The revival of enthusiasm for co-operative societies began in 1863. Men of different political and economic views helped the movement. It found supporters in liberal economists, like M. Say and M. Walras; it was seconded by Proudhon and his followers, while a number of communists took an active part in it. Profiting by the experience of 1848-50, the workingmen now adopted a new plan. The co-operative society of production was to be the crowning part of the work, resting upon a foundation of several other organizations. First the members of one and the same trade were to form a syndical chamber of their trade. The syndical chamber was to encourage the creation of a "society of credit and savings" which should have for its aim the collection of funds by regular dues paid by the members. Such "societies of credit and savings" began to develop after 1860, and they were considered very important; not only because they provided the funds, but also and mainly because they helped the members to become acquainted with one another and to eliminate the inefficient. With a society of credit in existence, it was deemed necessary to create a co-operative of consumption. The productive co-operative society was to complete this series of organizations which, supporting one another, were to give stability to the entire structure. The plan was seldom carried out in full. Co-operatives of production were formed without any such elaborate preparation as outlined above. However, many "societies of credit and saving" were formed. In 1863 there were 200 of them in Paris; and in September, 1863, a central bank, _La Société du Credit au Travail_ was organized. Similar central banks were formed in Lyons, Marseilles, Lille and other large cities. In Paris the _Credit au Travail_ became the center of the co-operative movement between 1863 and 1868. It subsidized successively _L'Association_ (Nov., 1864-July, 1866) and _La Co-opération_ (Sept., 1866-Feb., 1867)--magazines devoted to the spread of co-operative ideas. It gave advice and information for forming co-operatives. Most of the co-operative enterprises of the period were planned and first elaborated in the councils of this society. Finally it furnished the co-operatives with credit. Its business done in 1866 amounted to 10½ million francs.[31] [31] P. Hubert-Valleroux, _La Co-opération_ (Paris, 1904), pp. 14-17. In 1868 the co-operative movement, after several years of development, suffered a terrible blow. On November 2nd, the _Credit au Travail_ became bankrupt; it had immobilized its capital, and had given out loans for too long periods, while some of the other loans were not reimbursed. The bank had to suspend payment and was closed. The disaster for the co-operative movement was complete. The _Credit au Travail_ seemed to incarnate the co-operative movement; "and its failure made many think that the co-operative institution had no future".[32] [32] P. Hubert-Valleroux, _op. cit._, p. 16.