Grand Rapids herald. [volume] (Grand Rapids, Mich.) 1892-1959, 1892-09-07
FOR THE BIG FAIR
j. M. Shepard, President Pal
mer's Secretary,
DISCUSSES The FINANCES
OF the Columbian Exposition-it Wal
Pay al Least 90 Per Cent Some
Democratic Economy.

j. NJ. Shepard of CassopolIs, secre-
dent OF the worlds fair commission. Is
a guest 81 the Morton. While chatting
with reporter for The HERALD, Mr..
Shepard sand II do not think there is
any truth in the charges that the funds
of the worlds fair have been used ex-
usyagantly. liz has been necessary 10
do the work hastily and this, Of course,
necessitates the expenditure OF more
money. The only thing that know
OF on which money was needlessly ex-
pended was the preparation OF the
floats, and tins really could not have
been prevented. 1t WAS the plan of the
bridges over the waterways, TO be ust d
until after the dedication, which Will
take place next month. BY tins the
floats could be used, and IL was de-
signed TO have the finest things IN that
line ever constructed. They were to
cost $780, aud the contracts were let.
When the work was partially COM
pleted IL was discovered that the crowds
in attendance III the dedication would
be SO great that 1t would not be safe
TO allow the temporary bridges TO be
used. Accordingly the scheme for the
floats had to be abandoned. and the
contractors were paid for the work they
had done, about $4,000.
"Pians for the dedication are matur-
ing rapidly and there is every reason to
believe that it will be grand affair.
Democratic Economy.
believe the accepted design for the
new souvenir half dollsr has been for
warded TO the mint and the work of
coming the half dollars will soon be
gin. The fair will realize good thing
from their sale, but the whole proceed
ing is an admirable example of so
called democratic economy. The COM
mlssioners wanted the government TO
do just as the city of Chicago and its
citizens had done-take stock in the
fair. Chicago had purchased $1,000, 900
of the stock, and private citizens had
taken an equal amount; so II was pro-
posed to ask the government, which
has an interest in the fair, to take ST.
600 900 worth of the stock. 1t is uni.
versally conceded that the fair will pay
at least 90 per cent of the investment,
and may believe that it will pay over
100 per cent. But if the government
had taken FIVE millions Of the stock
and paid for it in silver, the actual
outlay would have been only So, 400,-
600, and the government, on go per
cent basis would have received 3,000,-
900 IN return. At most it could have
been out only 100000 and probably
would not have lost a cent But in
stead of dong that it gave the far 81
500, 900 outright and will not receive a
cent in return. OF course the fair can
stand it. Such an arrangement is much
better for it than if the government
had purchased stock.
Will Bring s5,OOO,OOO.
The half dollars can be sold for S.
600, 900 at the lowest estimate.
One thousand dollars has been offered
| for the first coin, and bankers have al
ready offered $4,000,000 for the entire
coinage. But this is too low and the
| commission will have little trouble in
selling them for dollar apiece. Con-
gress did good turn for the fair, but
| IT doesn't give the tax payers much OF
| show.
From all indications this is going to
be one of the national expositons that
| have made money. There has only been
one before, and that was the one q,
Paris; bnt three of its buildings were
already erected and it had to build
only one. The Philadelphia centennial
exhibition lost about S2,500.0 900; but
with the worlds fair capital at so 600.
| 900 1t can lose that amount and still
clear more than 60 per cent profit. Blu,
it is going to do better than that. IT.
going to prove paying investment"