Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1912-03-29
Tho Warehouse Law.

AS to what the supreme court Is 60
| ing to do with the state warehouse
law, Of course there is no telling; but
we very much fear that the law will
be declared unconstitutional, and the
whole thing will go by the board al
least for the present.
Our fear that the law will be declar-
ed unconstitutional is not based sc
much on a belief that such is really
the case, as upon a conviction that the
whole thing promises such radical
changes in the existing economic sys-
tenn in this section that the court will
not be willing to stand for it.
Now we hope that when we express
ourselves in this way, we will not be
charged with rejecting on the supreme
court, for we intend nothing of the
kind. Not only is 1t not our intention
to reflect; but we are not rejecting
A supreme court decision is generally
only a majority opinion. A court may
stand three to two. and although the
two may be as clearly right as the
three, the resulting decision is just az
sound and just as binding as If it were
unanimous. Just as it was a majority
of the legislature that passed the bill
it is a majority of the court that con-
firms the law.
We do not think there is any reason
able doubt of the fact that if this law
should be confirmed by the court, the
benefits that will accrue to cotton pro-
ducers will be something tremendous
Especially will this be true, provided
the business is managed in good faith
and with proper intelligence. The
cotton owner should be able to get
storage and insurance much cheaper
than now, and he should be able to
borrow money at less rate of inter-
est than he now has to pay. OF course
there are those who do not see either
one of these propositions; but that is
because they have not been informed
and they do not understand. The re-
duction would come principally in the
storage charges, because the larger
the number of bales for which a house
is built, the smaller the proportionate
cost Of storage room for a single bale
and the larger the number of bales
stored in a single warehouse, the
smaller the proportionate per bale cos
of grading, draying, compressing, ship
ping, etc. The collateral value of {
warehouse certificate depends in {
large measure on the financial an(
moral responsibility of the warehouse
man and the eXtensiveness of his fl
nancial connections. For instance, {
Iwarehouseman, be he ever so RESPONSE
BILE morally and financially, If he is no
known beyond his neighborhood. hi!
warehouse certificates can have M
standing elsewhere - certainly no
without the guarantee of a local bank
A certificate guaranteed by the state
of South Carolina should be good any.
where in the world-certainly any.
where in America; for loan purpose.
it would inevitably find it's way t
TIE IldEhel WueTe llOllSy Is CLtdpeSl
All these things would necessarily op.
crate to help the holding of cottor
cheaper than now.
AS to what will be the result if The
supreme court declares the warehouse
law unconstitutional, is doubtful. L
the real significance Of the law were
generally appreciated among cottor
producers we would have no doubt as
to what would follow an unfavorable
court decision. There would be an in
stant and irresistible demand for 6
constitutional amendment, and there
would he no let up in that demand un-
til the amendment was granted. But
as TO whether the whole subject is
well enough understood to make any
thing like this probable, we cannot
Isay.
1t is our hope that the supreme court
will declare the law constitutional to
begin with and that the benefits of the
proposed new system may be had with
out the turmoil and strife that are