Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1877-09-01


ing men the night was like death itself.
Many of us felt that all was gone-the
future, business prospects, life itself,
seemed to be SO dark and dismal to The
great a Of our people that it looked
as if we would all have to abandon our
cherished Bluff City and seek shelter and
bread elsewhere. During these dark
hours one Of our associations had kept
steadily onwardin its purpose. Its dues
had been paid regularly and promptly.
The other, composed as it was almost
entirely of mechanics and laboring men,
suspended operations for two months
during the time the epidemic ragged.
Then it resumed work, and the two went
straight forward in their purpose. Du-
ring the last four months of 1873, banks
and commercial enterprises, and prince
ly merchants and traders and business
men Of all kinds and classes had sue
cumbed to the fearful pressure of a mo-
neyed panic. Our two little institutions
felt the storm, but survived it. Reach,
ing out the helping hand continually to
those who needed it, they soon began to
attract attention and gather strength as
well.
When men look at the workings of
institutions Of this kind and see them
producing good fruit, they begin at once
to inquire and inform themselves of
their character. So it was with these
two little organizations in Memphis.
And these inquiries would always point
back 10 the action of our courts when
doubts would arise as to the legal vitali-
ty Of such institutions. Having faith.
and energy begotten of that faith, those
who had started in the work put their
shoulders to the wheel and secured leg
islativs recognition of their rights and
privileges. This legal establishment of
Building and Loan Associations was SO
plain and specific that there was no
room longer for doubt as to their legal
status. Confidence in their stability
was established at once, aud the rugged
path TO an onward progress was made
smooth. Other associations were Or
gained under the management and con-
troll OF the most careful and cautious of
our business men. The institutions
tried as in the fire. have. now become
popular, and everybody takes stock in
them. We have fourteen well regulated,
well organized, prosperous cooperative
associations in our city. They are all
fiourishing and prosperous, and they are
bound to flourish and prosper to the
end, At this tine they invest near, il
not fully, forty thousand dollars a month
in securing homes for their shareholders.
1t is hardly possible to estimate the full
value Of such institutions to our city.
Already they have given homes to more
than three hundred families and en-
.ployment to hundreds of mechanics,
and their progress is still onward and
upward. In four years more the thou
sand shareholders in these institutions
now existing will each and all be firmly
planted and vigorously growing withthe
progress of our city.
With the example of these prosperous
organizations for homestead purposes
only, will not some enterprising citizens
see how cooperation can be utilized in
manufactures Let us have Touring
mills and wooden manufactures and
cotton mills and all other necessary
manufactures put in operation by
means of cooperative enterprise. There
is no good reason why it should not be
done. Our very poverty as a people
to demand that we should go to
work in this direction. It cannot be
done too soon. Who will undertake it ?
Another suggestion is pertinent just
here. Why will not our different build
ing associations exemplify the principle
of cooperation fully, and join them
together to secure a common hall
and establish a workingman's library ?
They are now firmly fixed as one of the
permanent institutions of the city. They
are possessed of all the means and IA
to establish and keep up a well
regulated library and a comfortable
hall for their meetings. If the fourteen
associations now in active operation will
cooperate a little in this matter, they
will do themselves an infinite amount of
good.