The evening times., 1896-08-21
CALLING INITs MORTGAGES
AmericanBa Home Mission
Society Takes Alarm.
FEARSFREESILyER VICTORY
Churches Cannot Pay Now and Must
Yield Their Properly If Society
Can't Carry Them Any Longer.
Latter's Work Would Largely Cease
II Free Coinage werero Come.

New York, Aug. 21.-The American Bap-
list Home Mission Society of the United
states, which expends annually nearly half
a million dollars. is calling in all Ill ortgages
on church property Throughout the country
on account of the free silver movement.
Tie American Baptist Home Mission
Society is one OF the Oldest and.-Ipost
prosperous church organizations in this
country. 10 was organized in S32, and
has its headquarters at No. Ill Fifth
avenue.
The officers are the Rev. Dr II Thomas J.
Morgan, corresponding secretary; j Green
wood Smelling, treasurer; the Rev. DR.. II l..
Morehouse, field secretary; the Rev. Dr. NJ i.
MacVicar, superintendent OF education; the
Rev. Alexander Tumbull, assistant CORE
sopnding secretary, and Lawyer nDuuW w
Perkins, who Is in charge OF the church
edifice fund.
IMPOSSIBLE TO RAISE MONEY.
Last year the society expended S4ss ,Iss.
while its receipts amounted to S595,949.
The society has q permanent trust fund or
S767 900, and its loans on church mort
cages amount tusnearly 100000.
Mr.. Perkins, who attends to the finances,
and who, in his capaoit as hea OF the ch urch
edifice fund. knows all about the mortgage
outstanding oil CHURCH property, said yes
terday that the society had called inali these
mortgages in view Of the current free silver
movement.
The work OF our society," he said, sex
tends throughout the United States and
Territories. The letters received from
nearly every place show that the silver
agitation is SO materially affecting the
finances of the localities that ii makes it
next to impossible 10 raise money. "--'---
I'VE are largely affected In another way.
We have a large church edifice loan fsnd,
which we have loaned to churches In many
OF the States and Territories.
TRYING TO GET PAYMENT.
I'VE are now endeavoring to obtain pa v
ment OF these loans. But the report from
the churches is to the effect that it IL. ut
terly impossible for them, In the present
condition of finance, to pay these mort
cages, and many OF them readily admit that
IL there should be favorable vote for free
coinage they will probably be compelled
to yield their church property, unless the
society can carry them longer The result
is that the society is greatly crippled in
its work and our fear is that IL the silver
movement shall be successful our work vii
have to largely cease"
"Wouldn't the majority Of churches, I'M
der these circumstances, have to go into
bankruptcy" asked the reporter.
.The churches, under suchcircumstances, -
replied Mr.. p Perki MS. would, of course lose
their church property, unless our society
continued to carry them without paymentof
principal or interest In such an event II
would make the society almost powerless
to carry, on its work in aiding the erection
OF churches in new localities"
GOLD CLAUSE IN MORTGAGE
rs there a gold clause in the mortgage?'
mo, ',said Mr. Perkins; mot In the mort
cages which we hold against church es
But we have large amount of trust funds
loaned out insthe cities of New York and
Brook yn, and all mortgages SO taken for the
last three years contain the gold clause ~
..If you were TO, make additional loans
would you insert gold clause now?''
"So.far as our trust funds are concerned
we shall continue to use the gold clause,
said Mr. Perkins; I'VE don't use it will
church edIfices." RsH''ii'a Hai'''