Clipping:A proposed guaranty fund
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|Date||Wednesday, January 20, 1886|
[reporting on the meeting of the NL special committee on vacancies 1/16/86] ...in order to guard the League against disaster and loss from weak clubs the following resolutions introduced by John I. Rogers were adopted:
Resolved, That this committee recommend to the League to so amend its constitution as to require each league club to deposit with the president he sum of $5,000, in yearly installments of $1,000, payable during the month of March in each year. Said sums to constitute a guarantee fund for the fulfillment of the contractual relations between the several members of the League.
Also that mutual bonds, with approved security in the sum of $5,000 each, be given by each League club to all the other League clubs for the faithful performance of all obligations under the League constitution and the legislation made in pursuance thereof.
The effect of this resolution, if adopted by the League, will be to create a great fund, which will be invested and the interest of which will go to reimburse the League for the losses inflected by any defection in the ranks in the course of a season, as well as repay the individual club the proportionate losses inflected by breaks in the schedule. The money derived by the interest will also help to defray the current expenses of the League, and thus help lighten the burden of the clubs.
|Submitted by||Richard Hershberger|
|Origin||Initial Hershberger Clippings|