The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1893-07-28
! N0Es NXXI.---NEW SERIES.

Nv """ iauSh sucn lueas and propo-
sitions to scorn, condemn them as
visionary" and ''socialstic," therefore
any community 10 the cotton states con-
templating any thing of the kind, it will
DC nothing wrong for them to study and
discuss the minute details in the matter.
before embarking "there's millions in it,,
for the people If 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.
pie to rely upon their own resources,
with an aim to get rid Of the great mon
ster "Devil Fish" interest.
After the work of town and county
ctory was we'll un lcr way the who'e
scrip or certificate, Of stock that had
been asked fo7 and granted in the charter
could be issued. Then the duty of all
the prominent business men would bo to
get that script in circulation. The mer-
chauts or the town could and should plu
little freer on the load of cotton or other
produce belonging to the farmer that did
not hesitate to take part of his pay in
factory stock. The supcrint; ndent of
the working fore, when finding it neccs-
sarJ to reduce that force, would find it to
be tmncntly proper, ali else being equ,i,
to hold on to those hands that werc in
the habit of practicing economy 50 as to
enable them to carry and have some
scrip or stock on hand the day that
qua tcly dividend is declared. Prop rly
begun and managed the stock of the
towns cotton gin, oil mill and factory,
would 20 from hand to hand paying
Thousands 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 it 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 10 per
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
a 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 elums 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
nine -tenths of all the business in the
country is done with paper, then why
cannot the county's town and her own
people trust themselves, use their own
credit without paying interest on it, build
up their own manufacturing enterprise,
be independent and collectively free
people.
Certificates of stock in the towns
cotton factory, would, like the nimble
sixpencc, 60 from hand to hand doing an
immense amount of business that could
possibly he done in no other way, paying
thousands of dollars debt that could
never have been paid and would have
eventually wrought the ruin of both
d,btor and creditor. "Many would refuse
to accept factory stock in payment for a
d,bt." So they might aud there should
be an ample reserve fund slowed away
in some bank to meet such emergencies.
After the concern begin to pay divi.
dend, then people would incline to hold
the stock and its circulation would
entirely cease il the dividend amounted
to as much as the legal rate of interest.
In that case it would be somewhat un.
fortunate for the county to lose so to
100, 900 dollars circulation that the scrip
afforded, but If it had served its time and
answered the double purpose of supply.
ing the people with a circulating medium
as well as uildirg up their factory, II
could well afford to retire to the vaults
Of its owners and only see the light when
dividend was declared. BY that time
the people might be able to take care Of
themselves so far as circulation medium
was concerned. In conclusion what in.
dustry pays best iu the south2 Answer,
manufacturing cotton. The iron and
steel industry may pay best on paper,
but I doubt II any single one panned out
dividend OF 42 per cent. in 1892. Might
it not be possible that cotton will regain
in the future what il has lost in the past,