8z6 THE POPULAR SCIENCE MONTHLY. 



While the circulars were condemned by a few conservative spir- 

 its, and were subsequently regretted, probably, by all reasonable 

 men in the order, at that time they were not publicly disputed 

 except by outside parties. "The Texas Farmer," organ of the 

 Texas State Grange, went to the trouble of interviewing promi- 

 nent bankers and business men in Dallas, who uniformly denied 

 the existence of any such combination, and affirmed their good- 

 will for the Exchange, attributing its failure to lack of busi- 

 ness management. From the publication of these circulars, in 

 May, to the 9th of June, the Alliance was in a state of violent ex- 

 citement. In addition to the circulars and other publications, 

 lecturers covered the entire State, and, by every possible argu- 

 ment and appeal, urged the members to take stock and save the 

 business from final ruin. The effect was to raise only little less 

 than $30,000, though subsequent fruits of the same canvass in- 

 creased that amount to nearly $50,000. The statement for June 

 shows a total capital invested of $56,409.26. 



This call on the 9th of June, 1888, which became a memorable 

 day in Alliance history, forcibly illustrates the weakness of such 

 financial schemes as depend on popular subscriptions, or per 

 capita assessments, with no other power of collection than the 

 force of fraternal obligation. The membership of the Alliance 

 in Texas had been frequently estimated by Alliance speakers and 

 writers at 250,000, though it probably never reached more than 

 half that number if more, it all the more strongly illustrates 

 the point. In speaking of the resources of the Alliance business, 

 it was common with leaders to say that unlimited sums could be 

 raised on call. For instance, an assessment of one dollar per 

 capita would bring in, within thirty days, $125,000 (or $250,000, 

 according to the highest estimate of membership). Here was a 

 case of prime importance in which it was urged that not only 

 the salvation of the business but the freedom of the farmer was 

 at stake, and yet the total subscriptions, first and last, did not 

 exceed $50,000. 



Notwithstanding the disaster impending in the early spring, 

 the board of directors at their March meeting entered into a con- 

 tract for a building, to cost $34,117, which was in due time com- 

 pleted, though never one fourth paid for, and in April opened 

 a branch Exchange in Belton, Texas. The Belton business re- 

 ceived substantial inducements from citizens amounting to about 

 $10,000. 



It is unnecessary to further follow the business in detail. The 

 June rally failed to raise the needful amount of funds to make the 

 Exchange easy. Extensions were secured from time to time, and 

 efforts were constantly made to raise the capital stock, but without 

 material success. The Exchange never recovered from the wild 



