The Bolivar bulletin. [volume] (Bolivar, Hardeman County, Tenn.) 1865-1888, 1880-01-22
THE GREAT REVOLUTION.
Success Of Cooperation.
BY HON. JOSIAH QUINCY.
Christian Union.]

Christian UniOn.l
A few weavers met in Toad lane, in
Rochdale, united their small savings,
and on the twenty first of December,
1914, opened, on two evenings Of the
week the first cooperative store. Their
stock consisted of % pounds of butter,
SO pounds Of sugar, 6 sacks Of -four, 2
poGnds Of candles and / sack of meal
all together worth less than $50.
In 1876 they had 1892 members; their
funds, after deducting what had been
drawn out by the shareholders, amount
ed to 81 ,270, 900, their business that
year amounted to 81 ,525, $50, and their
profits to 1888, $40. Their central
etore is the finest building in the city;
they own property all over the borough,
and have estates covered with streets
Of houses built for co-operators. And
this is not all: two and half per cent.
of their profits have been devoted to
an Educational Fund, which, besides
sustaining science-classes and lectures,
has fine library of many thousand
volumes at the central store, with re-
views, maps and costly books of refer
ence, aud supports fourteen reading
rooms, well provided with magazines,
reviews and newspapers.
And this is not a solitary case. In
1877 meeting was held to dedicate
an expensive store and library at Dur
liam. One Of the original founders
there stated that in 1862 eight work
iugmen raised the sum Of seventeen
dollars and fifty. cents, and invested
it in seven pounds of -four, little su
gar, and box of blackinS. In 1877
they had 2,642 members, 500, 044 il
the funds, their business that. year
amounted to $440,537 and their profits
TO S57 $50, and during the fonrteer
years Of their existence they had di
vided over 100000 among then
shareholders.
The widespread interest on the sub
iect is shown by statement made by
the Marquis Of Ripon at the co-opera
tive Congress held at Manchester il
1878. Hestated that there were 2,00(
societies in England, with 500,OO(
members; share capital of S25, 600,
900, doing al annual business of 800,
100000. These results have been at
tanned by adhoring strictly to homes
dealing, unadulternted goods, cash il
all transactions. To these have beer
added pluck and believing with Col
bett that success is certain, if you vii
only begin and stick to it. +"
DIR. Franklin in his will SAYS tina
he owed all his success in life to havin,
obtained a small sum of money whel
young; and his case is similar to that 0
thousands of the now prosperous an,
wealthy. But how can poor MAJ
obtain it. He has no rich friends t
lend it, and poor men, if they hav
any surplus earnings, deposit them in
savings bank, where it is loaned onl
in large sums to the rich. If obtaine,
by Il poor man at all it is at an enol
Inous rate of interest, and the continu
ance of the loan depends, generally
on men who will take every advantag
of the borrower. The borrower feel
that if he could obtain the adYanc
and have it payable IN monthly install
ments, rs he pays his rent, he coul,
get a house, and have the strongest in
ducement to industry, temperance ant
economy. 10 prONlue Tor TINS wan
the Cooperative Loan Fund Associa
tons have been organized Their mod
of operation Is very simple. The
meet once month, when each shar
holder pays a dollar on every share h
holds. and the borrower pays on
months interest on his loan. AS 500
rs collected this money is put up a
auction and sold to the highest hidde
who can give satisfactory security
The interest appears in many cases t
he high, but is probably as low as tn
borrower must pay if he obtained tn
money from any other source. Secr
rites are but of two kinds: loans o
real estate and on shares at their valu
alton at the last settlement. II o.
real estate, the borrower gives mort
gage and assigns as security a pamDe
of shares which when fully pad WI
amount in value to the loan. For II
stance man borrows a thousand doi
lars. He gives a mortgage ana trans
fers five shares. Every month lie pay
dollar OF each share and the lnDere::
on the loan until each Of his shares, !!
worth two hundred dollars; when nj
deht is maid These who 90 not boffoN