CO-OPERATION. 17 



Occasions for Credit. — One wants to lay in his winter's coal, one 

 to pay his taxes, one to release a sewing machine from. pawn, one 

 to pay a doctor's bill, another to buy stock to which to feed his 

 surplus corn. You may say these occasions lor credit grew out of 

 old conditions. But this does not obviate the necessity for their 

 relief. These parties, being of difierent employments, may be able 

 to balance these exchanges, or nearly so, on book account, and so 

 require but little money except for the purpose of making 'change.' 



Object. — But the primary object of this credit mobilier is to move 

 one man's stock for another's coal, without intei-est, and to utilize 

 the old currency, in paying off it.s interest bearing debts. 



Method. — And to do so, we appoint a broker, to break up the far- 

 mer's property, and under a general mortgage deed, as secui-ity, to 

 issue several little, transferable ones, of different denominations. 

 After the deed of trust has been made out, for the purposes stated, 

 the broker turns engraver and with his pen, on the spot, writes out 

 the scrip, for the farmer to sign, and the thing is done.* 



System.~Bnt, uniformity of method as to security, length of 

 loans &c. will now be needed. We should say that one half of the 

 assessed value of improved real estate, for the last tc7i years, would 

 allow sufficient security, for a year's loan ; and that an elevator, or 

 warehouse receipt on grain &c. would serve as security for ninety 

 days. Of course, through endorsement, other security could bo 

 rendered available. The individuality of function, and the volun- 

 tary independence of each individual should be preserved. Co-oper- 

 ators cannot become incorporated, except as they do it themselves, 

 through their right of private contract. Then, if they are sued, it 

 will be as individuals. However, this does not prevent them all 

 from enlisting in the defense. Neither is it incompatible with a 

 mutual contract to be severally responsible, in the form of insurance, 

 for the unavoidable shortcomings of each. This would constitute 

 a local solidarity of security. 



National Association. —Now if these local associations should 

 agree, for facility of exchange among themselves, to issue ten per 

 cent, on these local securities we should have a national currency. 

 And if, as with the local solidarity, the whole should agree to be re- 

 sponsible for the failure of any separate association, we would then 

 have a national solidarity of credit, the most solvent imaginable. 

 But, before then, through letters of credit, bills of lading, commer- 

 cial reports, the telegraph, in conjunction with our stores and pur- 

 chasing syndicate, a national clearance can easily be effected. 



* We purpose to be here a little flippant, to divest this 'ransaction of Its mystery. 



