Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1914-10-02
$500, 900, 900 COTTON MONEY
Text of a Bill Introduced by Congress
man Finley.

CONGRESSMAN Finley has sent Inc
ENQUIRER a copy of bill for the rene.
of the cotton crisis in the souti,' uP
which bill the South Carolina aee Sc
tion in congress had been worklnsa
q week, and which Mr.. Finley inIrooaw .ar+
cd in the house last Monday. Iie 'e>'
of the bill is as follows:
A Bill o,,o,,
Providing for the issue OF ,i,.ate enc The
currency to aid in and 1acllI'aes s the
nnarE atinq Of the cotton crop FOR the
year 1914. and for other purposes.
be n enacted by the senate anu
house of representatives or the ohlteu
States of America in congress sI assn
go That subject to the limitations
onS tho conditions and for the purpos-
&c herein mentioned, the secretary
the treasury is authorized anu ',', ulieH
cd IN issue $500,000,0OO in treasuiS
notes in denominatlons OF not ie eto CO.
s1 nor more than 500. That the SCI
ratarv of the treasury shall place os
cause to be placed in safekeeplng saiu
currency or treasury notes III tne
I,or1ts of the treasury when not II
circulation, as hereinafter proEiuttu, .tn
and when said notes have ser'eu IA
nurpose for which the same are lssuSI' lS
said notes shall be retired ana cai'0e
ed. uo.arv of the
Sec. 2. That tne seSi ,.,ro,,ox,
traa surv shall deposit such curLet ~
-, solvent banks Of all sections OF the
country in cotton growing states as
hereinafter provided. ,,,., .nd
Sec 2. That the national banks anu
such state banks or any assocla'loii %
snch hanks as will submit 10 eNainiia
tion under the laws Of the Snlieu e
States pertaining to national pahhs;
and will execute to the secretary
n
the treasury it's or their note VI nose'
as shall be prescribed by sala secte -
tary for the amount OF .n,, sbaIl
currency desired by it or them snali
he entitled to receive a deposit OF ue
nosits at such time or times, peFLou
or neriods, as may be necessary Ao-
tbe nroducer or producers, Owner
ou,ners of the land upon Wnlcn tIe
cotton crop of the year nineteen nun
dred and fourteen Is proouceu
grown to market same, from lhe
Tetary of the treasury out OF the lreae
ury notes provided to be issued ~ tnSs
ton one of this act. That salu Iuius
sbalI only be loaned by such pank oI
hanks to the producer or producers VI
cotton or the owner or owners OF tne
Iend unon which the cotton crop Oh tne
YEAR nineteen hundred and 1ouTteen
is produced. In all cases where ioaLs ,is
are made under the provisions VI tiliS
act the amount or amounts SO Ioaneu
shall in no case exceed tne ma NJ
value Of the cotton. In all cases whei t,
q loan is made by the banks uhuet slie
provisions of this act, the rate OF IN
tarast shall not exceed four per cent
nm ner annum, and the bank shall In
all cases require the same to De Sc
cured in whole by bill of sale or ware
honse receipts for the cotton properly
Graded and stored and insured, as may
be nrovied by the rules and regula-
tions TO be formulated by the secretary
of the treasury, and SAID pllls ol Sa n
or warehouse receipts Tor cotton siiais
at least equal in value the amount "
the loan for which the same is securl-
ty. o,soo;o
Sec, 4. That any bank or associa-
tion of banks making loans under the
provisions Of this act shall do SO unoer
such rules and regulations as the sec
retary of the treasury may prescrlpe'
which said rules and regulations
among other things shall PROVIDE thal
the note or notes OF the producer vi
producers, owner or owners OF the lahu
upon which the cotton is produced,
during the year nineteen hunGrea an1
fourteen. together with the bills OF
sale or warehouse certificates for cot
ton attached to said note or notes as
security for the payment of its or their
notes, executed to the secretary of the
treasury, as provided in this act
Sec. 5. That in all cases where
loan is made to the producer or own
er Of the land upon which the cotton Is
grown during the year nineteen hun
dred and fourteen, that it shall be
required of the person obtaining the
loan that the cotton offered as col
lateral to the note proposed to be CIV
en-, shall be properly baled, and the
number, mark, weight, classification,
and location of said cotton given In
such manner as may be prescribed by
the secretary of the treasury, and ne
is authorized and directed to make all
needful and necessary rules for car
rying out the purposes Of this act.
Sec. 6. That this act shall take ef-
feet Immediately upon it's approval.