
launch the ship. A capital of
100000 should be raised, although
a less amount would be sufficient.
The question is, can it be raised?
| believe 1t can, especially if the
plan suggested at the meeting that
the city offer bonus of $4,000 to
any company that will float the en-
terprlse = is approved. Will our
citizens make the offer?
If it can be arranged on easy pay
ments, | believe they will; and this
plan is suggested Issue bonds for
$4,000 payable in sums of 81, 900
a year after five years, at five per
cent. interest. This would make
the payment of the first bond in
five years and the last in fifteen
years from date, interest to be paid
annually. For four years we would
be required to pay but $500 per year
as interest. On the fifth year we
would pay the $500 interest and the
first $1,000 bond, making a total of
$500, This would be the largest
amount we would pay at any one
time.
The assessed valuation of our
city Is In the neighborhood of
100000. Upon that basis the
largest tax payable in any one year
would be $3.50 for every 81, 900 of
assessment. 1t seems to me that no
citizen who has the least spark of
public spirit within him, but would
be willing to contribute this small
amount to the promotion of an en-
terprise that will give employment
to fifty persons upon the plant, be-
sides opening market for wood
that Is at present without market
and drug upon our local commerce.
A 5-l5 year bond would be more
easily disposed of than one of a
shorter period, besides it would
give the young blood of our city
(who 80 much desire these enter
prlses) an opportunity TO help pay
The debt.
AT the next meeting of the city
council l shall present the subj ject
to that body, and ask them to give
their official sanction to the calling
OF special election to vote bonds
to the amount of $4,000, as bonus
to any companysthat will start such
an enterprise as we have been con-
sldering, or any other business that
will do like amount of good. If
any OF our citizens think this plan
Is not the right one, or can suggest
improvements, | hope they Will be
present to give their views. We
want tree exchange of ideas upon
the subject, and do not wish to act
unwlseiy or take any undue advant.
age Whatever. shall also be
pleased to give any information to
those who have money to invest.
The entire capital stock ought to be
taken by our citizens, but we may
be compelled to go outside to COM
plete the organization.
Yours respectfully,
Phil. ALLEN, JR.