The Anderson daily intelligencer. [volume] (Anderson, S.C.) 1914-1915, 1914-10-21

The text Of the cotton bond issue
bill introduced simultan eously in the
two houses of the South Carolina gen.
eral Assembly Monday night Is as
follows:
"A bill to authorize the Issuing of
25,000,000 in s per cent coupon
bonds Of the State, to be known as
South Carolina cotton bonds, and to
submit the question of the issuing Of
the same to the electors at the next
general election and to provide for
the payment OF interest and their re-
and manner Of issuing and delivery
of the same.
"Be 1t enacted by the general as
Ge;nbly % the State OF South Caro-
lima:
Section 1. That the State OF South
Carolina issue s25,000.000. If so much
be necessary, in s per cent. coupon
bonds, bearing interest from the date
Of issue, payable annually for TERN
of five years, and with the option
to the State to call the said bonds or
any portion thereof by number for
payment at any time; said bonds to
be issued in form and manner and
for the purposes hereinafter set forth:
Provided, That the Question of issuing
the said bonds be submitted to the
qualified electors ON the 3rd day, Of
November, 1914 for the consent of
| the people of the State; that at said
election there shall be, provided suf-
flcient number OF ballots as follows:
For the issuing OF not exceeding
S25, 900, 900 South Carolina coupon
bonds to be exchanged for or. loaned
upon cotton by the State. Yes and
a sufficient number OF ballots, shall
suing of not exceeding $4,000, ,00G
South Carolina coupoA bonds to be ex-
| changed for or loaned upon cotton by
the State. No. Only such notice Of
| said election shall be required and
extended by advertisement as may be
| practicable after the passage OF this
act. That in case two-thirds voting
| on the question Of said issue shall
vote YES then the said bonds shall be
issued as provided In this act.
"Sec, 2. That said bonds shall he ia
sued in denominatfo"s OF $50, S100
and $1,000 and shah be executed as
now provided for by an act entitled
| An act to provide for the redemption
OF that part of the State debt known.
as the brown consol bonds and stocis
by Issue CO otkor Loassa and stocks.
approved December 30, 1892 and
o cts amendatory thereof. Said bonds
shall be issued in such form as shall
| be prescribed by State sinking fund
commission: Provided. That the cot
ton taken in exchange Tor said bonds
shall be pledged for. the payment Of
same and interest collected under the
provisions of this act shall be held
by the State treasurer for the pay
ment OF said bonds except as 9TH
erwise herein provided.
Disposition Of Bonds.
"Sec.- 8. That the sinking fund
commission shall deposit said bonds
with the State Treasurer and shall
dispose or them as hereinafter pre-
| scribed. In exchange foS South Caro-
lima nrciuced cotton, evidenced by
certificates or receipts from bonded
or State managed warehouses. show
ing the weight, grade, mark and num-
| ber OF bales OF such cotton. accord
ing to the standard prescribed by the
federal government, the sinking fund
commission shall deliver warrant or
warrants In the sum represented by
the vaiSe OF said cotton at 10 cents
per poui,t. on the basis or middling,
the price of the hover grades to be
L uACQ Wy tnO btfAsti& AuAf0 0AoA@hhiootShp
and in no case at higher price than
10 cents per pound. Provided, That
the person receiving such warrants
shall be the producer OF the cotton
represented by such certificates sor
lreceipts or the owner OF the land
upon which II was produced. or the
holder thereof for the benefit of the
producer Of land owner. and shall
deposit In cash with the sinking fund
commission 10 per cent. OF the face
of such warrant. to be held In the
State treasury for the purpose of the
payment Of interest On said bonds and
expenses.
"sec. 4. On delivery OF note or
notes OF any person except as herein
limited. subject to such rules and
Regulations as the sinking fund COM
mission may prescribe. made out and
executed IN such forfk ns the sinking
fuDs commisicn iissy require. for the
pfyme.. 40 The SSSte OF q fixed
amount two years Ssom the date
thereof, with the inteSest after the
maturity thereof at the rate OF s per
cen. per annuni, accompanied by q
cash payment OF 10 per cent OF the
face OF such note or notes to cover
the interest In advance until the ma
turity OF the note which shaIl, bs held