The Key West citizen. [volume] (Key West, Fla.) 1879-current, 1933-02-23
AMENDMENTSARE
MADE TO PLAN in
BABY BOND issue
MATTER THOROUGHLY DIS
cUssED DURING MEETING
OF COMMITTEE; NEW OUT
LINE OF PROPOSITION

C1tlZenS Association anu IOI the
issuance of baby bonds and
coupons have been amended and
changed to meet certain condi-
lions as outlined at a meeting held
in the office Of Mayor VIM. H.
Malone early this week.
At this time committee COM
posed of the mayor, S. Owen Saw
yer and Charles H. Ketchum was
appointed to confer with John
Rice Scott, who conceived the idea
and proposed putting it in eff
feet.
The result of this meeting and
the plans as amended are printed
herewith in order that everyone
in Key West will know exactly
what the proposition means.
1. To stimulate and increase
business by the introduction of a
self-redeeming baby bond that can
be used in taking up frozen items
of value upon which cash cannot
now be realized and to hold such
frozen items as long as may be
necessary and until they can be
sold or disposed of to advantage;
to relieve the city and county
governments of the present de-
mands upon them and to increase
the revenues of the city and
county.
2. Said baby bonds to be re-
deemed through their coupons,
one coupon to each dollar value
of the bond, by requiring two
cent redemption certificate or
stamp to be pasted on said
coupon in the space provided for
that purpose, and a one-cent stamp
required for a fifty-cent value
coupon of the bond, to be pasted
on said coupon in the space pro-
vided for that purpose. Each
dollar coupon before it is finally
redeemed shall contain fifty-five
two-cent stamps and each fifty
cent coupon to have fifty-five one
cent stamps. The purchase money
of fifty of said stamps to defray
the cost of redeeming said
coupon, and one of said stamps TO
be paid ]. Rice Scott, the owner
of the copyright of this plan, and
the remaining four stamps to be
deposited with the trustee of the
association to be organized for
this purpose, as an expense fund
to defray the expenses of this sys-
tenn. The purchase money of
said stamps and all collateral re-
iceived by this association shall
be deposited with the trustee, to
be named by this association, who
shall be required to give a good
and sufficient surety bond, con-
ditioned for the faithful perform
ance of his duty and to faithfully
account for all monies and other
articles of value deposited with
him.
3. There shall be organized a
Merchants and Citizens Associa-
ton for the purpose of issuing
said baby bonds, coupons, and
stamps, and for carrying out the
purposes herein provided. Each
member of said association shall
be required to agree to accept
said baby bonds coupons in trade
for any purchase, services or for
any other business that may re-
quire a medium of exchange
each member agreeing to take into
his business an amount of baby
bond coupons such as he can pos
sibly use.
4. All collateral and security
except city and county warrants
or other obligations, accepted by
this association when said baby
bonds are issued. shall be dis
posed of in accordance with the
agreement made with the pur-
chaser of baby bonds and the pro-
ceeds of said sale, shall be used
for the payment of the expenses
of this association and the balance
thereof shall be divided by the
payment of one-sixth to ]. Rice
Scott and the remaining five
sixths to be divided among the
stamp purchasers of record in the
association.
s. This association shall agree
to accept city and county war
rants. certificates of indebtedness
issued by the city of Key West
or Monroe county. as collateral
for the purchase of baby bonds
and baby bond coupons, which said
city and county warrants or other
obligations as described in this
paragraph, shall never be pre-
sented for payment to said city OF
county. but shall be cancelled and
returned to said city or county as
fully paid. The stamps used FOR
said purposes being revenue &c
said city and county. and thus re
ducing the city and county In
debtedneSS.
6. Any person may purchase q
baby bond with baby bond coupons
with such collateral or security as
may be approved by the Board OF
49,. - 49, .ssaasa&;ay, Sid