The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1897-07-13
rHR BUSINESS AGENCY FUND.

20 the R1GnG 60 Use IL IN the SnoG rae
tory or for Other Purpose Than Pre-
scribed at It's Collection
SECTION 6 Originally adopted 1889.
The Business Agency Fund shall be
managed by the Executive Committee
the State Alliance. No portion OF it
shall be used In the business OF the
Business Agency, unless required to
settle the contracts of the Agent, made
in conformity to regulations OF the
Executive Committee, and when any
portion is so used all money received
from the of such 8 shall be re-
turned to the Fund.
Proceedings of Alliance at Asheville.
1890 D. 81, Report of Committee on
Business Agency and Exchange which
was adopted.
WHEREAS, The State Business Agency
Fund was raised for the purpose of
giving the Agency a credit-in other
words, the Funp vas paid In the hands
of q trustee for the sole purpose Of pro
tecting creditors against loss by reason
Of Alliances failing to meet their obi
cations; and, whereas, the State Bust
ness Agency has no money to use in
buying for spot cash, etc., goes on to
provide for a Spot Cash Fund.
At Morehead City, in 1891, Section
ID, was stricken out of the original
draft and the following inserted in the
Business Agency Fund article:
SECTION IL. In case it becomes nee
essary to use any of use any of said
fund in the State Business Agency, the
State Agent shall report to the Trustee
the amount, or amounts, necessary,
stating cause of indebtedness in each
case. If the Trustee approves the
same, he shall forward the State
Business Agent money sufficient to
settle the same, but he shall pay no &C
count where goods may have been sold
without the State Business Agent hav-
ing first received a certificate of the
Of the justified bond of the Business
Agent purchasing, with name Of surf.
ties, and which the State Business
Agent shall keep fled in his Office. The
State Business Agent shall Immediately
proceed to collect such account, or &C.
counts, and refund the money to the
Trustee to be replaced to the fund.
When there are disputes as to &C.
counts between the State Business
Agent for whom the goods are pur-
chased, the matter shall be referred
to Trustee with the right of appeal to
the Executive Committee of the State
Alliance. The Trustee shall report to
the Executive Committee all accounts
paid on account Of State Business
Agent; amounts refunded by said
said Business Agent and all losses to
the fund on account of State Business
Agent, which losses shall be subject
to approval of the Executive Commit
tee. (This is incorrectly printed in
Constitution since 1890.
In 1891, by order of the Executive
Committee, deposited 800, 900 in North
Carolina 4 per cent. bonds in the Citi
zsns National Bank of Raleigh to pro
tect the o~verdrafts and accounts of the
State Business Agent.
In February, 1898, the Legislature
amended III charter, as is generally
known, and it is not deemed necessary
to state 10 detail O1e item was the
permission Of those who had contribu-
ted to the fund to have their money
refunded upon application.
At the meeting in Greensboro, in
1898 the following resolution vas n
imously adopted:
Resolved, That the Executive Com.
mittee of the North Carolina Farmers
State Alliance has never had nor shall
have the power to apply the fund now
in the hand of the Trustee of the Bust
ness Agency to any other purpose than
to the payment of losses in accordance
with the original intention in the estab
lishment Of the fund and in compli.
anc with the charter passed by the
last Legislature, but that this resolu
ton shall not prevent the deposit of
bonds to secure overdrafts Of the Bust
ness Agent.
At Greensboro, in 1894, a plan for an
Alliance Manufacturing Company was
adopted, but no reference to the fund.
At Gary, in 1895, a plan of organiza-
ton of shoe factory was adopted and
the Executive Committee directed to
procure a charter, but this was to be
opersted by its own fund-no connec-
ton with the Business Agency Fund.
The questions now being discussed in
the Alliance is
1. Tne power of the Executive Com.
mittee or the Alliance to use the Bust