Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1905-07-19
Smiths Plan for Raising Association Funds.

Association, TeCenCiy nolH In mem-
phis, Tenn, it was decided to rec
ommend to every association, State,
county and township, to erect ware
houses at once wherever necessary.
They further recommend that this
be done by local capital if it be pos
sible. This plan of erecting ware
houses will be taken up by every
State in the cotton belt SO that there
may be sufficient number of ware
houses ready for cotton by fall to
guarantee organizing a mutual insur-
anoe company. The plan of this in
sursnce is as follows:
Each warehouse is to become,
through the mutual insurance plan,
security for every other warehouse
belonging to or under the control of
the Southern Cotton Association. In
this way the insurance will be re-
duced to a nominal sum, and will
guarantee absolute fire protection
without being forced to subscribe to
all of the plans and specifications of
the Southeastern Tariff Association.
E. ID. Smith, President of the
South Carolina Association, and a
member of the Executive Committee
of the Southern Cotton Association,
has given out the following:
"Bankers, merchants and business
men of all vocations are solicited to
take stock in these warehouses. This
will solve the problem of cheap stor-
age and cheap insurance and will
save to the farmers and business men
of the South, themselves, all the
money that is now paid to foreign
corporations for insurance.
cit will be impossible for me to
reach each county in person, but l
hope every county paper will copy
this letter, and every organization
building warehouses will notify this
office as soon as it is assured.
"The Planters Holding and Com
mission Company is now ready for
business, and we hope that all farm
ers and business men in the South
will take stock in this company, so
that in conjunction with our ware
houses we may have a fund from
which money can be gotten at low
rate of interest to take up the sur
plus and distressed cotton if there
be any such on the market.
"To sum the whole matter up, our
plan is this:
"The cotton farmers and Southern
people will build their own ware
houses, organizing each State, and
get charter for doing a commission
business, and then every warehouse
in the entire cotton belt carries its
pro rata share of the risk of every
other one so that if no cotton is
burned our insurance will cost moth
ing, and taking ten-year average,
if we can get enough warehouses
built and enough cotton stored, the
estimate is that it will not exceed
cents per bale for insurance. The
farmers themselves, thaving taken
stock in the warehouses, will have
their storage charges reduced to a
minimum, in that their stock will, if
m anaged correctly, very nearly pay
for their storage, and if sufficient
funds are pooled by the Southern
cotton grower and the Southern peo-
pie, and it is managed correctly,
there will be a loan fund sufficient to
carry the weak and distressed cotton
at low Irate of interest, thereby
giving the South and the Southern
planter absolute control of the mar.
ketiDg of his cotton.
"This plan R.appeared the most
feasible and.I think will appeal to the
business judgment of every one, and
we hopekthat the warehouse feature
will be pushed vigorously.
"The Southern Cotton Association
also decided to ask every man, wo-
man and child in the South, who to-
day feel that they are under obliga-
tion to the Southern Cotton Associa-
ton fnr tho nreannt riaa in cnftnn 70