"They are paid in scrip. The salaries or fees which they receive from town or county, are turned into the company treasury. As these co-operators, in holding such offices, are in a position to materially aid the co-operative movement. They are justly excused from farm-work, whenever their official duties require attention."
"Splendid! my dear Fillmore! Your report is very interesting, and even more encouraging! It seems the beginning of a fulfillment of my father's hopes, dreams and prophecies! I am anxious for the time to come, when he can tell you how much he is pleased with your work!"
CHAPTER XXXIII.
SOLARIS SCRIP.
"Returning again, Fillmore, to the financial operations of the farm; with such a volume of business to transact, how do you manage to get along without having recourse to some local bank?"
"To a large extent, we do our own banking business. Our treasurer, has his office in the cash room of the store. In this room we have a large vault, containing a fire-proof safe of the latest type. The books, records and funds of the company, are all kept in this safe. For our commercial business, we have selected one of the principal banks of St. Louis as our bank of deposit. A large percentage of purchases for the store and farm are made in that city, which is also a market for the bulk of our farm produce.
"The farm company has an office near the bank, where some member of the executive committee, or other representative of the company, may be found every business day of the year. It is the duty of this agent to attend to purchases, consignments and sales; also to have charge of all business transacted through the bank of deposit. Taking care, to keep the amount of available funds up to the ten thousand dollar mark. To do this, it sometimes becomes necessary for the company to issue drafts on the bank of deposit for thirty, sixty and ninety days. These drafts are accepted by dealers, for purchases made in Chicago, Cincinnati, Philadelphia or New York, the same as cash.
"As borrowers, our only dealings have been with you. In these dealings, at times when much in need of more capital, we have not been required to pay interest. Now, having returned our borrowed capital, and being free from debt, we have grown more independent and self-sustaining; therefore more averse to the idea of paying interest to any one. We are convinced by past experience, that all necessity for incurring interest-bearing obligations can be avoided. The use of Solaris Scrip in all intercolonial transactions, has proved a most potent factor in helping us to arrive at such a fortunate conclusion. By its use, ninety per cent of our business can be transacted on a cash basis, without using one cent of actual cash. In addition, we can use it as a basis on which to borrow. To illustrate! Suppose we need ten thousand dollars to replenish the stock of goods in the store, pending the sale of products on hand. We borrow that amount from the insurance fund, the sum being part of the accumulated profits on sales at the store and restaurant. We then replace this sum by scrip of the same face value. This scrip, to the pensioner or beneficiaries, is the same as cash. When they have drawn and spent it, the debt is cancelled. No interest is paid. The store and restaurant become the clearing house, through which these drafts against the resources of the farm are liquidated. In the same way, temporary loans can be made from other funds, whenever it is for the benefit of the united interests of the co-operators to do so.