"The Jefferson County Association has made its first annual statement, by which it appears that capital in that institution will receive a fraction over six per cent. interest. Owing to inattention to the principles of Association, and a defective and incomplete organization of industry into groups and series, as well as to the fact that in the commencement much time is lost, labor in this institution fails to obtain its fair remuneration. Another circumstance which has operated to the disadvantage of labor, is, that no allowance has been made in its favor, in the annual settlement, for working dresses. These facts are conclusive, to my mind, that the disadvantages of improper or inadequate organization in all institutions, will be even more injurious to labor than to capital. "This institution commenced operations without the investment of much, if any, cash capital, and they now are somewhat embarrassed for want of such means. A subscription to their stock of two thousand dollars in cash, or a loan of that amount for a reasonable time, for which good security could be given, would, in my opinion, place them in a situation to carry on a very profitable business the ensuing year. If this obstacle can be surmounted, I know of no institution of better promise than this. This would seem to be but a small matter; but when the fact is considered that they are located in the midst of a community which sympathizes but little in the movement, while many exert themselves to increase the embarrassment by decrying their responsibility, it will readily be seen that their situation is unenviable. Their responsibility, when compared with that of most business concerns in the country, is more real than that of a majority of business men who are considered perfectly solvent. Considering the difficulties and embarrassments through which they have already struggled, I have strong confidence in their ultimate success. The whole number of members will not vary much at this time, from one hundred and fifty. They have reduced, by sale, their lands to about eight hundred acres, and I refer you to the annual report for further information as to their liabilities." We perceive in the depressed tone of this report, as well as in the reduction of numbers and land which it exhibits, that decline had begun and failure was impending. Nothing more is said in the _Phalanx_ about this Association, except that it sent a delegate to a socialistic convention that met in New York City on the 7th of October, 1844. We have to fall back, as usual, on Macdonald, for the summing-up and final moral. He says: