"How is it possible, you ask, to keep perfect control of such a large issue of scrip, with a certainty that all in use is genuine?
"That is a matter which is easily regulated by our simple system of issue. In the first place, we print the scrip here at Solaris, from plates which, when not in use, are kept in the safe, in the custody of the treasurer. The five denominations issued, are as follows: five, two, and one dollar bills; which, together with the fifty and twenty-five-cent, fractional-currency scrip, make up the list. Every denomination has a numbered series, of ten thousand. Each series, with the stubs attached to the bills, is bound in book form. When issued, each stub remaining in the book, will show the date of issue, serial number, and amount of the issued bill. When cancelled, the bills are returned to the book, and again attached to the stub to which they belong. At any time, an examination of the books of issued and unissued scrip in the hands of the treasurer, will give the amount outstanding. The co-operators are requested to keep a record of the serial numbers of the scrip they hold or handle, and to report the loss or destruction of such as may happen. A history of the loss is attached to the stub, and the amount of the bill carried to the profit and loss account of the company.
"If the genuineness of any piece of scrip should be questioned, a comparison with the stub should show the same date, number, amount and serrated edges, made by the peculiar pattern of the perforator belonging to that series. If so, the bill must be genuine. As time passes, we are more than ever convinced of the wonderful advantage gained by the use of this scrip. Our people find it much lighter and more desirable to carry and use, than the same amount of gold or silver coin; therefore they frequently request to be allowed to exchange coin for scrip. In summing up my replies to your questions: it seems probable, from the constantly increasing volume of business, that the company will soon be obliged to take a charter that will authorize it to do a complete banking business."
CHAPTER XXXIV.
THE INSURANCE OFFERED BY CO-OPERATIVE FARMING.
"I notice, Fillmore, that you mention the borrowing of ten thousand dollars from the insurance fund; the same being a part of the accumulated profits on the business of the store and restaurant. Tell me; how is it possible for so large a sum to be saved in such a short time?"
"A complete answer to your question, will bring up the whole subject of insurance; which presents some interesting problems. I will first try to give you the basis for such an amount of savings. The net per-diem pay of $2.50 for each adult member of the company, will give an annual income of a little more than $900. If we include an added pro rata for the children, each one will spend annually at least $450 with the store for goods; and $350 with the restaurant for food. Our statistics show much larger sums; but these will do for an estimate. Taking these figures for a basis, we find that the annual sales made to our own people by the store and restaurant combined, reach the startling sum of $400,000. A net profit of five per cent on this amount, gives $20,000 each year to the insurance fund. At this rate, the profits for thirty months, reach the goodly sum of $50,000. To which we may add $2,500 more, as profits on sales to the amount of $50,000, made during that period by the store and restaurant, to people from surrounding communities. Altogether, we have a grand up-to-date total for the insurance fund of $52,500. These profits will continue to increase with larger sales to outside people; also with the increased wages or incomes of the co-operators, as the products and profits of the farm continue to grow.
"Such favorable statistics are very encouraging. They demonstrate that only a five per cent profit will be needed, to meet all future demands against the insurance fund, even when the colony has its maximum number of children and superannuated co-operators. The remaining profits, which in some departments of the store are large, may wisely be devoted to educational and missionary work.
"From another point of view, this eloquent array of figures, has an additional value. They show conclusively, that the restaurant alone furnishes a home market annually for $175,000 worth of farm produce: beef, mutton, pork, lard, honey, syrup, milk, butter, cheese, eggs, poultry, vegetables, fruits and grains.