The Republican journal., 1886-04-22

ony will not live by farming only. 1t wants
some big factories and machinery to do various
kinds of manufacturing. This is all good pro-
perty for capital to invest ill., or to foreclose on
and own and operate. Capital must therefore
| buy the machinery and building material oper-
ating through bank for the bonds as it did in
buying the farm. Labor will put up the build
| lngs and machinery for tWo-thr,ls pay, trusting
| to the success of the enterprise for the balance
of its pay. If this income, with the milk but
ter and eggs the farm will Immediately yield,
| will not sustain the colony until they can reap
an income on their enterprises they can con-
tinue to draw on capitalistic aid for the whole
of the first year. by having capital furnish the
raw material to be made up and pay two-thirds
wages to the laborcr while engaged in manufac-
| turing it; the manufactured goods to be sold
| through third party who shall from the mon
| ey received from the sale take up the bonds OF
| the amount of bonds issued for the raw mater
| ial and labor on the goods sold and then turn
| those bonds and the balance of the money over
| to the colony, the colony keeping the bonds
as so much assets to sell over again if need be.
| OF course the interest a bond had accumulated
would have to be calculated and paid when the
| bond was taken up. Outside parties holding
| bonds against the company they wanted cashed,
| could present them at the bank that was doing
| the companies business where they would be
| taken up with the first money that came in. Or
| the bank could cash them and stand creditor OF
| the colony itself. The bonds should be issued
| for twenty Years at six per cent but subject to
the call Of the colony which might call them in
and pay them off after five years And to
commodate the holder the colony would redeem
all bonds presented at any time, if the colony
| had cash on hand.
| When money was received for manufactured
goods that money had been borrowed on for
raw material and labor, as above mentioned,
and no bonds We're presented for redemption,
an amount representing the bonded indebted
ness on the goods should be deposited As sink
| inc fund for the company to meet the bonded
| Indebtedness when due or presented.
| 1t will be noticed that these bonds are so ar
ranged that parties having little sums to invest
in savings banks could invest in these instead
without the danger of run on the bank or of
bank failures and by recording them they
would be safe from loss.
| In case of Il foreclosure on account of
breach or failure on the part of the colony. the
terms would be As follows; Among other in
dustrieS, the colony starts a shoe factory. Now
this one factory may be a failure, while all 9TH
er branches are 4 success; and it would not he
| right to ST. Ike the life of the whole colony upon
the success or failure of each of its enterprises.
because some little failure might collapse the
| whole Institution. to the disadvantage of all the
debtors and creditors together. Therefore, if
the shoe factory failed, 50 much of the bonded
| Indebtedness as had been incurred ON that one
| factory. and the raw material and labor put
| through it, would be subject to foreclosure
against sufficient property of the company to
meet it, if not paid on demand, after court of
| equity had determined that the shoe factory had
committed Il breach. All the parties engaged
in this failing shoe factory would lose their one
third outstanding wages. if any assets outside
of this factory and its proceeds had to be taken
to satisfy the debt This arrangement would
make every person especially anxious to make
hi> own department success.
The colony would keep !. cooperative store
from which it would supply all the members at
wholesale prices, or at Just what the goods cost
the colony, for many of the goods would he
produced within the colony for less than the
wholesale price ON the market.
1t will be seen that the above describes a CO.
operative industry and cooperative store all
in one Institution, each rcacting for the benefit
of the other and both to the benefit of the mtll-
bers, who can choose the work they like and
substantially their hours and days for working,
without the fear of Il cut down or discharge and
want, or the long hunt for other employment.
1t is also a harmonious union of labor and cap
ital to the benefit of both without the risk of
either. 1t dcbar> strikes, lockout~ and almost
all possibility Of business failure or amy pres
sure from hard times or foreign cheap labor.
1t will be noticed that this institution is al
ranged hat the members need make no mater
ial difference in their domestic affairs. except
that they will try to live near enough to the
colony's enclosure TO get back and forth for
work without too much Inconvenience to them
selves. The idea that a colony cannot he in>ti-
tutcd without having all its members live upon
its own piece of land and all under one roof,
makes no part Of this institution. | shall, how
ever, in another article, consider the adN sabili-
ty of adding this feature to the institution. |
have also omitted all mention of method for
regulating the compensation to members, ba>-
ing the matter 80 far upon the wage system
with prices IL rc@ulatcdby the Knights of Labor
outside. But many of the new ideas on this
subject will be presented farther on.
1t is intended to present the different parts Of
this subject Of cooperation a> separate and dis
tinct parts from each other, not only to void
confusion and give the reader clear ideas, but
to show how the world can and most probably
will enter into cooperation step 10y step with
out hurry or confusion, stopping long enough
| 1T The entering step to work out lis whole prob
lem and prove that another step is advisable
For this reason l have presented the union of
labor and capital without any alterations i'll our
domestic affairs or any change in the wage sy>
TEN. These concern other steps that roopera-
| tive institutions are not obliged to take at pres
cnt and would not be advisable to take until the
first principle is well settled. Nevertheless.
shall 90 on and present them in succeeding let
ters as matters that will come up for adoption
in the near future. \ new colony must be
strict in its selection of members because il
must have credit from the outside world, bu
a> il becomes strong within itself il can be more
generous and even charitable toward applicant.
| for membership.
The business management of the company
its methods Of providing for its annual interest
taxes. insurance. sinking fund, losses improve
mcnts, ETC., will be taken up i'll another letter
GREENS LANDING, DEER Isle. The midnigh
blow of April 6th caused general smash ups
especially to small crafts The good boat Rec
Warrior owned ny Morton Eaton 4 Co filled a
her moorngs. The bridge that crosses Crotcl
Island pond was il total wreck even granite block
weighing at least two tons washed four to sly
feet from the bridge by the heavy seas. There i
to be library here called the Greenwood
| Library Association. The new Sarlne Factory
is about to start with Mr.. Charles Fly at the head
80. There socabc Tuesday the 18th a
Eureka Hall for the benefit of the Greenwoo,
| Library Association. I'VE have splendid bras;
band here composed of thirteen pieces Leader
W. B. Peak; first +. Nat cornet, Henry n. Haskell
second cornet, Win Smith first B. Hat cornet
| John l.. Goss second, G.. f. Small; third, F. :
, Small; first alto, j. g. Tyler, second Will Goss