The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1914-10-31


we can make no greater sacrifice in
the interest Of peace and patriotism"
terest from the date thereof and all
carrying charges on said cotton: Pro-
vided, That the cotton shall not be
sold by the commissioners Of the sink
ing fund within three years from the
date Of such notes or loan without
the consent Of the maker Of the note
or notes. Except that if the price
shall reach II 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 if 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 re-
turned to the maker, together with
the surplus proceeds, if any, from the
sale Of said cotton, and when the
amount Of money so collected shall
amount to $4,000 there shall be call
ed in bonds to the amount of money
SO collected and same shall at once
be paid and retired Herewith, the in
terest to be paid at the end of the
current interest period.
Storage Certificates.
Sec. 4. When loans are made on
cotton it shall be stored in bonded
warehouses or State managed ware
houses or such other warehouses as
the South Carolina cotton bond COM
mission may approve and shall be
fully insured and warehouse receipts,
together with certificate Of insurance,
is to accompany and to be attached
to these notes.
Sec. 5. 1t is the purpose Of this act,
IN order to promote and safeguard
the general prosperity of the State
and it's people, to retire and withhold
from the markets a sufficient amount
Of the cotton crop of 1914, to give
value and stability to it's sale and to
give immediate relief to those pro-
ducing it, and the said bonds given
in exchange therefor shall be distrib-
uted as near as practicable accord
ing to the 1913 production among
the counties Of the State to the pro-
ducers Of cotton, land owners upon
whose land the same was produced,
or holders Of cotton for the benefit
OF producers thereof and land owners
and persons or corporations who
nave purchased cotton with money
or on account from citizens of this
State prior to October 20, 1914, at a
price not less than 9 cents a pound
Provided, Such cotton shall have been
grown in this State, and such persons
or corporations be citizens of and
engaged in business in this State. in
proportion to the cotton produced in
each county during the year 1914
and within a county shall be distrib-
uted among the producers land own
ers and holders for the benefit of
producers and land owners in pro-
portion 10 their production, it being
the intent that such persons shall be
ehutied to deliver, as far as practical
Die, at least One-third or more of their
cotton to the State, under the terms
of this act, and the benefits of this
act shall extend only to resident pro-
ducers Of cotton in this State and
owners OF land upon which said cot
ton was produced and holders of cot
ton for the benefit of the producers
or land owners. Such persons shall
nave the option of selling the said
cotton to the state under section of
TINS act, in proportion to the cotton
they produce or control as far as MAY
De practicable: Provided, The State
treasurer shall deposit at interest the
money herein collected in some bank
or banks conforming with the regula-
tions for state deposits within the
county in which said funds are paid.
Selling Pledged Cotton.
Sec. Il. That the sinking fund com