The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1898-01-11
CONGRESS Of FARMERS
a CENTRAL BOARD To DETER
NINE PRICE OF COTTON.
WAREHOUSES; RECEIPTS FOR IS VALUE
The Receipts Shall Pass through State Bank
Associations After The Manner Of Currency
"A Gigantic Undertaking but
Present Situation is Critical.

Present Situation is Critical.
Charlotte, \. c., Jan. S.-Mr. 4. X.
Logic, Of Bridgeport, Conn, now engag-
ed in extensive farming operations in
this State. addressed a large gathering
Of farmers and cotton growers here to-
day.
Nj. Logic advanced an argumen for
an organization of all cotton farmers on
the basis of a common end for a com
mon good, pooling the entire product
and prorating by usual dividend methods
the earnings of the association The ar
gument provides for organization by first
nominating a Congress of representative
cotton farmers who shall after due de-
liberation and consideration formulate n
constitution and bylaws for the eStab-
fishing of an agency to consist of a cen
trail board of control TO be made up of
a commission from each State with presi-
dent and vlce-president. Each State to
be a chapter of the whole and under the
management of a supervisor. he dis
tricted, with points of receipt and dis
tribution, warehouses;, etc.
All the states are to he under one
form Of business management FOR buying.
selling. grading, marking, weighing. ac-
counting, etc, and all to be under the
direction of the central board of con
troll. a system of independent auXil-
larry banks under special State charter
are to be authorized to issue scrip or
~promissory notes based on the amount of
cotton hypothetical for advances, the
association to issue warehouse receipts
to the farmer for, say, four tfths of the
selling price determined upon by the
central board which shall alone have au-
thority to fix the annual selling price
and which shall be strictly maintained
throughout the year-the bank to cash
the farmers warehouse receipt and the
cotton bills. When sold by the farmer
the association shall specify that the re-
mittance shall be made to the bank
which shall reimburse itself for advances
and the commissions agreed upon and
hold the balance due to the association
as its trustee-said balances shall con-
stitute a contingent or reserve fund for
the operating expenses of the association
and at the end of the year after all OBJ
legations are discharged due by the Assoc
ciatiOn, then any balances on hand III
banks shall be declared an earning and
pro-rated to all the farmers according
to the amount Of cotton sold by each.
All the cotton shall be bought at the
advance price to the farmer Of say s
cents and sold at say 10 cents, to pro-
vide q fund sufficient to cover all operat-
ing EXPENSES and allow for the deStrnc-
ton Of any unnecessary surplus remain
ing after all buying wants are supplied,
the handling of the crop to be guaran-
teed to the auxiliary banks and an an
nual accounting to be made by the cen
trail board of the years transactions.
Only farmers shall be eligible as stock
holders of the banks and all clerks and
officers of the association are to be Sc
lected from among the ranks Of the farm
ers as far as possible. The argument
claims that the organization VIII be dis
tinctiyely one of white men as the land
owner can make contracts with al ir-
responsible tenants and crOppers c0mpell-
ing them to sell and deliver the crop to
the association as a crop condition. The
| speaker dwelt upon the ineffectiyenoSs
of partial measures, insisting that the
means should be equal to the end to be
gained and appealed to the self interest
and patriotism of his constituents to
start a movement of the farmers for
the farmers and by the farmers. He
| characterized the cotton exchange as a
national curse: he deplored the conditions
, caused by outside capital control n
painted a glowing picture Of the South's
rehabilitation as it would be with a
| profitable price for cotton. He confessed
that as the evil of the present system
had taken such a firm hold, as the I'M
| dertaklng was so enormous and the dis
| coJragements so formidable that little
short of divine inspiration would kindle
the hope of a successful commencement
of a farmers crusade against the ills
| that now beSet them. It is truly a gigan-
| tic undertaking and may well stagger
| the %stoutest and bravest, but as some
| thing should be lone to relieve the pre-
sent situation and. make II posS;}h'Ir f5I
the farmer TO get a fair return for his
labor we devoutly hope that God vii
speed the day of his deliyerance.