Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1873-01-18
TCornmunlcated.l

Communicated
"The NIssiasfPpi Valley fmmigra-
tiOn aud Industrfai Aid As-o
ciatfon."
In a previous issue OF the LEDGER we
foreshadowed, or at least alluded &c, q
plan which was expected to be organized
al an early dag, looking to cooperative
effort 10 restore the declining industrial
interests Of the Northern States. Ii was
promised to bring this plan more defina-
Div before the renders Of this paper, and
now is the occasion when we, TO some
extent, propose to redeem that promise.
Any plan or scheme to be eaeeinal
must command the confidence of the
public mind, and must address itself
directly TO the interests Of all classes OF
citizens who desire a restoration Of the
material prosperity Of their country. 1t
must comprehend in its provisions such
arrangements as will lead the mind 70
apprehend at once our necessities, and
the manner and means Of efectlng the
remedies.
ANY plan to be successful must pre-.
sent a safe basis for cooperation of
action and means on an extensive scale,
with a central point of action, and a
board of directors, selected by the CO.
operators, to direct the movements to be
put forth in the practical working OF the
institution. To start such plan a |
proposition has been made TO organize
bv forming combination Of one hun
dred citizens, who are each to pay into
the organization one hundred dollars,
which would give the amount of ten
thousand dollars to organize with. This,
however, is not expected 10 be paid over,
or any part of it, until charter shall
have been obtained through the Chan
cery Court, and proper officers elected
under the charter, after an organization
is effected. There is already q charter
now before the court of quite sufficient
comprehensiyeness to embrace all the
objects desired, and it is expected to be
granted as soon as the forms Of law will
allow. 4
Il is hoped and believed that when
the time comes quite 3 sufficient mum
Der will be found who will have the pub
lie spirit and enterprise-and we might
say patriotism-to unite in this organi-
cation and set it in operation at an early
day. The charter will provide for an
Of members to one hun
bred thousand corporators, and capF
tai of ten millions of dollars, no one
being allowed to own more or less than
one share of one hundred dollars. This
restriction Is intended to prevent the
of forming rings or combine
lions 10 absorb the means and monopo
lie the management Of the institution.
1t has been proved by experience that
stock institutions are very liable to be I
taken advantage of by INSCRIPTIONS and
designing persons, and diverted from
original good intentions lif such existed)
to evil aud selfish purposes, and, there
fore, the originators of this scheme are
DESTROYS, in the outset, to place barriers
in the way of the possibility Of such ten
denotes and results; that it may forever
be kept in the bounds of original inten-
tons; that is, an institution which shall
be forever promotive Of the general
good 1t is undoubtedly destined to be
attended with the most desirable results,
unless it should fail for want of proper
aud sufficient cooperation of those d.
rectly interested. -
We hope this charter may soon
be laid before the reading public in
sxtenso, that they may be able to form
estimate Of its merits, and itis
hoped that the entire newspaper press
IF the South will readily give their aid
Tor the contamination Of SO desirable an
enterprise. x.