Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1888-06-08

ever oEstet, Il proposes to
take the power OF extending credit
promiscuousiy cut Of tae hsDds of the
middlem>u SID lodge IL in the hands
OF the farmer, aa6 is based On the tact
that the farmer has 70 pay the middle
man's losses, aEd cs = matter of Justice
snd right, if he has 20 pay the losses ne
should hsve che p1~cF 10 ssy VINO shall
bRye the or, dit; therefore the last part Of
the charge, tnat is $50 traCster IiEk of
ioss End with 1t power to give credit IRON
the micGleman to the producer, is hesr-
lily endorsed ov the Alliance business
sJstemi but the afst part o. the charge
should De changed, snd instead of read
iHg, "its )int note system makes solvent
men pay The debts CT the ins2lFen.." 1t
should read, sits Joint note system DIES
together good men VINO pay their Geb-s,
leaving those out wac will not pay, and
as tae merchant will not credit those
who the ALLAN refuse to carly, said
class will have to learn to pay up or lesve
the county aud fnd one in which they
are not known" Therefore the Alliance,
by it's joint note system, bands good men
together to trade where "bad debts ana
the expense Of collection" does not form
an important part CT the costs OF the
goods they purchase, and by so banding
stand shoulder to shoulder, taking the
risk OF loss cheerfully, ard SIS g very
profitable business undertaking when it
comes on them the right to choose for
whom they will stand instead of allowing
their merchant to do t at.
1. It is charged that the business ef-
forts Of the Alliance are dark lanterns,
because an effort hss been made to keep
them secret. There csn be no dark len.
terms in business. The successful bust
ness man always has discretion enough
to not expose his operations until he is
resdy to do SO, aud # here can be any
objection to the Alliance effort it Is that
business is not kept secret enough. 1t
would no doubt please the opposition bet
ter to know more shout 1t, but such 8
condition would not bent d. the business.
Q. 1t is charged that the jint notes Of
farmers are being unfortunately traded
on st desperate discounts, etc. That
statement is false entirely. Not one Of
the Joint notes has ever been dis counted.
Not 81 worth Of the joint notes has ever
been offered for discount TO anybody eX
cept the brethren in the county from
which it came. Every j)int note ever
taken by the Exchange Is still owned by
the Exchange unless tsken mp by the
makers.
It is charged that nc effort has been
put forth to hoat Exchange stock. True,
lecturers only gave receipts for money
sent in, but long before any OF these trcu-
bles came up, the board of d rectors had
stock prepared and for the last two
he he hah
stsntly employed issuing stock, and it is
well known that everybody now holding
@ receipt for cssh paid for stock can sur
render same and get certificate.
Z. In reply to charges made IS to titles
OF resi- estate, the board of directors en-
ployed legal tslent equal to the best in
the state, the firm OF Shepard & Miller,
to examine the deeds, and they are GER
tainlY perfect.
8 1t is charged that Exchange paper
went to protest, and that the system musE
&c changed or the business must close,
neither of which is the case. True, the
paper went to protest, but it WAS the re-
suit Of sudden disappointment; when 1t
WAS too lste to do anything, paper hsd
been accepted on the strength Of the
promise OF money sufficient TO meet
same, and on the third dsy Of
grace it was found impossible to get
1t. The Exchange psper thus went to
altogether amounting to less than
S5000-when an invoice Of assets showed
net assets, over and above all liabilities
outside the order, to be little over
$780, included in which sm punt is
the real estate and stock of merchandise;
that is to ssy, that after paying ell out
side liabilities and Vsluipg the stock of
st $780, and the real
estate st $4,000, less say
$50, 900 Liabilities on uncom-
oleted contract, making net vslue
300, it showed Sl60,000 IS representing,
first, amount paid in cash on assessment;
second, amount paid in Joint notes on
third, amount paid in cash by
Dallas as donation; fourth, accumulation
from sinking fund; snd fifth, nominal
liabilities to i.s own stockholders. II Is
ont fair to presume that no
private mercantile concern wss eyer
when 1t could mike
such safe, solid aud satisfactory shows
ng as this. Was there ever before sn
instance in the whole country Wheys the
home money markets we're closed against
concern that could make such g showa3
ng? We think not. And as an EVIDENCE
If the healthy condition OF the bdefases,
/ has stood the shock OF the protested
paper which has been given fully IS
much attention by the commercial
,gen les IS is usual in such
;,ses, in order that every creditor
might be notified and have chance to
protect himself. The creditors ali came
with rush or sent representatives, and
without single exception received set
Elements entirely satisfactory to sll par
lies concerned. The fact is, that the only
parties Masking fuss snd showing any
are disappointed rivals
snd enemies. There is no possible
chance in the world for any signeT to one
Of the Joint notes losing cent on &C.
count of the methods Of the Exchange,
because all the liabilities will be paid
Iong before the notes become due.
8. In regard to the join. notes the fol-
Owing questions have been asked, and to
save space an answer is appended to