The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1870-03-09

If his net earnings exceed $500 and he
wishes to invest more Of them, he must
pass to Genus l of Order II, (say ofTsble
II, } Of which he may take one share at
rate Il for three years, another at same
rate for two years, and another at same
rate for one year and so on. In taking
other than Labor Stock, a member is not
restricted to the earnings of labor, but
may invest any income derived from either
labor or capital within the Commune, IN
one share of each of the various sorts of
Preferred Stock All investments of cap
ital derived from sources external to the
Commune must be made IN General Stock.
Investments IN Labor Stock are not
only limited to the net earnings Of labor,
but the same member will not be permit
ted to take more than six shares of 1t IN
the whole; Tor such other small amount
as may be prescrbed.) Nor should any
member be allowed to take Labor Stock
who holds, or has ever held, any other
stock, except that if his other stock Is less
than the six shares or other amount limited,
he may make up the deficiency in Labor
Stock. This highly privileged investment
beng permitted for the Aole purpose OF IN
ducing proletGTieS to become DrOprietorS,
should be restricted to the smallest amount
compatible with the attainment of its OBJ
ject.
The preference accorded to Preferred
| Stock should, moreover, be regarded as a
personal privilege, limited, in the first
place, to resident numbers of the Com
mime, and, secondly, to the parties who
first became entitled to it, and to whom
it was originally issned. If therefore the
holder Of Preferred Stock ceases 10 be q
4 = l,a
stock by sale, or by bequest or inherit
auce it thereupon loses its preference and
becomes General Stock When special
circumstances compel the holder of Pre-
ferred Stock to sell it, it may be proper
for the Commune to purchase it on libera
terms, that is, to allow something IN con
alteration of the extra dividends to which
it would have been entitled if 1t had re
mained in the hands Of the original owner
. It should be observed that each sort o
Preferred Stock progresses regularly to
wards General Stock, advancing, SO t
speak, one step every year. With tn,
lapse of sufficient time all becomes Gen
eral Stock, the most preferred OF Labo
=. Stock in Sc years bv Table l, and IN i
wears bv Table II. Until Communes ar
considerably multiplied, and become IN
stitutioRs Of indisputable permanency,
preference for the shortest of these term
Is likely to be regarded as enduring for a
unreasonable length of time. 1t will there
fore probably be eIpedient to provide, a
first, that stock which has enjoyed
5. preference for twelve or ten years, or pei
haps for shorter pGiod, shall at once bt
9. come General Stock.
: The capital stock of Commune shOul
not be limited to definite amount as tha
of corporations created by legislative eT
d actment usually H. The purposes fc
l. which Preferred Sto,k is authorized woul
D be defeated if members were not always 1
r liberty to invest in it, subject to the pE,,
lie scribed conditions; and if they are, II
3, total amount OF stoG is liable to increai
s. indefinitely. This an important featul
al of our system, sine by means OF II Il
le amount Of stock becomes self regulating
$ for if by excessive Investments IN It mo
I'd funds are paid in than are needed, the dl'
er idends. being distributed IN part to Id
he and unprod1ctive capital, will be reduce
as to lower rate. andInvestments IN sto'