The Wilson times. [volume] (Wilson, N.C.) 1896-19??, 1911-12-05
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Angrata. Ca re 4-Daf9tis Of
me ba@n cf @eu 1 ate u
lend Southern cotton growers s50,-
000,000 to aid them in holding their
cotton until better prices than those
now prevailing ean-be obtained were
made public here by w H. Stayton
q New E-3E rlf reea9ts tn
syndicate. The staLema alt va Issued
at the conclusion Of a conference be
tween MIR. Stayton and Pre- ident c
S. Garrett CT the National Farmers
Union, =. J. Waton be South Carolina
president of the Southern Cotton Con
gress; ]. Whitney Reid, secretary
treasurer Of the South Carolina Far
mers' Union and J. G. Anderson @
PccR FziH S. G.
The conference was for the con
sideration of the means for carrying
into execution the plan CT the New
York syndicate. In this statement
Mr.. Stayton says:
TN a general way my people are
ready to advance $5O,OOO,-OO to sup
port a plan, the outlines of which
are as follows:
mo. 1.-The cotton owner will de
liver his cotton to the usual cotton
buyer in his locality who will bsv
the cotton and take title to it i'm
mediately.
mo. 2-The owner will receive
s25 hale in cash on account and
viii also recei reeofi 1l1a onr-
tifcate setting forth the interest
which the owner has in whatever
price may thereafter be received for
| the cotton
mo. 3.-The cotton owner may al
any time prior to January l., 1913
name date when he wants to finally
fix the price he is to receive and on
the date he so names, settlement will
be made with him on the basis of
the prevailing quoted price for that
date.
No. 4.-On this settlement, the
farmer will be allowed the price his
| cotton is worth on the date named
| and from this sum will be deducted
| the $25 already advanced to him (no
| interest will be charged) and also 81
as the cost of grading, storage, in
surance ETC., together with a sum
equal to one-quarter of the rise In
| price which will be the syndicate's IS
| compensation for it's services.
s'Ins other words, if the price goes
up, the syndicate gets nothing ex-
cept for grading, storage insur-
ance, etc, and if the price is ad-
vanced through this movement, then
| the syndicate gets one-quarter of the
advance and the cotton owner the
other three-quarters.
stOf course it is not possible for
my principals to deal direct with ev
cry individual farmer and it is there
fore proposed that in each State there
shall be a committee Of three of the
leading citizens of the State, who will
act as the trustees for all Of the
farmers in their State and will see
that the farmers interests are pro
tected. For example it will be the
duty of these trustees to see that the
| ', ono 5>@,,s-irpr on477 o--tG a--r
maze SO that Tie unpaid part oIN tne
purchase price is fully secured. a
the present price the farmer would
receive $25 bale in cash and there
will be still due him SIS to $40. This
banks or some arrangements salts
factory to the trustees must be made
in each State SO that this SIS or $2t
is absolutely secured to the farmel
in order that this certificate or re
ceipt may have a real value and bs
som mething on which he can borrow
money.
II 'sBy Monday I will be readq.
: think, to suggest other plans which
) will be satisfactory to us and ma.
: better suit the planters"