Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1914-10-20


changed for or loaned upon cotton by
the State Yes and a sufficient num-
Der of ballot shall be provided as fol-
lows: For the issuing OF not exceeding
$25,0O0,00O South Carolina coupon
bonds to be exchanged or loaned upon
cotton by the State. No. Only such
notice of said election shall be requlr-
ed and extended by advertisement as
may be practicable after the passage
cf this act. That in case twO-thirds or
the qualified electors of this State vot-
ing on the question of said issue shall
vote Yes then the said bonds shall
be issued as provided in this act.
Sec. 9 That said bonds shall be is
sued in denominations OF $50, SlOO
and $1,000 and shall 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 stocks
by issue Of other bonds and stocks. ap-
proved December %, 1892 and acts
amendatory thereof. Said bonds shall
be issued in such form as shall be pre-
scribed by State sinking fund commits
sion: Provided, That the cotton taken
in exchange for said bonds shall be
pledged for the payment Of same and
interest; also all forfeitures, hnes ana
interest collected under the provisions
of this act shall be held by the State
treasurer for the payment or sald
bonds except as otherwise herein pro-
vided.
Disposition of Bond.
Sec. 8. That the sinking fund COM
mission shall deposit said bonds with
the State treasurer and shall dispose
of them as hereinafter prescribed. In
exchange for South Carolina produced
cotton, evidenced by certificates or re-
ceipts from bonded or State managed
warehouses, showing the weight,
grade, mark and number of bales or
such cotton, according to the standard
prescribed by the Federal government,
the sinking fund commission shall de-
liver warrant CT warrants in the sum
represented by the value Of said cotton
at 10 cents per pound on the basis of
middling, the price of the lower grades
to be fixed by the sinking fund COM
mission, and in no case at hlgher
price than 10 cents per pound: ProVid-
ed, That the person receiving such war :
rants shall be the producer of the cot
ton represented by such certificates or
receipts or the owner of the land upon
which il was produced, or the holder
thereof for the benefit of the producer
or land owner, and shall deposit in
cash with the sinking fund commits
sion, 10 per cent of the face of such
warrant. to be held in the State treas
ury 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 commission may
prescribe, made out and executed In
such form as the sinking fund COM
mission may require, for the payment
to the State Of a fixed amount two
years from the date thereof, with the
interest after the maturity thereof at
the rate of per cent per annum, ac-
companied by cash payment of 10
per cent of the face of such note or
notes to cover the interest in advance
until the maturity of the note which
shall be held in the State treasury for
the purpose of paying the interest on
said bonds and expenses, the loan to be
made on a basis of 9 cents per pound
for middling cotton, and for lower
grades of cotton as the sinking fund
commission may prescribe-upon de-
livery of said note or notes with ware
house receipts or certificates attached
thereto, evidencing cotton of grade
and quantity and indicating the marks
and number of each bale as aforesaid,
the sinking fund commission shall
cause to be delivered to the maker of
said note or notes warrant or warrants
on the State treasurer for bonds as
prescribed in the preceding section or
this act The payment of said note or
notes shall not be required until the
cotton pledged to secure the same
shall be sold for a price sufficient TO
pay the face of said note or notes and
interest from the date thereof and all
carrying charges on said cotton: Pro-
vided That the cotton shall not be sold
by the sinking fund commission with
in three years from the date of such
loan or notes without the consent of
the maker of the note. When the cot
ton is sold amount of the note and
interest due the State and expenses on
said cotton shall be deducted and the
note or notes returned TO the maker,
together with the surplus proceeds. if
any, from the sale of said cotton.
Purpose Is Stated.
Sec 5. 1t is the purpose of this act
in order to promote and safeguard the
general prosperity of the State and itS
people to retire and withhold from the
markets a sufficient amount of the
cotton crop of 1914 to give value and
stability to its sale and to give imme-
diate relief to those producing it, anC
the said bonds given in exchange
thereof shall be distributed as near a:
practicable according to the 1913 pro-
duction among the counties of the
State to the producers of cotton, land
owners upon whose land the same was
produced, or holders of cotton for the
benefit of producers thereof and land
owners in proportion to the cOttor
produced in each county, during the
year 1914, and within a county shall
be distributed among the producers
landowners and holders for the bene-
fit Of producers and landowners ir
proportion to their production; II be-
ing the intent that such persons shal
be entitled 10 deliver as far as practi'
cable at least one-third of their cottor
to the state under the terms of thi:
act, and the benefits Of this act shal
extend only to resident producers o
cotton in this state and owners o
land upon which said cotton was pro
duced and holders of cotton for th'
benefit of producers or landowners
Such person shall have the option O
selling the said cotton to the state un'
der section 3 of this act or of procur'
ing a loan thereof, under section 4 o
this act. in proportion to the cottoI
they produced or controlled so far a:
may be practicable.
Sec 6. That the sinking fund com
mission shall sell said purchased cot
ton, or any portion thereof, at sucf
time and price as may be deemed fol
the best interest or the state, eNCep
as herein inhibited: Provided Tha
il shall not be sold for a price insufh
Cient to pay said bonds exchanged
therefor and accrued interest togethel
with the expenses of warehouSing anC
holding the same, and the expense:
otherwise incurred under this act.
Sec I. That upon presentation o
any such warrant or warrants To thu
state treasurer he shall deliver to the
holder bond or bonds as nearly equa
in amount as possible to the amount o
such warrant or warrants and his re-
ceipt for any difference between th'
sum of such warrant or warrants ant
the bond or bonds so delivered, which
receipt shall always be without inter
est and receivable in part exchange ol
account of bonds at its face value.
Calling in the Bonds.
Sec s. That upon the sale of an!
of such cotton the sinking fund com
mission shall pay over to the STATE
treasurer the proceeds of said sale an(
he shall forthwith call for said bonds
by advertisement to an amount tina
ha Maid nv said received