The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1889-01-08

fore known in a credit business, and
the exchange has been enabled to
liquidate it's Indebtedness faster than
most any corporation or mercantile
oncern in the State. 1t had paid on
the first day of September one hun
dred and fifty thousand dollars; and
while the commercial reports every
day showed private mercantile con
Germs in different parts of the State
making consignments, giving mort
cages, closing out, ETC., in greater
numbers than had been known for
years, the exchange was every day
growing more solid and getting its
business in a healthier condition and
one fact that stands out prominent
and is a subject Of congratulation that
not a single Alliance or &C, operative
store that traded with the exchange
has failed.
With a State Exchange system in
each State, it is quite probable that
you will be called upon to consider
bills for the establishment of a
NATIONAL EXCHANGE,
for the purpose of harmonizing the
efforts of the States Exchanges and to
assist and direct their enterprises. In
so doing you should exercise the
greatest conservatism and extremist
caution. An investigation of the sub
iect will impress it's magnitude and
Importance. Nothing visionary should
be for a moment tolerated. You
should not provide for a National Elk
change simply because there may be a
demand for it; better let it pass unless
you can see positively how it will do
great good and be ar efficient, sue
cessful working enterprise, and see 1t
so plain that you a demonstrate it
to a certainty. If a system of National
cooperation can be made a success it
must, under our form of government,
depend largely upon the perfection
and success of the State systems that
compose 1t, and they in turn upon the
county systems, and they in turn upon
the people. Therefore there is a dan
ger of establishing a National system
too early (before it has a proper foun-
dation) and the result; of such action
would be an inefficient and imperative
enterprise from which have a million
people would expect wonders, while it
found itself powerless to accomplish
anything and as a result great injury
to a just and worthy cause Examine
therefore carefully into the condition
of the cooperative effort in each State
before considering a National plan
and should you decide to adopt one,
leave no possible chance for a failure.
Do this by prohibiting it from under
taking more than it can surely accom-
plish and do not place a responsibility
without bestowing power to dis
charge it.
Your attention is called to the re-
cent troubles in regard to a combina-
ton in
COTTON BAGGING.
There seems no good reason why
iute butts from Calcutta should be
the only substance used to wrap the
cotton crop. The effort, however, to
use burlaps or corn husks as a substi-
tute, seems to be a failure, but a bag
ging made of cotton is now by many
regarded as a success in every way
except price. If this body could take
steps toward inducing the British
purchaser to abolish his custom of
docking American cotton six per cent.
for the bagging, provided it was
wrapped i'll good substantial bagging
made of cotton, it would seem to
solve the question entirely. Perhaps
the true solution would be to establish
the cotton mills in the cotton-growing
district; but that will take time, effort
and changes in many present customs
laws and conditions. One of the most
important inducements to manufac-
turers is cheap money, and one of the
greatest aids to cheap money are in
surance companies; they control vast
sums, that for absolutely safe invest
ment, is content with low rate of in
terest, and interest on the money in
vested in a plant of three or four mil
lions is of more Importance than the
freights on the cotton or coal they use.
Cheap money will have to be secured
before many factories are located.
The Importance of an Alliance
INSURANCE COMPANY,
therefore, are not to be overlooked.
From the moment the farmer sells his
bale of cotton, it is not only insured,