The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1874-05-21
An Important Bill.

An Important Bill.
We publish in full the following important
bill. It will be seen from it's provisions, tha
it will add greatly to the facilities Of the pre-.
ducers in realizing the results OF their labors
and at the same time avail themselves of the
highest market prices. The receipt of the
warehouse merchant will answer the purpose
Of negotiable paper. 1t will be solvent Of it.
self and ordinarily will not require the formali.
ty Of an endorser. 1t will enable the producer
to hold his products for favorable market,
while at the same time, he can utilize the bulk
of the value Of his grain, flour, tobacco, &c. 1t
is by the operation of a similar system that as
soon as the planter of the South gathers his
crop of cotton it is money to him, and yet he
is not forced to sell until the market will JUS
| tify it:
AN ACT to Prescribe how Hypothecations of Pro-
ducts and Commodities shall be made, and
| to Prohibit the Hypothecation OF Consign-
ments except on conditions.
Approved April l6, 1874]
| l. Be it enacted by the General Assembly, That
any person, firm or corporation keeping licensed
warehouse, may issue warehouse receipts, or other
written printed evidence for the deposit of gran
flour, merchandise, or any other wares or comnod-
other written printed evidence, shall be stamp
ed with the word negotiable and shall thereafter
be negotiable and transferable by delivery whether
the said grain -four merchandise, or other wares
commodity be the property OF the owner or owners
of the warehouse or of another person persons
and the holder for value OF such receipts or other
written printed evidence for such goods, wares or
property named therein to the extent of the loan
thereon unless the words not q4sgoti
provided, that the words mot negotiable" shall be
n I Dy or er n
printed evidence of the deposit OF the farmers
planters property unless there is express authority
given in writing by such farmer or planter to the
contrary; and any paper wrongfuly or fraudulently
endorsed or stamped negotiable under this act,
2. Such receipt or other written or printed evil
shall state upon its face the name Or names Of
dty for which it is given the kind or nature of such
merchandise or commonly and its estimated value.
ted evidence is given for any grain flour Imerchan-
s the @
ty, together with the name OF the agent commits
in such receipt other written printed evil
dence
[ s. Should any agent, factor or commission mer-
chant, to whom property, produce or merchandise
sall be consigned, make any cash advances such
IL eeoa nedge or
warehouse receipts other written printed evil
dse the mn Of and to
that extent only; and such property produce or
ment Of such cash advances, subject to warehouse
charges. The person, firm or corporation to whom
such warehouse receipt or OLnef WrGCen printed
evidence has been pledged or hypothetical, for a
loan advance of money shall. upon not less than
OF his agent after the said money shall have become
due and remains unpaid be authorized to require
said properly is deposited to sell the same or SO
much thereof as may be necessary, to satisfy the
man or his agent shall thereupon advertise at ten
days notice. such property for sale at public auction
first, the warehouse charges and expenses of sale
and second, the debt OF money for which such re-
hypothecated; the balance OF said property to re-
main subject to the order OF the owner or his a.
gent.
shall obtain any money on such receipts, or other
the advancements made by him to the owner there
of and the amount obtained by him under said ne
factor or commission merchant who shall, for his
own USE negotiate pledge, or hypothecate any such
for property produce or merchandise, upon which
no cash advance has been made, or for greater a.
shall fail to make the endorsement herein provided
shall be deemed guilty OF the larceny OF the amount
the provision Of this act.
s. # any person, firm or corporation keeping Ii
ten or printed evidence for his or its own goods de-
posted in his its own warehouse, and sell OBJ
or other written printed evidence, shall be deem
ed to be the owner of such goods wares or merchan
thereon and such receipts, or other written OF
printed evidence. shall have all the privileges, and
penalties prescribed in this act. In the of any
manufactured tobacco or other fabric or commodity
remaining in possession q the manufacturer or
loan negotiated under this act any commission
chant engaged in the sale OF manufactured tobacco
or other fabric or commodity at the instance of the
holder of the warehouse recent OF other written
printed evidence, have the same transferred to
said Commission merchant agent, to make sale of
the property hypothecated, in the same manner as
provided in section third OF this act
s. No hypothecation, pledge, or negotiation of any
such property, produce, or merchandise shall be
made Nv any agent, factor commission merchant
except in accordance with the provisions OF this act
and with the consent, in writing. OF the owner OF
such property, produce. merchandise, as to the
quantity thereof to be hypothecated for any given
Of money and the pres nensad and
who violate the provisions OF this act shall be
personally and individually liable to the penalties
= The receipts given by inspectors OF manufatur-
ed tobacco in wal ehouses in which such tobacco is
deposited and inspected according to law shall have
ali the privileges and persons negotiating such re-
cepts shall be subjected TO all the penaties OF this
lawt
company or their agent clerk servant, any other
nerson shall wilfully or frauduently make or alter
any naper pnrporting to be receipt other writ
fen or printed evidence of the delivery into any such
warehouse OF property, produce or merchandise
snch warehouse or who shall wilfully fraudulent
Iy remove deliver any property whatsoever for
which such receipt or evidence OF aevery saal nave
delivery shall have been surrendered and concealed
or such delivery shall be directed by an endorsement
an such receipt or other evidence OF delivery.
dor Of the party holding the such AGENT clerk
saryant manager, manufacturer. merchant OF other
shall be deemed This sc q
not apply to property which has been repleVled or
removed by legal process
the tax imposed upon persons keeping houses for
storage shall he deemed keeper OF licensed ware
Subject to ali the penalties Of this law:
10 Any person prosecuted under this act shall be