time forward for several months there prevailed among the members of the order the most hopeful and enthusiastic spirit possible to imagine, amounting to almost a universal conviction that financial salvation was come.
The main body of the Alliance was composed of tenant farmers, who as a class farm on the "third and fourth" that is, by paying a third of the cotton and a fourth of the corn as rental for the land. They are possessed of little more than a meager household and farming equipment, and are generally compelled to mortgage the growing crop to the country merchant for the year's supplies of groceries, clothing, and implements. Their hope was to escape from the country merchant, who, to say the least, does not conduct his business on the plan of quick sales and small profits. To afford such escape was equally the design of the Exchange. It may be readily perceived, therefore, that the Alliance was wrought to the highest pitch of excitement in contemplation of abolishing the awful credit system which is a veritable millstone about the neck of the improvident farmer. In addition to the work of public lecturers sent out by the Alliance, several papers published in the interest of the order kept the Exchange topic red hot, while it was also a theme for discussion in the papers at large, so that the general public was in a state of greater or less expectancy. In connection with the Exchange it was announced by the Alliance organs and speakers that the movement would result finally and not a very far off "finally" at that in cotton and woolen mills, implement and wagon factories, a huge printing-house, etc. A plan was formulated also for establishing an Alliance University, with departments of law, medicine, and theology. From first to last several factories have been started, but without a single exception they have failed to reach the stage of successful operation.
Immediately after the Waco meeting of the Alliance, the twenty-five trustees met and delegated the transaction of business to a board of seven directors, which was organized by the election of the following officers: a president, secretary, treasurer, and a general business manager. Meanwhile a charter had been procured in accordance with the foregoing plan, and the establishment was located at Dallas, in consideration of $10,000 cash subsidy, a site for buildings, and other substantial inducements. The business was opened in September, 1887, in temporary quarters provided rent free by the citizens of Dallas. The published report of the manager for that month shows an expense account of $793.91 and a cash balance of $201.40, or total resources amounting to $991.31. This was a part of the $10,000 cash subsidy, which, though never quite paid in full, was practically discharged and furnished the available capital for some time.
