Mississippi leader. (Jackson, Miss.) 1892-1895, 1892-01-21

ly fail in their undertakings and make
of the enterprise. Judge l..
q. G.. Lamar. great and wise man as he
is, could not successfully run saw
mill. because he has not the training
and experience needful to success in
such an enterprise. President Harrison
would utterly fell as q farmer, because
he has no training or tact in that bIsi-
ness. For the same reason thc"Alliance
Exchange Stock Committee" was COM
plete failure. Entertaining only the
kindliest and most brothCrly personal
feelings for those who composed that
important committee. we feel impelled
to say that the evidence clearly shows
that they are more responsible for the
loss sustained in the failure of the "EX-
change" than any others officially CON
nected with the business 1t was their
duty to keep the Board of Directors
thoroughly informed as to the status
of the business. This, for the reasons
stated, they failed to do The testi-
mony shows that these two men only
consumed from two to three days
monthly, taking stock" and ascertain
ing the condition of the business.
When the Assignee took charge of the
same business, with depleted stock. it
required ten days hard work, with
closed doors. for three men lone of
them an EXPERT TO take stock" or
make an inventory of the goods. Mr..
Sherman testified that it was an impos-
sibility for two men, even experts, to
have done i'll ten days, with closed
doors, and no Interruptions, what they
did in two to three days, with open
doors and very frequent Interruptions
Moreover, the"Stock Committee"could
gain no ideas of the condition of the
business from the books. They should
have reported this fact to the Directors,
but there is no evidence that they did
this, or that they ever even discovered
that the books were not reliable. The
stock Committee" reported the bus
mess in goodcondition and increasing
up to within a month of the assign
ment, when, in a point of fact, the
business had been losing for months.
and every day was bringing it nearer
the crash, but the committee. according
to its own reports, did not know it,
The members of the stock commit
tee 81. w. Boone and l.. n, Russelll and
L. S. Gotten, manager, and p. L. Byrne,
| boOkkeeper, are, in our judgment.
censurable only for undertaking to fill
positions for which they were untitled.
as shown by all the testimony in this
case. We offer in all earnestness and
kindness this suggestion: Let Alliance
men, under no circumstances, put or
help to put in any position man. who
is not thoroughly fitted for it. If this
modest suggestion is needed i'll the flu
ture, we will relieve our great organi-
cation of vast deal of reprOach and
odium.
2. While most Alliance people regard.
now, the Inauguration of the Alliance
Exchange" as an unmitigated calamity.
because all the capital invested was
lost, we are prepared to say. in all can
dor, that the Alliance, financially. and
the people generally. are largely ahead.
though the Exchange did fail. The
existence of the Exchange reduced.
materially, the price on almost every
line of goods. in BrOokhaVen, and the
consumers were, by hundreds and
thousands of dollars. the gamers there
by. Those who held stock in the Elk
change, many of them at least, more
than got the amount of their invest
ment back in the reduced price of
goods, and those who failed in this.
may well feel compensated by the con
scienceness Of having made substan-
tial contribution to the public good
That 53,982.47 capital of the Alliance
Exchange was the most helpful hnan-
cial contribution to the public good
ever made by any class of citizens of
Lincoln county.
We mention another matter of no
small consideration and it is this
Even during it's short life. the Elk
change served to post and put on lines
of investigation, as to business and
goods and prices thereof, the farmers
of this and adjoining counties, which
cannot fail to result in saving to their
pockets hundreds and thousands of
dollars as the years go by. Those who
are wise will perpetuate this result and
transmit it to their children, as a valu-
able legacy.
Respectfully,
j. II. GAMBRELL. Chm.
W. G. BEACHAM,
b. I. HOBBS.