Lexington weekly intelligencer. (Lexington, Mo.) 1871-1887, 1876-04-15

,,,;ttee reports that it is their opinion
that the council has no rightful authority Or
mower to make response 10 tne proposition
orany part OF it. The stockholders and their
board OF directors only, when organized.
can make RESPONSE. u.
hushoudry are t.atterei and hOnored hy a
proposition which implies SO much conf
uenre fin the patrons and their contemplated
enterprise, by \ banker and hnancier SO de-
servedly distinguished.
The committee is of the opinion that the
board Of directors. after organization, and
especially with the approval and assent of.
the stockholders, will have power to estab-
lIsh rules and bylaws which may u
will perpetuate power anu control In pa
irons, and respectfully suggests the follow
ing:
/ No share or shares of stock owned by
patrons srXl be transferable except to pa
irons In good standing with the order Of
patrons.
.. When any stakeholder assigns a share
or shares, the assignment shall be endorsed
OH the back of the stock certificate, and the
same shall he surrendered to the directors
before a new certificate can be issued by
tn. assignee, ana 1t shall be essential to the
validity of II transfer by u shareholder not a
patron, that the gnment anu transfer
3. Upon the decease of any patron share
holder, the directors ut their option for the
bank. may at any time repay to the legal
representatives of such deceased sharehOld-
err all The capital owned by him ut the time
OF his decease, with all arrears OF interest
and dividends anu profits due on the same,
and in making >urh repayment shall take up
the stock certificate, and the. same may at
the option of the directors he again SOLD as
sock. And In case OF the sale under eXecu-
ton of u share or shares of stock owned by
u patron, the directors may AT such sale pur-
chase tha Same mr. af ~ time 1ItAr Inc A8I4
pay the amount of such stock to the Pur-
chaser or holder thereof, and may again re-
sell the same, aud purchasers at such excel
ton sales and holders and owners under
such sale shall hold and own such stock sub
Ject to such right in the directors.
1t was stated In the council that some had
subscribed for stock on Information or with
the understanding that only patrons would
be stockholders. II thought best to admit
others to have some part in the enterprise,
the trouble can be settled by calling q meet.
ing of the stockholders. and there procuring
the assent OF all. 1t is believed this assent
Will be readily given Oh assurances that pa.
irons will be secured in power to control
the bank. The organization aad operation
OF banks was not an Object or aim contem-
of patrons. 1t is only a secondary object.
entertained as promising aid to the true and
higher objects 0: the order. |
None pretend that the oranges are in .
condition here In their organized capacity
to embark In the business Of banking, and
all that they propose or that patrons as In.
diEiduals desire, Is u BAN in our midst, aud
under the control, aud as far as may he, In
the interest Of farmers. and on
principles in harmony with and In aid Of the
objects OF our order.
The bank In its beginning cannot Accom-
and prosper at legal rates of interest, must
make loans only on short time, must require
payment OF interest and regular re-
newals when payment OF the principal eau
not be made. Disappointment and con-
plants by many may be expected, but lot
the ~stocknolders and directors select oAicsrs
hrm OF purpose and fearless, and Of un.
doubted integrity and ability, and then give
them their confidence and support, and they
may reasonably expect satisfactory results.
This banking enterprise was suggested by
the county council; has the approval Of sub
ordinate oranges, and will be conducted
the control of p ltrOns. Thus are we
connected and identified with the enterprise,
and as an order we must he affected by its
and management. 1t may in its fu-
lure career be made to clash with Some of the
objects of our order. In deciding
as to the part, If any,, oranges, county
or subordinate. may assume or take IN the
affairs of the bank, it IL the part of wIsdOm
to keep in constant memory the great and
prime objects of our order, that we may
cherish and protect them against infraction
by the workings of this or any and all en-
set on foot in aid Of mere secondary
=
While it IS true that 1t is one of our chic
aims to advance the farmer and farmers as j,
class in their material interests, and that !
sound bank, rightly managed, will aid us in
accomplishing this result, let us remember
1t may assert its independence of us
whenever it may suit its interest or conven-
lence. and let IL assume u position In respect
to 1t that Will leave us free without injury,
to withdraw our confidence and influence
it may fail to have o II approval. Our
in Its preamble assert the ulti-
mate object of our order in these words:
The ultimate object of this organization is
for mutual instruction and pi election. to
tighten labor by ditGaiGg y knowledge Of Its
alias and purposes. expand the mind by
tracing the beautiful laws the Great Creator
has established in the universe, and 10 en-
u views OF creative wisdom and
power" The mission OF our order Is q
Of peace, Sentleness and good will,
Improvement in the mental,
and social condition of its members.
We promise constantly to strive to secure
harmony, good will and vital brother
hood among ourselves. aud to make our or
der perpetual. We are to endeavor to sup
press personal. local, sectional and national
prejudice, all unhealthy rivalry, all selfish
These vital principles eXemplited
in the actions and lives of our members will
give life and permanence to the grange, and
must never be ignored i'll misdirected zeal
Tor any mere secondary object.
WM. T. WOOD, Chairman.