Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1913-05-04

Tulsa, Okao May !, 1913.
Editor World
! certainly feel under some obliga-
tion 10 you for giving the cotton pro-
position fair hearing through the
columns Of your valuable publication,
and ] believe you cannot do the farm
ers ana business men Of our part Of
the state a greater service than that
Of informing them upon this proposi-
ton.
For the benefit Of the public | will
very gladly answer through your
columns any Inquiries concerning
this plan to bring the farmers 15c
cotton.
With your permission I want to
discuss briefly the script" of the
corporation which | think is the
stumbling block to a great many.
In the outset want to say that Il
is up TO any local community to
make this paper valuable or not as
they see fit by backing It with their
confidence. We all know that with
out confidence Of the people our best
banks and most successful institu
tons could not exist 1t is the con
fidence we have in the honesty and
integrity OF the men in charge Of
these institutions. so 1t is with this
corporation. The capital stock is
owned by the best bankers, mer-
chants and farmers Of the south, who
are pushing this enterprise because
our cotton is the greatest asset Of the
/ nj ~
absolutely control If We will as We
have 1t all in our hands.
This script is an interest bearing
negotiable paper secured by the cot
ton which is stored in bonded ware
houses and fully insured besides
! 1having the whole stock of the cor
poration behind it guaranteeing its
redemption also pledging that at all
times there shall be seven pounds Of
cotton for every dollar Of script is
sued. Now for instance. If the mar
ket price OF cotton is l2c and the
producer draws $4,000 per bale and
is given the obligation Of the cor
poration for $4,000 in this cotton
script. 1t Is easy to see that $500 Of
the $40 Is a deferred payment Of
cash that draws > per cent interest
as $40 at per cent is equal to $500
at L. per cent.
Then why should not this script be
splendid collateral for the merchants
to use at their banks? This being the
case. then in every community or
town where the proposition has the
backing OF the business interests,
they will take the script in payment
of debts and for merchandise and as
sist those farmers who are not able
to carry any amount Of this business.
Take for instance the town Of
Broken Arrow which is purely an ag-
rcultural community and it means
any where from $4,000 to $4,000
additional business to them, realizing
this fully. every business man In that
town has taken stock In and are
backing the proposition for all Its
worth. This is no experiment with
this paper as It has been used with
perfect satisfaction in many Of the
best towns IN Texas during the past
season. as may be verified by any one
who will write to Mr.. S. c. Crews at
| IniluleSSt Texas W mere as liuNu hS
500. 900 Of It has been in circulation
during this year.
Another splendid thing about this
plan is, that Il requires custom gin
ming, encouraging the farmer to raise
better grade OF cotton and obviates
al OF the difficulties which arrive
over the question Of ginning and buy
Ing the cotton in the seed, 1t will
give the farmer his seed and bring
about completion in buying the seed.
which will be worth at east $1,000
per bae to the farmers.
! II is TO be expected that certain
strings Of gins and cotton buyers all
over the country will knock this pro-
position. but II looked into their mo-
tves will not be found to be in be-
half Of the cotton farmer. But with
so much TO gain and nothing TO lose.
Isn't IL worth while trying.
Sincerely,
J. II. ESSL1NGER.