The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1891-07-23
THE NEWBERRY NEWS THURSDAY, JULY 23

But this gigantic scheme could not
be fioated without substantial capital
and without the general acceptance
and cooperation of the members of the
Alliance. The National Cordage COM
pany stood ready, provided it was
given exclusive privileges in the sup
ply of cotton bagging and binder twine
to the Alliance exchanges, to lend SUBJ
stantial financial assistance to the
scheme, and some Of the promoters
were very ready to accept its PROPOSE
ton. Bnt Colonel Peck, of Georgia,
refused to countenance any such iron
clad agreement. He was willing to
arrange with the Twine Trust to pay
its own price for such of its cotton
bagging and twine as the members
and exchanges might want but he
had recently investigated a new kind
of cotton bagging Of which be thought
very favorably, and he not propose to
be bound so that he could not buy some
If he wanted to. Enough of the others
joined him to prevent the consumma-
ton of the little $100OO,0O0 scheme of
the Twine Trust. Finally it was pro-
posed to effect corporate organization
under as favorable legal conditions as
could be obtained-and the New Jer-
sey law regarding corporations was
considered quite sufficiently accom-
nlodating-with a nominal capital of
at least Sl0,0OO,00O, A system of pre-
ferred proprietary shares Of this class
to be apportioned among the present
promoters, and to be nonassesaole, paid
up and everlasting. These shares only
should be represented in the governing
organizations. Then there was to he
an issue of common shares. which
should be open to subscription by the
local exchanges and their Individual
members, upon which the directors
should levy assessments as necessary
in order to provide funds for the trans
action Of business of the central ex-
change But the holders should be
entitled to TO share of the government
Of the institution.
THE PLAN TO BE PUSHED.
The scheme as set forth was gen.
orally acceptable, and some of the pro-
moters were for having it Immediately
approved and put in operation but
Colonel Peck and Messrs. Gowan and
Garther were opposed to sucn sum-
mary proceeding. They were appar-
emily unable to satisfy themselves of
the wisdom of the scheme and would
not consent to have anything to do
with it until it had received the ap-
proval of the Alliance through its
various channels of expression.
Accordingly the scheme was formu-
lated in glowing prospectus, in which
the name of the institution was quoted
as the National Alliance Union and
resolutions were adopted calling upon
the State exchanges to submit the
scheme to the judgment of their subor-
dinate district and county exchanges.
The resolutions further provide that if,
and when a sufficient number of
the subordinate exchanges, speaking
through their respective State ex-
changes, approve the plan, the chair
man of the South Beach meeting shall
issue call for national convention of
State delegates to consider and form
ulate and finally adopt and organize
the scheme. Secret circulars to this
effect have been sent to the State ex-
changes of every State where there is
one to be found. The district treas
urers are being quietly educated to the
plan and will presently 90 out among
the alliances to boom it along.
Alluring promises of cheap prices to
the farmer, high prices for his produce
and long dividends on the shares will
be expected to buy, to provide "work-
ing capitaW for the proprietary share
holders, will be the inducements held
out to him.