Hope, a good musician ahd lover of
music; Thomas Warren, Dyer H. Clark
Ebeneezer and Edwin Knowlton and
several others, made a proposition to
the town that they would advance the
money without interest, to purchase
a complete set of instruments for use
of the band; and that the interest ac
cruing from the fund, be paid to them
until the debt was discharged. This
generous offer was accepted by the
town, Mr. Phillips was chosen treas
urer, also leader of the band; also Mr.
Phillips and L. H. Hooker were chosen
a committee-to purchase the instru
ments.
And now let me speak of a bit or
financing on part of Mr. Phillips, who
at that time was considered one of
the shrewdest business men of the
town. For many years previous to the
Civil war, Phillips had been a collector
of gold coin, and during the period of
the greenback inflation, when gcfld ad
vanced rapidly in price he had several
thousand dollars In gold In his posses
sion. A gold dollar being worth $2.40
In greenbacks, Phillips conceived the
Idea of paying for the Instruments in
gold, at the rate of exchange at that
time, and thus made a saving of over
one-half in the cost, as when “The re
sumption of specie payment act" was
passed, gold declined about as rapidly
as It had advanced, and many brokers
sross ELECTRICAL 00.
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