358 HISTORICAL AND POLITICAL. 



tended to produce co-operation in county efforts, but the establishment 

 of a State agency was calculated to secure co-operation between the 

 counties in a State effort. C. W. Macune of Milam County was chosen 

 by the Executive Committee to fill the important position of State agent, 

 and to deidse and put into active operation co-operation between the 

 counties.'* He received the appointment about March i, 1887, and 

 immediately issued a circular letter to the different County Alliances, 

 calling on them to select a county business agent, place him under bond, 

 provide for his expenses, and empower him to represent the county 

 business effort He then visited Boston and Fall River, to try to make 

 arrangements for the sale of the next cotton crop. It was found that 

 the agency could handle cotton and sell direct to the factories, provided 

 it had sufficient capital behind it to be responsible for its contracts. 

 This was reported to the State Alliance, which convened in August of 

 that year, and was one of the causes that led to the formation of the 

 State Exchange. 



After the report of the State business agent was received by the State 

 Alliance of Texas, in 1887, the following action was taken, authorizing 

 the establishment of the Farmers' Alliance Exchange of Texas. 



Committee on Dr. Macune's plan of the Alliance Exchange was com- 

 posed of the following gentlemen : Harrison, McLellan County ; Mathes, 

 Coryell County ; Rogers, Anderson County ; Cagle, Montague County ; 

 Eddie man, Denton County ; Binford, Kaufman County ; who reported 

 as follows : 



" BY-LAWS. 



"This corporation shall be known as THE FARMERS' ALLIANCE EXCHANGE OF 

 TEXAS. 



" The object of this corporation is to negotiate the sale of the cotton and other 

 products, and stock, and such other property, personal, real, or mixed, as may be 

 desired by the members of the Farmers' State Alliance of Texas; also, the purchase 

 of all such commodities, machinery, and other things as may be desired; also, to erect 

 suitable buildings, storehouses, and appliances for conducting such business, and 

 furnishing the necessary hall room and offices for the officers of the said Farmers' 

 State Alliance, and such other purposes as may be desired by the said order. 



"The capital stock of this corporation shall be $500,000, divided into twenty-five 

 shares of $20,000 each, and one-tenth of one per cent shall be paid on the subscrip- 

 tion of the stock. The twenty-five stockholders of this corporation shall be elected 

 by the Farmers' State Alliance of Texas, as follows : At this present August session 

 of said State Alliance, of 1887, there shall be two elected from each congressional 

 district in the State, and three from the State at large; and immediately after elec- 

 tion, their names shall be placed in a hat and drawn one at a time : the first nine 

 drawn shall hold office one year, the next eight shall hold office two years, and the 

 last eight shall hold office for three years; and the term of office for each stockholder 



