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superseding of the wages system by a truly social system of production.
Considering that machinery will render no real service to the working men until by a more equitable, social organisation, it be put into their own possession, the congress declares—
1. That it is only by means of co-operative associations and an organisation of mutual credit that the producer can obtain possession of machinery.
2. That even in the existing state of things it is possible for working men organised in trade societies to enforce some guarantees or compensation in cases of sudden displacement by machinery.
Credit Institutions for the Working
Classes
Considering 1. That interest and profit of every kind accruing to capital, whatever form it may assume, is a black mail levied upon the labour of to-day for the benefit of him whom the labour of yesterday has already enriched, and that if he has the right to accumulate, he has no right to do so at the expense of others;
2. That, therefore, the interest on capital is a permanent source of injustice and inequality, and that the co-operative associations by continuing this practice, do simply transfer the principle of egotism—the gnawing worm of the actual state of society—from the individuality to the collectivity;
3. That the application of the principle of solidarity on a large scale is the only practical means at the disposal of the working class to struggle against the moneyed interest;
The Congress believes the foundation of banks of exchange, based upon cost price, to be the means of rendering credit democratic and equal, of simplifying the relations between producer and consumer, of withdrawing labour from the domination of capital, and reducing the latter to its natural and legitimate function, that of being the agent of labour.
Considering, however, that it is not possible to pronounce at once upon the immediate practicability of banks of exchange,
