206 THE FARMER AS A COOPERATOR. 



tliin^-s through other sources than their own experience. 

 Tliey must obtain and profit by the experience of others. 

 The object of these cliapters is to set forth the most important 

 ihings to be considered in establisliing cooperative enterprises 

 :iii(l the most convenient methods of procedure both in 

 t'stablishing and conducting them. 



Those characteristics of a person which are peculiar to 

 himself as distinguished from the qualities and nature of 

 mankind of his country and race are called his "j)ersonal 

 equation." As these personal characteristics must be con- 

 stantly taken into account in considering the probabilities of 

 success or failure in business, it wnll be convenient as occasion 

 arises to use this term for them. 



The establishment of a cooperative enterprise is, in one 

 respect, more complex than the founding of a personal busi- 

 ness, in that its constitution must be sucli as to insure the best 

 ability available, and perfect honesty for the conduct of its 

 affairs. In a private business, the personal equation is fixed. 

 What a man is, he is, and he is inseparably attached to his 

 business. In a cooperative business the directors change, but. 

 in the main, will usually represent the best available e.Kperi- 

 ence and ability of the membership; their election proves that, 

 in the judgment of their fellows, they are tlie proper persons 

 to direct the common affairs, and we can not go beyond that. 

 But the active executive management, to be efficient, must be 

 in the handaof one person, whose personal equation will have 

 much to do with the prosperity of the concern, and there are 

 natural laws which, if enacted into rules by the main body of 

 the society, and carefully obeyed, will almost certainly insure 

 honesty in this important position, and sufficient competence 

 for its duties. 



It has been said that the fundamental and natural laws of 

 business will apply to the conduct of the farm and the workshop, 

 but it is also true tliat business is the subject of municipal or 

 statute law as well, and that statute law deals with traders in 

 some respects otherwise than with farmers or workmen; and, 

 in many cases, it has to deal with transactions which would 

 not occur in a strictly farming business. Cooperative trading 



