A Long Loan of Twelve Thousand Dollars Desired on the Best of Security by George I. Butler; R. M. Kilgore

Review and Herald Publishing Association · Takoma Park Station, Washington, D. C. · Jun 14, 1906

A Long Loan of Twelve Thousand Dollars Desired on the Best of Security

By George I. Butler; R. M. Kilgore

The Conference Association of Seventh-day Adventists located at Graysville, Tenn., is a legal institution of the State of Tennessee. It was organized for the purpose of holding conference property in different parts of the Southern Union Conference. The property situated in Graysville held by said Association embraces a large farm, the title of which is lodged in the Southern Conference Association, worth about eight thousand dollars.

It also embraces a sanitarium, with a large body of land in connection with it, with a sanitarium building upon it, in all worth eighteen thousand dollars; and the training-school campus, with quite a body of land connected with it, set out to fruit-trees, etc. This land has upon it the academy building proper, and a large dormitory. These premises are worth ten thousand dollars, making an aggregate of about thirty-six thousand dollars.

These buildings, in the aggregate, are insured for twelve thousand dollars. The Southern Conference Association holds the title to all of this property, and has quite a large sum of property besides. In its business progress in the past some debts have been contracted, money borrowed, etc. It has some other property that it wishes to sell, not included in the titles of this spoken of in this article. When this property can be sold, it will be applied upon the debts which have been contracted. Some of these accounts are about due, and the object of getting this long loan of some twelve thousand dollars is not to run in debt more, but simply to pay off all the debts as they become due and have to be paid.

By taking this large blanket loan, it will relieve the Conference Association from the pressure of these small claims coming due from time to time, and give opportunity to sell off the property that is for sale, which in time can be done, and greatly relieve the situation every way.

The property mortgaged is all first-class property, and the amount of it, with the insurance of the buildings, is good security.

It may be inquired, why have we not secured this loan from worldly parties, who have money to loan in abundance? In reply we would say:—

1. We always much prefer to secure our loans from our own people, who are interested in the same cause to which we are devoting our lives, knowing that if any sudden calamity occurred, they would probably be more favorable to us than those who have no interest in the work in which we are engaged, and the institutions herein mentioned.

2. We should hope our people, many of whom are deeply interested in the progress of our Southern work, would favor us with a lower rate of interest than those whose sole purpose it is to make money out of their loans.

3. There is a sentiment prevailing here in the South against loaning to religious institutions, because, should a foreclosure have to be made on property held by religious institutions, many of the Southern people feel that it is almost disgraceful to collect money due on mortgages from institutions consecrated to religion. Quite a number of parties here in the South would have been glad to have taken this security and loaned us the twelve thousand dollars but for this consideration.

But, for other reasons mentioned, we can see that our own people would prefer to let our own institutions have money, and thus be helping forward the work of God, than for us to take it from worldly parties.

We wish to say to our brethren who have means which could be spared, and which they would like to loan at a moderate rate of interest, that here is an opportunity which is perfectly safe, and which would be helping the cause of God in this difficult field.

Of course we have not the slightest expectation that anybody who has this money will ever have to foreclose the mortgage. This land is very valuable to the cause here, because the institutions are dear and precious to us, and are serving a noble purpose; doing good in the education of our children, healing the sick, and building up the precious cause we all love.

We are greatly in need of means to pay off all these lesser obligations, and then we can get a little time to sell the property not mortgaged, collect in means that are due, and place ourselves in a more pleasant and desirable condition than we are at the present time. The value of this property will be increasing. Already the conference has voted to raise two thousand dollars in the South for the improving of the buildings of the school. As much more will be added to the value of the sanitarium in the immediate future. Our conference also voted this last January. These institutions will therefore be improving in value several thousand dollars, making the mortgage still more valuable and secure. We greatly desire to secure the lowest rate of interest possible.

In this way, by securing this blanket mortgage covering this property, paying off these lesser debts, some of which must be paid ere-long, the situation at Graysville will be greatly relieved, opportunity will be given to sell off several thousand dollars' worth of property to pay on the mortgage, the cause of God will be advanced, and those who have loaned the money will have the satisfaction of knowing that it has been very helpful to the cause and work of God in the South.

Let any who would look with favor upon making such a loan correspond with Elder R. M. Kilgore, president of the Conference Association, or the secretary, Elder Smith Sharp, Graysville, Tenn.

GEO. I. BUTLER, President of the Southern Union Conference.

R. M. KILGORE, President Southern Conference Association.