The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1891-01-16
THE STATE ALLIANCE BANK.
To the Members Of the Farmers Alliance Of
South Carolina:

Columbia and In connection iherewrh TO es-
tsblish n Farmers Alliance Bank.
After careful consideration and thorough
investigation Of the plan under mhphe
State Exchange was organized u mas
decided that there is nothing ia said plsp,
autagonisiic 10 investing the capital STOCK ~
n bank to be controlled and used in connccs
tion herewith.
ARRANGEMENTS have been made to sPp'y
for charter for the bank, and so open
! hooks OF subscr;ption-isxe-t what i,s name
II ia III. ;-~-rurmers' Alliance Bank, to be
~cwned And controlled by the members of the
Farmers Alliance, with the understanding
that the Exchange is TO have n controlling
interest. All individual members of the
Alliance, Abe State Alliance and County Al
liauees, in possession Of surplus funds, are
asked, and even urged, TO subscribe to its
capita! stock.
Az meeting Of the trustees. .ockholders
held in the city Of Columb n, on the 9th and
1l'h instant, the undersigned were appoint
ed II oommiitee to issue an aidres, 10 the
Alliance membership calling their att ention
10 the facts stated and to urge upon Them
the prompt payment Of the balance of stock
duo the State Exchange.
The State Exchange was organized under
most disoouraging circumstances. Only
one-fourth of the subrcribed st ok was called
for. and this cculi not be used on'y rs q
basis of commercial rating. The board OF
directors were Instructed TO begin business
and thus enter the C mmercal fe,d in which
there is much ability, experience and sharp
competition, and this without n dollar sa,e a
small amount rs interest en- that part Of stock
paid in.
Everything was new and untre ed Oppo-
sition met them 1T every turn. Wholesale
dealers and manufacturers regarded the
movement in its proper light as an expert
ment and acted toward it accordingly. The
days were dark, as we'll as the nights, and
o1imes it seemed rs though the enterprise
would have to be abandoned. Expenses
aud debts accumulated day after day and it
seemed almo,t impt ssihle nt one time that
we should ever be able to meet our obliga-
tions. We thought seriously Of asking The
State Al lance to help us over our financial
difficulties
But during all these dark days there was
one thought that insl ired US. 1t was the
faith We had in the loyalty OF the Alliance
membership which was sheet anchor TO
our hearts. This gave hope and promises
of brighter future. That future came aud
with it came light and joy. All is now
bright before us The hardest battles have
been fought, the darkest days have passei
away and that some loyalty to this good
cause o" tho Purr Of me membership of the
tllancc VIII, We believe, make the Exchange
what 1t IS INTENDED to be, a means of saving
to every Alli'ncc man some Of the profits
on articles produced and sold by him, of
eheapening a. 'ticles pn. chased by him, and
Of re iucing tie rate of interest on money
borrowed by him.
Let each member Ofths Alliance in paying
his dues to the Exchange take into the ac-
count the probable and possible benefits to
accrue TO him in this business, and SEQ if it
does not promise to be the best investment
made by him. Much credit is due the State
manager for the success attained by the Ex-
change. In fact he has done the hardest
work and has come into direct contact with
the many difficulties and great opposition to
the enterprise. Leaving his own business, |
and with salary contingent on the success |
of TIE work he 10 deserving of the confidence |
and esteem of every Alliance man in the |
"iato. iho business is growing, and our i
manager with those Of other States are now
arrunglhg TO act together or in concert with
eash other whenever this can be done advau-
iageously to the Alliance membership.
What power and influence is this for the
elevation, training AMI financial success Of
the farmers Of our coun'ry. Let US see to
1t that our Exchange S al not be behind
others.
With tho IS per cent Of unpaid stock to
the Exchange, and with a subscription from
other sub-Aliances which have not as vet
subscribed, the State Exchange can put into
the bank tifty-ive or sixty thousand dollars
and the capital stock of said bank from its
individual Alliance subscription. with what
County Alliances and State Alliances may
do, can easily be run to one hundred tbous- |
and dollars. Now stop, to think what q
vast banking business can be run on such a
capita, and Whit power this will be in
promoting, directly and indirectly, the inter
ests OF the farmers Of the State.
The State Exchange mu.t bave salaried
officers and employees to do its work.
Every bank must have the same ; throw
these institutions together ana place them 10
q large measure under the same manage
ment, and see how economically and with |
what great saving Of monoy the work can be |
done Is there anything to keep the Farm |
ers Alliance of the Site Of South Carolina |
from 'aving money in managing for them
selves an Exchange and Bank, two lines Of |
business in which SO many others make
themselves fortunes?
The trustee stockholders of, the Exchange
will meet in Columbia on the 28th of next
January to perfect arrangements for estab-
fishing the Farmers Alliance Bank, and it
IS OF vital importance that every cent of sub |
scribed stock should te paid in on or before |
that time. Brethren, the successful opera |
'ioii Va 'ho otbo isACueukC VI tuo FuTlUcTS
Alliance of South Carolina depends in n |
great measure upon the prompt payment of
this stock. Can we not hope that this will
be done, and that other sub-Alliances who
have done nothing in this direction will in
like manner send in their subscriptions!
The State Exchange, desiring to be just
to sub-Alliauces in this connection, at its
meeting in Columbia unanimously adopted
the following resolutions
Resoiped, That sub-Alliances which have
subscribed two or more shares of stock to
the State Exchange and have paid part of !
the same, and have since making such pay
meut been reduced in membership below the |
constitutional number upon which said sub |
scription was based that all sub-Alliances |
shall have the benefit of such reduction in |
membership and receive credit from the /
State Exchange on their stock for any [
amount thus overpaid.
AT the meeting to be held on the 2Sth of |
January, 1891, not only will the banking