Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1905-07-07
NICKEL CONTRIBUTIONS.
Mr.. Smiths Plan For Raising Cotton
Association Funds.

At a meeting Of the executive COM
mittee Of the Southern Cotton asso-
citation held in Memphis June 2sth'
1t was decided to recommend to
every association, state, county ana
township, to erect warehouses at
once wherever necessary. They fur
ther recommend that this be done
by local capital IL it be possible.
This plan Of erecting warehouses
will be taken up by every state In the
cotton belt so that there may be a
sufficient number Of warehouses ready
for cotton by fall to guarantee or
ganizing a mutual insurance compa-
ny. The plan of this insurance 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
reduced 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 associa-
ton.
On arriving in Columbia from
Greenyille Wednesday, Mr.. E. d.
Smith, president Of the South Caro-
lima association, and member or
the executive committee or the
Southern Cotton association, gave out
the following:
Bankers, merchants and business
men Of all vocations are solicited
to take stock in these warehouses"
said Mr.. Smith. "This will solve
the problem Of cheap storage 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 corpora
tions for insurance. ,.
"It 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 1t 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 fund from
which money can be gotten at low
rate Of interest to take up the sur
plus and distressed cotton IL there be
any such on the market
ITO sum the whole matter up, oul
plan is this:
1.-The cotton farmers and southern
people will build their own ware
houses organizing each state and get
a charter for doing a commission bus
mess, and then every warehouse In
the entire cotton belt carries Its pro
rata share Of the risk Of every other
one so that II no cotton Is burned our
insurance will cost nothing; and tax
ing a ten year average II we can get
enough warehouses built and enough
cotton stored, the estimate Is that II
will not exceed cents per bale FOR
insurance. The farmers themselves,
having taken stock in the warehouses,
will have their storage charges re-
duced to minimum, in that their
stock will, II managed correctly, very
nearly pay for their storage; and IL
sufficient funds are pooled by the
southern cotton grower and the
southern people, and 1t Is managed
correctly, there will be loan fund
sufficient to carry the weak and dis
tressed cotton at low rate OF inter-
est, thereby giving the south and the
southern pldnttT duSoiute SohNoi Va
the marketing Of his cotton.
This plan appeared the most feas-
ible and 1 think will appeal to the
business judgment Of everyone, and
we hope that the warehouse feature
will be pushed vigorously.
1.-THE Southern Co ton association
also decided to ask every man, Wo-
man and child in the south. who to-
day feel that they are under obliga-
ton to the Southern Cotton associa-
ton for the present rise In cotton, we
ask them to contribute one nickel
apiece. All South Carolinians VINO
feel so disposed and think they can
afford this much for this great south
ern cause. can forward their nickel
to Mr. F. H. Hyatt, treasurer OF the
Southern Cotton association, South
Carolina division, Columbia, s. e.
The association Is In debt and thinks
that this Is a just and equitable way
Of appealing to the people for aid.
"At Greenville yesterday when this
appeal was made there was a prompt
and generous response. We hope that
there will be generous response
from the people at large.
"I want once more to congratulate
the people Of my state and the south
In general upon the magnificent
achievement of the Southern Cotton
association. For once In the history
Of the south we seem to be In the
saddle: and my advice TO the people
at large Is to sit steady and ride
easy"