The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1891-08-14
Nv1 FUR 77hTEfEs IN s"ifI7 inU7NDnhD
THOUSAND.

,ngt lIUsSs -sss-.sas>~a-leHr lnrec uaya. The
Z iSpt onel Cordage Company is said to have
/. .Sotel the bill.
The shemc which Balch aud Wilson
launched upon the meeting was for
national organization of Alliance stores and
exchanges throughout the country, with II
national hcadu quarters in this city, principal
brauch establishment in Chicago, State CEN
trail exchanges in every State, district organ
izalions in every Congressional district and
county, and city exchanges wherever feasible.
The object wa' to control the trade of the
Alliance members, selling to them, on the
co operative plan through the local cx-
change, everything they should ever wish
to buy at slight advance !on the wholesale
price; the head office I" pay for the
mcrchandi,c; to handle the surplus product
OF the farms for the farmers, and to act rs
bankc!S for them whenever desired.
The branch headquarters ut Chicago were
designed ns man source "f supply for
pork, lara, flour and other provisions. and
for some kind OF agricultural implements,
wagons and furniture. F,om New York, cr
through the main agency there. it was
oes,gnco TO make all necessary purchases in
wholesale way, OF machinery, boots aud
shoes, clo!hing, hats and caps, sewing
machines, harness. carpets, oi cloths, fcrti-
li2rrs, hardware, dry goods. medicines, wea
pons, books. and such Other s'uW a. ,uui,i
not be obtaned u gic,tcr advantage else
where.
Bat lis gigantic shcn, could not DC float
CT wi h)ut substantial capital and co-opcra.
tion OF the members of the Alliance. The
National Cordagc Company stood ready,
provided it was given exclusive privileges
i'll tie supply OF cotton hagciug and binder
twint TO the Alliance exchanges, TO lend sub
Stantiil financial assistance TO the scheme
and Somc of the promoters, were very ready
TO accept It's proposition. But Colonel Peek
of Gc .rgia, refused TO countcnancc any such
irol-clal asccmcnt. lie was willing To ar.
range with the Twiue Trust 10 pay its own
price lprsuch OF its cotton bIggiug and tw!nc
rs ;he members AMI exchanges might want;
but he had recently investigated new kind
of cotton basging of which he thought vciy
favorable, an he did not propose to b, bound
so tina. he cou!d not buy some if he wanted to
Enough of the others joined him to prcvcn,
the COnsummation of the little SlO,U0O,OUC
scheme OF the Twinc Trust. Finally ii was
proposed 70 effect corporate organization
under rs favorable legal conditions as could
be obaincd-and the New Jersey law
regarding corporations was considered quite
sufficiently accommodating nomiua
capital Of at least :lO,OOO,O00. system Of
preferred proprietary shares was to be
provided, the shares Of this class TO be ap-
to bc Gonasscssable, pald up and cvcras ing
These shares only should be represented i'll
the governing organizations. Then there was
TO JC an i5sIc "i common shares, WI ch
sh uli he open to subscription Icy the local
exchanges and their iudiviIual members
upon which the directors shouli levy
assessments as necessary, in or Ter TO provide
funds ior the trausGCtion o! business of the
central exchange. But the holders should
be entitled TO no share of the govcrnmc t
of the institution
The shemc as set forth was generally
acceptable, and some OF the promoters were
for having it Immediately approved and put
in operation; but Colonel Peek and Messl
summary preceding. They were AZ.
plrcntly unable 10 satisfy themselves Of III,
wisdom OF the scheme and would not consent
t. have anything to do with it until il h,d
received the approval of the Alliance
through its var!o95 channels of expression
Accordingly the scheme was formulated
In glowing prosl ec,us, in which the name
oil the Institution was quoted as the National