The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1909-04-06
SULLY GIVES HIS PLAN
TO SAVE SOUTH MILLIONS
ON EVERY COTTON CROP
promoters to redeem their promises
and obligations to the last detail.
Plans to Come ANYWAY

promoters to redeem their promises
and obligations to the last detail.
Plans t o Come Anyway.
The people Of the South will be
given the first opportunity to invest
IN this project, if, upon rigid investi-
cation it commends itself to their
Judgment. But it will become op-
eratiVe. with the same rock-ribbed
backing. if the SoGth does not see fit
TO pat q single dollar into it,
Bonded Warehouses and Certificates.
What are the details Of the plan?"
! was asked Mr.. SuIly,-
Simply the .materializing,' he an
sWered, 'of the plan your own Farm
ers, Union a been. n is striving to
put into actual operation, but in which
they have been imDeded for lack of
the tremendous ready in
~dispensable to it's execution
THE backbone of the plan is a
chain Of bonded warehouses through
out the South sufficient in number and
capacity to house One-third of the
|crop, and that Onethird, as has been
demonstrated, will be the balance. of
| power which Will render the market
congestion impossible and insure the
ity with the laws of supply and de-
mand.
Farmer Will Own His Cotton.
No farmer will sacrifice or surren-
der the title to his cotton under this
| plan.
Say that he produces one bale Of
I cotton. Under present conditions, the
vast majority of Southern planters
have already heavily moftgaged that
| bale to secure the funds for it's pro-
| duction. q
His creditors press upon him for
settlement. In only exceptional in
stances is he able to Withstand the
pressure. As an Overwhelming rule,
he. is forced to sell his cotton the mo-
ment it leaves the ginnery.
The same situation prevailing in
every Southern State, it follows that
the bulk of the crop, instead of fol-
lowing natural business laws and be-
ing marketed oyer the legitimate peri
Cd of barter and sale and consump-
ton, is dumped upon the market in
big lots.
The inevitable result is that the
market price says congestion ensues
n the individual who cannot afford
to hold off his creditors sells his cot
ton at q loss.
Unbusinesslike and Unnecessary.
This procedure is u~nbusinesslike,
unnecessary and r~uinously expensive
to Southern Industry. The cotton
crop, like every other crop, should be
marketed only as it is needed NO
manufacturer would think of selling
his output in a short two or three
months.
The farmer should he on an equal
business plane with the manufactu-
rer and every other producer. Until
he is. he will lose himself and lose
TO the South. hundreds of millions: OF
dollars unnecessarily each year.
A Negotiable Certificate.
Now We go back to the individual
farmer we are using for the purposes
of illustration. He deposits his bale
in a warehouse that is bonded and alb
solutely as responsible to the CONNER
cial world as is q surety company or
an insurance corporation.
"IIe accepts for his bale a certifi-
cate certifying to his ownership Of the
cotton.
The backing of q reserve of mil
lions of dollars, and of all the stock
holders. is back Of that certificate.
1T will be as fully protected as
United States currency.
It represents the highest possible
class Of collateral for loans.
With the security thus outlined
supporting it, he will have no trouble
whatever in borrowing enough from
his banker to meet his pressing in
debtedness, holding his cotton in the
warehouse until such time as it can
be marketed at a price commensurate
with its. ultimate value to the buSl-
ness world.
The Farmer Owns the Equity.
In borrowing this money, he does
not surrender the equity in his cotton.
1t is his, to sell whenever he pleases,
TO hold as long as he please, WITH
THE PLAIN BUSINESS EXCEPTION
THAT THE CERTIFICATE HE MAY