The people's journal. (Pickens, S.C.) 1891-1903, 1899-09-28
AN OLD SCHEME REVIVED,
snb'Treasury Ware Houses for Agrl-
cultural Products Impracttcable-
Prlvate individuals May Use Plan
With Good CheuCe OF Success.

SnD'Ireasury Ware Houses fOr Agrl-
cultural Products Impracttcable-
Privato Individuals May Use Plan
With Good Ohence OF Success.
Louisville Courier-J ournal.
Inc Old sub treasury scheme OF ware
houses for agricultural products whose
lallacles were so completely demOn.
strated by Mr.. Carlisle, then u Senator,
In famous letter to officials OF the
FARMERS Alliance, has been revived
In now and probably practical
form. The plan now ia to make 1t a
private enterprise and manage IL as
other ware houses are managed, only
on an extensive scale. FireprOof ware
houses are TO be built, in which farm
products are to be stored and on which
receipts are to be given which will be
endorsed ny surety company, and
Will then be available as collateral any.
where.
Tho benefit to farmers will be that
On such. collateral they will be able To
get loans at much lower rates than
they can obtain advances upon their
crops, and in this way they can hold
Tor better prices If they desire. The
movement has made considerable pro.
gress In Georgia, whore it has received
tho endorsement Of the bankers and of
the State Agricultural Society. AS il
10 designed first to look out ior tho In
terests Of the cotton planters, and az
They havo received the proposition with
enthusiasm, the matter has already at.
tracLed great deal OF attention In tho
cotton markets.
1t 10 u little curious that the scheme
which Mr.. Carlisle's incisive logic 30
mercilcssly demolished should reap.
pear ~ this juncturo with good
chance OF success, but the plan has
oeen shorn not only Of tho proposed
government support, but Of Ito othor
extrayagnnt features. AS the Farmcrs'
Alliance urged II, tho Government was
TO provide tho waro houses and furnish
tGc money III per cent per annum on
~ per cent OF the na:ket value OF The
products stored. The plan Of tho New
York capitalists VINO ure behind the
present movement, whilo 1t will suDDly
the planter with tho advances no re-
qulres on his crops, and take care of
Jncm As tho Government was to 40,
provides that fair rate OF interest
shall be charged as agreed upon by the
ware housing company and tho con-
signor.
The agent OF the ware housing com.
pany, Tor Instance, can go to u cotton
thereby securing Is lien upon tho STOCK
Vi cotton goods upon which tho mill |
desires to secure loan. Inc ware |
house company's agents will Issue re-
ceipts for the articles contained and
will occupy the legul and real status |
81 an ordinary ware house company. |
lhcn surety company will undertake |
to guarantee the delivery. quaint ty |
!nd grade Ui the goods stored in Luo |
garc house.
The cotton mill can take the wnrc
house receipt with the surety CON
0nny's guarantee anu then make u
oan at 80 per cent OF the value OF the
5OOus at very low rates. Tho same
node Of procedure could be applied
10 cotton stored in the ware house, or
)ther agricultural products. The
loublo guarantee Of the ware house
'nd the surety company would give
he receipts a very high character as
collateral. In short, they would be
'ery nearly the Same as the whiskey
'eceipts which the Kentucky Distil-
cry and Ware House Company pur-
'oses to issue. Whiskey receipts
ssued by ware houses are OF the
highest character, though the "priva,e
ware house" rMccipt mas ca T. some
liscredit upon them.
The scheme will require great deal
II money to carry 1t out on large
Gale, but the start may bo made in q
mall way, and there Is much idle
money in the United States now that
ould be proftably employed in this
manner. Moreover, by placing it in
ne power OF the farmer and planter to
OrrOW upon easier terms, It would
end to do away with the general cur.
ency discomfort. Banks cannot lend
pon agricultural products, but they
an lend upon such waro house re-
eipts as proposed, and New York
ank could thus lend upon cotton
tOreQ in Georgia or T,onisiuno