The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-02-13

There was net loss of six members
during the year, thirty-three having re-
signed and twenty-seven joined.
The report of Col. Olmstead, chairman
of the finance committee, showed that
the society owed notes amounting to
1898 of about $3.50. The re-
port stated that the finances
of the society were not in a satisfactory
condition and recommended that the
bonds belonging to the endowment fund
be sold so soon as they could be made
available to discharge the Indebtedness
of the society. An income in mem bership
or a decided reduction in expenses,
said Col. Olmstead in his report, is neces-
sary to relieve the society from its fnan-
| Cial EN- barrassment.
The receipts for next year were esti-
mated at $50 subscriptions amounting to
81, $50 and the expenditures, at 81, 799,
making a deficit of only $40.
THE ENDOWMENT FUND.
The subject of the endowment fund
was taken up by Mr.. VIM. Harden, who
offered in behalf of President jackson, an
amendment, of which notice lad been
given by the latter at a previous meet
ing to strike out from the consti-
tuition of the society, the clauses
| of the constitution relating to the endow-
ment fund so as to make the 80, 100 of
bonds now constituting that fund avail
able for the purposes of the society.
| The motion to do away with the endow-
ment fund was opposed by Mr..
| a. n. West, who discussed
the objects of the fund. Mr.. West said
that if the precedent of appropriating the
| amounts set apart for the endowment
| fund was set, the society would never be
! able to accumulate such fund, as when
ever an emergency arose some
member would always be
| found to propose to convert it to defray
! the debts of the society.
The object OF accommodating an endow-
ment fund, he said, was to put the society
in position where, with the income from
, such fund, it would be able to meet such
emergencies as the one which now con-
! fronted it, MIR. West presented figures,
which he called tile descensus averni.
showing the record of deficits made by
the society since 1872 and the amount of
| property which had been disposed of each
! year to defray these deficits
| He showed that the total of the de-
| icits amounted to nearly $1,000, while
property exceeding 50, 600 had been sold,
a part of the proceeds of which had been
used for other purposes.
JUDGE HARDEN's ARGUMENT.
Judge w. d. Harden supported Mr..
West in his protest against giving up the
! endowment fund so long as it was posi-
/ BILE to maintain it. He said that the de-
| felt was due TO bad management of the
society's finances. The society is not a
| pauper, he said. II owns a lot worth
! 50, 900 to 5000 and perhaps more. The
society could be built up by proper efforts
on the part of the members and good man
agement of its finances.
DIR. Num- submitted figures showing
increases of the society in membership
from the time Of the organization OF the
committee on membership In 1884 until
1890, IN which time $50 members were
added and there were only 81 designations.
This DR. Num- attributed largely to the
work of MIR. West, who origfnated the
idea and was a member of the committee.
The result, DIR. Mum said, was that the
society consisted largely of members
brought in by Mr., Vests committee. The
only thing to do now, DR. Num- said, was
To reinstate the old committee on mem
bership
A DISAGREEMENT IL FIGURES
Treasurer Rankin and Librarian Hnr-
den did not agree with DR.
Nunn's figures. Tho members who
were paying their dues, they
said, were the old members. who had
belonged 70 the society for years. MIR.
Rankin said that large number Of mem
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