The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1893-07-28
V9L.sExxI.---NEW SERIES. /,

sreer at and laugh such ideas and propo-
sitions to scorn, condemn them n.
visionary" and ''socialistic," therefore
any community in the cotton states con-
templating any thing of the kind, it will
be nothing wrong for them to study and
discuss the minute details in the matter,
before embarking ''there's millions in it"
for the people il they but knew it and
would tx rcis due caution and wisdom
when they attempt to get it out. A
majority Of the monied class will fight
! any such undertaking to the bitter end
because it would b, an effort of the peo-
rle to rely upon their own resources,
with an aim to get rid of the great mon
ster "Dcvil Fish" interest.
After the work of town and county
t ctory was well un ler way the who'e
scrip or certificate, Of stock that had
been asked for and granted in the charter
could be issued. Then the duty of all
the prominent business men would be to
get that script in circulation. The mer-
chauts or the town could and should plu
| a little freer on the load of cotton OR other
produce belonging to the farmer that lid
not hesitate to take part of his pay III
factory stock. The supcrint; ndent of
the working fore, when finding it neccs-
| sary to reduce that force, would find it to
be tmncntly proper, all else being. equll,
M hold f,> thNoo hopIo tlot in,
the habit of practicing economy So as to
enable them to carry and have some
scrip or stock on hand the day that
qua: tcly dividend is declared. Prop rly
DO, un and managed the stock of the
| towns cotton gin, oil mill and factory,
would go from hand to hand paying
til ,uslnds Of dollars debt, otherwise do
ing god service everytime it changed
hands; thereby adding immensely to tn,
scant circulation of that community.
Ubjoctors would cl i'm that you could
not make factory stock take the place Of
money with ut paying the United States
| 10 per cent tax. Wisdom and prudence
would dictate that 1t would not be safe
policy to let the script circulation pre-
ciscly like money if even it were lawful to
do, but it could without paying to 1Opcr
cent, be transferred from one hand to
another by the owners signature on the
back, that is done thousands of time,
daily with impunity and by such means
business can be done in the face of almost
perpetual money panic.
Such plan as that outlined above,
have not the slightest doubt, will seem
visionary" to some whose selfish inter
ests arc always foremost, but with all the
opposition, it is desired to encounter, it
is one road that leads from the slums of
industrial slavery, bonds, mortgages and
interest to independence, liberty and
prosperity.
After all that has ever been, ever will,
or can be said about money, gold, silver,
treasury or national bank notes, the
great bulk of the business, as has been
stated is done with paper or trust. Ii
ninct ten;hs OF all the business in the
country is done with paper, then why
cannot the county's town and her own
people trust themselv S, use their own
credit without paying interest on it, build
up their own manufacturing enterprise,
be independent and collectively free
people.
Certific .tcs of t-ck in the towns
Gotten factcry, would, like thc nimble
sixpencc, 60 fcom hand to hand doing an
immense amount of business that could
possibly lie done i'll no other way, paying
thousands of dollars debt that could
never have been paid and would have
eventually wrought the ruin of both
d tbtor and creditor. "Many would refuse
to accept factory stock in payment for q
debt" So they might and there should
be an ample reserve fund slowed away
in some bank to meet such emergencies.
After the concern begin to pay divi-
dead, then people would incline to hold
the stock and its circulation would
entirely cease If the dividend amounted
| to as much as the legal rate Of interest.
In that case it would be somewhat un-
fortunate for the county 10 lose so to
100, coo dollars circulation that the scrip
afforded, but if it had served its time and
answered the double purpose OF supply.
ing the people With circulating medium
as well as uildi up their factory, it
| could well afford to retire to the vaults
Of its owners and only see the light when
a dividend was declared. BY that time
the people might be able to take care of
themselves so far as q circulation medium
was concerned. In conclusion what in
dustry pays best in the south2 Answer,
manufacturing cotton. The iron and
steel industry may pay best on paper,
but doubt if any single one panned out
a dividend Of AZ per cent. in 1892. Might
| it not be possible that cotton will regain
! in the future what it has lost in the past,