Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1888-06-05

derstepd the System in time. The second
il is ut too late for them to rsctiiy, b,
subscr 0ing f,r end pSyir g up the balanc,
Of the capitol stock at oncs.
STATEMENT no 8.
As soon SIS the commerce! world bega,
/ tn realize that sn important factor tn,
Exchange ptomiat q 70 become in bus,oes
circles, various Il ms became suXir US Il
secure its trade. However, the line O
policy slready Cu:lined in Statement No
2 WAS not safi'tactory to then-.hey die
not want the Exchspre to buy for cash
and for two reaspns. Ole was, 1t strained
them to the utmost to compete will
others In the same line. and as the Ex
cnauge WAS purchasing for cash, no etor
WAS left untried that would tend to max,
them cut in prices. This ths,
old not eDjoy; they had to do hon
est work for all the prof g thsy made. Al
long IS the Exchange purchased for cast
they could not control al of its trade
which each one was anxious to do, snt
this sentiment developed Until the a I'm o.
Schneider & Davis offered and tried to in
duce the manager to sccept q line OF
credit for 4l0o, 900 worth of goods. Thi:
oter was rel ;cted-5elieving IL wrong to
surrender the independence of the Ex.
change and plsce the people st'the mercy
of any one firm as to prices. This re.
fussl seemed to be the signal gun for O
general fight.
1t soon developed that there WAS com.
plete organization between the banks,
snd that the Wholesale merchants were
also united to break down the Exchange
and In spite Of the fact that the most hat-
tering assurances had been given that the
banks Of Dallas would discount the ALI
snce paper, II soon Became evident that
they wanted q chance, In q meeting where
each bank OF the city was represented, TO
refuse to do 80, ard condemn the paper as
not good. H.d they been allowed to do
this they would have reported 1t to the
commercial agencies, who would have
sent 1t to every bank and business man In
the United States, but they were prevent
ed from getting the paper to condemn.
An effort was then made IN the cities OF
Houston, Galveston, Fort Worth snd New
Orleans, and in every Instance success
seemed to be ours, until they got Into
telegrsphic communication with Dsllas;
then everything h1!tened ont at once.
Briefly, the opposition has come from
the combination of wholesale dealers,
implement and machinery men; from the
banking ring; the state Grange agent at
Galveston; from high class of proies-
sional politicians who fear Independent
thought among the people, snd from
Dun's Commercial Agency. The last
named hsye falsely reported the business
from the eginning, and It Is believed
damsge suit against them can be sus
tanned.
Ofsll the banks, the worst damage has
come from W. o. Ellis Co., Houston.
Mr.. Ellis, by one preteXt and another,
the Investigation and decision
for about three weeks, and then-stter
having agreed tc advance $4,000 and &C.
cept drafts for $500 more-on the
strength OF which the management made
promises to pay money-Ellis either sold
out to the opposition or lacked the abil-
ity 70 execute his promises, and forced
the Exchange to let some paper go to
protest. This has damaged the business
a gress deal and an effort will be made to
secure damages from said banking firm.
Every move of the manager hiss been
watched and followed with kilograms
false and damaging, and IL any bank gave
his propositions favorable considerations
after having received kilograms from
various sections OF the state, they would
ind out the New York correspondent Of
such bank aud I'M are its credit there IN
til it yielded to their wishes and Joined
the ring.
Country merchants from every section
Of Texss and the other nine states orgsn-
led, have made their complaints in iull
10 the big Jew merchants of the cities
who In connection with the money-lend- |
Dg Jews, control the money market OF |
she world-and just hint from the big |
banks in the money ceRters " II almost |
,ause pspic in the country banks.
They have chosen the battle ground and !
pitched the battle, and the most potent |
7eapon will be money. They believe |
hey control monopoly in 1t, and SO far
&c have been trying to borrow from them
he weapon with which to perpetuate the
var. They simply laugh at US and send
messages to the country
merchants, who in turn tsupt the men,
,ers Of the order with accounts and assar.
Ions that the exchange has bursted. all
heir efforts are directed towards Grip
ling US; they want to produce dissen-
ion. They will lose money to sell county
forts, goods or machinery cheaper than
he exchange; their object being to buy
Il the brethren from that section from
heir allegiance to the exchange. There
ore, there Is great necessity that the
rethren be kept VIII posted as to their
lsns, and the circular letter has been
scd freely for that purpose.
This mode Of work-the determination
neg have shown, and the vindictive
pirit Of hatred and enmltY that has eve
= where been visible in their diabolicsl
forts to crush the Exchenge-pr, yes
that there will be DO COM
romise on the part OF tie opposition.
hey have implicit confidence IL the po-
encY OF their weapon (noney) to carry
hem on to victory. Il
1t has always seemed highly probable,
ntil the recent developments were made,
nat when they were convinced there was
rue merit 10 the Alliance movement, and
Aw that the people were determined 70
s.ickn snd that their success would be
general bene At to the country, that
,uch Of the opposition would tease, bat
II such hopes are now disslpsted-
be bridges are burned in the rear OF {
9th armies, snd one side or the other ,
lust get whipped, and that side must be I
he opposition, because the Alliance can |