The Lancaster news. [volume] (Lancaster, S.C.) 1905-current, 1914-10-30
BOND ISSUE BILL
GOES TO SENATE
Continued from Page one.)

South Carolina bond commission
may cause to be delivered to the
maker of said note or notes warrant
or warrants on the state treasurer
on account of bonds as prescribed in
the preceding section Of this act, the
payment Of said note or notes shall
not be required until the cotton
pledged to secure the same can be
sold for a price sufficient to pay the
face of said note or notes and in
terest from the date thereof and all
carrying charges on said cotton (;
Provided, That the cotton shall not
be sold by the South Carolina cotton
bond commission within three years
from the date Of such notes or loan
without the consent Of the maker of
the note or notes. Except that II
the price should reach IL cents per
pound, the commission shall have
the power to require the sale of
cotton on two weeks notice to the
owner or the payment Of debt at said
date IL the borrower shall pay all
such interest and expenses. When
the cotton is sold the amount OF the
note, interest and expenses on said
cotton shall be deducted and the
note or notes returned to the maker,
together with the surplus proceeds
IL any, from the sale Of said cotton.
and when the amount Of money SO
collected shall amount to $4,000
there shall be called in bonds to the
amount Of money 30 collected and
same shall at once be paid and re-
tired Herewith, the interest to be
paid to the end Of the current inter-
est period. Ig
STORAGE CERTTrICATEs.
Sec. 4. Whom loana ara made on
cotton It shah be stored In bonded
warehouses or state managed ware
houses OF, ouch other warehouses as
the South Carolina cotton bond COM
mission may approve and shall he
fully insured and warehouse recefpts
together with certificate OF insur-
ance, to accompany and TO be at
tAched to these notes.
Sec. s. It is the purpose Of this
act to provide funds to retire and
withhold from the market one-third
Of the cotton produced In this state
during the year 1914 as nearly as
practicable and the said bonds or
funds shall be distributed among the
counties Of the state to the producers
OF cotton, landowners upon whose
land the cotton was produced, or
holders of cotton for the benefit Of
producers thereof and landowners,
In proportion to the cotton produced
in each county during the year 1918,
and within county shall be distri-
buted among the producers, land
owners and holders for the benefit
portion to their production: it being
the intent that such persons shall be
entitled to deliver or finance one
third Of their cotton under the terms
OF this act and the benefits of this
act shall extend only to. resideat
producers of cotton IN this state and
owners OF land upon which said cot
ton was produced and holders Of cot
ton for the benefit or the producers
or landowners.
Sec. 6. That upon presentation
OF any such warrant or warrants to
the state treasurer he shall deliver
to the holder thereof (whethdr
payee or indorsee) bonds as nearly
equal In amount as possible to .he
amount Of such warrant or warrants 3
and his receipt for any difference he
tween the sum OF such warrant or
warrants and the bond or BONDS so
delivered.
Sec. 7. The South Carolina cotton
bond commission is hereby author
lied and empowered to provide such
forms, blanks and stationery and
may employ such clerical assistance
as may be necessary to carry out rhe
purposes Of this act, the expense of
which shall be paid from the pay
ments required to be made to the
said commission under this act 1t
shall be the duty Of the South Caro-
lima cotton bond commission to in
quire into and require the cotton
held by the state on loans, to be
properly inusred for the benefit of
the state by the state warehouse
commission or the bonded ware
house issuing said warehouse re-
ceipt, and said cotton shall not be
insured In the state Insurance funa
Sec. 8. The South Carolina cot
ton bond commission is hereby au-
thorized and directed, in its discre-
ton, to prescribe rules and perform
all and singular the acts necessary
to carry out the provisions and pur-
poses of this act, not herein speci-
fcally given or provided for in
terms, and which may not be incon-
sistent with the provisions and pur-
poses thereof.
Sec. 9. That all acts or parts OF
acts Inconsistent with any of the
provisions Of this act be, and they
are hereby, repealed, in 50 far as
they conflict with the provisions of
this act
Sec. 10. This act shall become ef-
fective Immediately upon its ap-
proval by the governor.
Buy Your Cotton Goods Now, and
Help Prosperity.