loan could be effected at a reasonable rate of interest, to provide funds to purchase goods with which to supply the contracts accepted by the committee of acceptance; but all the efforts made were unsuccessful, and tended to produce the conviction that those who controlled the moneyed institutions of the State either did not choose to do business with us, or they feared the ill will of a certain class of business men who consider their interests antagonistic to those of our order and corporation. At any rate, be the causes what they may, the effort to borrow money in a sufficient quantity failed."
The month of April showed an increase in capital, from stock paid in, of $1,526.36. During the month of May maturing obligations failed to be met, notes of the Exchange went to protest, and general disaster followed, amounting almost to a total suspension of business. During all this time the most hopeful statements were made by the manager to the public, and the general fraternity were induced by official utterances to believe that the troubles of their business were precipitated by a combination of bankers and wholesale merchants to crush it out. A meeting of the State Alliance Executive Committee was called, and, after a few days of examination into the business at Dallas, the following call, signed by the seven directors, was issued:
Members of the Farmers' Alliance of Texas:
In addition to this, there was issued about the same time a secret circular, signed by the officers of the Exchange, which is so violent in language as to almost merit the adjective "revolutionary." The circular is too long for reproduction here, but the main points may be summarized as follow:
These utterances indicate the bitterness of feeling incited by the Exchange management and the officers of the State Alliance.
