THE IMPORTANCE OF THE FARM 



dollars. It is especially provided in their gov- 

 erning rules that "no shareholder shall sign 

 any bond, or sign, endorse, or guarantee any 

 note, bill, draft, or contract, or in any way 

 assume any liability, verbal or written, for the 

 benefit or security of any person, without the 

 written consent of a majority of the directors.'' 

 None of the funds may be loaned, under any 

 circumstances, to anybody. There is no accu- 

 mulation of tempting surpluses. The farmer 

 is paid for his produce at the highest market 

 price. He buys his supplies at wholesale, — 

 flour, provisions, dry goods, a piano, what 

 not, — plus four per cent added to cover 

 expenses. 



The firm is now doing a business of nearly, 

 or quite, one million of dollars a year ; it has 

 never had more than twenty-five thousand 

 dollars capital ; its running expenses, including 

 salaries, average less than four thousand dollars 

 a year ; there are no defalcations, first, because 

 of honesty, and second, because no surplus 

 ever accumulates, the profits being distributed 

 month by month. I question whether there is 

 another firm in America, or in the world, for 

 that matter, that can show such a volume of 



371 



