The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1894-08-14
NATIONAL COOPERATIVE ASSO-
CATION PROSPECTUS.

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every consideration of our material
welfare is embraced by the problems
of production" and distribution"
Further, that as we are compelled
to look to the soil as the source of all
wealth. the Gland question" is the same
as, and involves all problems of pro-
duction. Again, that until our present
system of land tenure is altered by
legislation, all that is possible for
patriots to accomplish in the way of
land reform will be through educa-
tional methods, the land being limited
in amount, and every acre subject to
public or private title, and consequent,
~ monopoly and speculation.
The money question" however, it
is contended will be found upon close
examination to embrace all the prob
lens of distribution, including trans
portation and the transmission of intel
ligence, and occupies a very different
position. Money monopoly is only
possible by restricting the volume of
currency, the object of which is usury
and the arbitrary raising and lower
ing of prices, causing panics, strikes,
and widespread misery and disturb
ance.
Usury, however, is chief among the
awful burdens that have been placed
upon the shoulders of labor and consti-
tutes a barrier to progress which many
ardent reformers even do not fully ap-
preciate, constituting, as it does, a
physical impossibility for labor to bat
tie with. Labor never has paid, eve
can pay, cumulative interest.
Now, as but a small percentage of
our wealth and labor is changing hands
at one time, if that percentage be rep
resented by currency it is s~elf-evident
that our exchanges would be on a
strictly cash basis, labor become en-
tirely free (n so far as distribution is
%concerned) and restriction of the Cir
culating medium a ching Of the past.
Go day less than one per cent. of our
assessed values is represented by cur
rency.)
1t is proposed then to organize the
National Cooperative Association, the
objects of which are briefly as follows:
The Association shall establish a
bank in each State and in each county
as soon as it has secured a sufficiently
large membership, said banks to con-
duct a general banking business and
operate under State laws. These banks
shall issue credits which shall be amply
secured with such collateral az State,
county and municipal bonds, and also
upon private notes secured by first
mortgages of real estate to the amount
of at least two hundred per cent. They
shall also issue credits upon works of
a public character undertaken by the
Association, or any other SO called i'm
perishable security whenever called
upon by members Of the Association
to dose.
Credits so obtained will be subjectto
check the came as ordinary deposits,
and said checks will be receivable by
members as currency, and by the banks
on deposits only.
Credits shall be issued at the cost of
obtaining security, examining titles,
etc., and all questions of interest would
be relegated to a dark and would be-
forgotten past, as the deviltry of ban
dts and the burden of slaves.
Not being sustained by a nj tbical
basis" or issued over and over again
upon a single deposit, confidence" in
the bank would not be such a promi-
nent requisite as it has been, while
paper would become a relic of a semi
barbarism.
Whenever national or other wealth
might be found upon which to expend
labor, there also would be found a
basis for credit and currency to repre-
sent it, thus giving to labor not only
constant employment, but insuring
for it a demand even greater than the
supply-(until we begin to feel the
stress of land monopoly Wages and
profits would then come naturally
under the law of supply and demand,
and competition be a blessing instead
of a curse.
The Association would also under
take the construction and operation OF
public works of a public character,
maintaining and operating such works
for the public benefit at cost.
1t might also see fit to assist in the
establishment of such enterprises as
the manufacture of steel rails, and
other utilities of a semi public charac