The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1914-11-14

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frame; earth or other noncombustible
floor. Building to contain not over
$4,000 cubic feet.
Dimensions: Ninety by 100 feet, or,
II preferred SO as to get 19-foot
rafter, SO by $50, about eight feet In
height. In other words, suit yourself
as to shape, SO that the cubic feet of
space does not exceed $4,000. Doors,
not less than two in ends and sides,
which must open outward. The ends,
however, can be planked up, so that
the boards can be ripped off in case
of fire. The rate Of insurance runs
on this type from $3.50 per 500 per
year to $2.25, dependent on other
conditions surrounding building, but
in no case on this type more than
1925 per 800. This makes from 90
cents to about 81 per year insurance
for bale Of cotton. estimated at
about cents per pound. a Columbia
contractor estimates the cost of this
building at 5000. 1 am satisfied that
could put up one on my plantation
where l have access to the woods, for
around $4OO.
Il am empowered by the State to
settle the term upon which such
warehouse can be taken over, the only
restriction being that l am not to in
cur asloss to the State from the opcr-
alton Of the warehouse. The State is
to give a receipt carrying absolute
title to the bales enumerated in same.
and guaranteeing:
Il. Weight and grade.
"2. The delivery of the identical
bale named in the receipt.
when this receipt is understood
in the commercial world it will have
a value not enjoyed by any other
warehouse receipts, because it pre-
vents substitution, guarantees weight
and grade, and removes the cloud rest
ing upon the title to every bale Of cot
ton produced under the crop mortgage
and lien system.
Il am Gevising contract which
will enable me to lease such a build
ing as l have described, and at an
added cost Of three cents per bale for
each month to those storing cotton, to
trix
house receipts. l will have to take
a bond from the manager and grader
to protect the State in weight, grade
and delivery of cotton.
'As to how the receipts may be used
to secure money, l will say that in my
original bill it was made the duty of
the commissioner to negotiate loans
or sell cotton for those who had it on
storage. This was stricken out and
is not a part of my official duties un-
der the present law. But there is no
reason why l cannot as an individual
aid the holders Of those receipts
either in the negotiation Of loans of
making sale of cotton, and it is my
purpose to do this to the extent of
my ability.
What we need in South Caro-
lima now is to unlock credit.
There is as much money as there ever
was in the country, but credits are
tied up as Il result of this holding
movement Many think the farmers
should sell and pay their debts, but
this can not be done for the reason
that if there was a general selling
movement the price Of cotton, under
present conditions. would go so low
that we would lose the cotton and
still owe the debts. Nothing will put
the price of cotton up eXcep: to hold
it off the market, and it looks to me
like if we do that. we can borrow
more money on cotton that it would
sell for i'm the open market. If
the farmer holds his cotton and does
not borrow money the lien merchant
will be wiped ont and with him will
go the country bank.
"Now, under section Is ana section
| I of the federal reserve act. there i
no reason why the lien merchant ana
banter can not aGr,r upon u price for
cotton stored in state warehouses.