The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1914-10-17

nm In his official character as nrosi-
dent of the Southern Cotton conpress
1t is as follows, except for the sigma.
ture, that being for the present with.
h"ld' by direction Of the writer:
"Only two things are necessor, =.
secure money or credit to carry sur.
plus cotton for a year or more and
mus save your people from financial
ruin.
FIRST. warehouse law that will
give the holder of a warehouse recent
clear title to the cotton coveroa h,,
the receipt; and
second. Time enough to get the
necessary machinery into operation
"A law which provides that no
warehouse receipt can be issued ex-
cept with the approval of a represen-
tatiVe OF the State government or it's
agricultural department, who must
countersign the receipt; and that sucb
receipt, so cOuntersigned, is to he
the first point For the second. surely
the banks, merchants and other cred
ltors will give the few weeks time
necessary to put the machinery for
loaning into operation.
Notice to the world that the South
intends to withdraw and herself carry
her surplus crop will at once start
the spinners buying, and the South
will realize at least IL cents for the
part of its crop that it sells. The
maximum export Of this years crop
will be 100000 bales. II the South
attempts to sell the entire crop, it will
probably not average over $50 a bale,
or $150.00O.00O for the 5000. 900 ex-
ported, but, by wise marketing, 12
cents, or $50 bale, may be obtained.
This means an extra $3.50, 900, ,OOO-the
amount necessary to carry 5000, 600
bales with an advance Of $50 a bale.
IF you can assure me that you
can furnish warehouse receipts, GER
titled by the commissioner Of agricul-
ture of the State Of South Carolina,
under simple license warehouse act,
providing for countersigning Of re-
eaipts, said receipts being a clear title
to the cotton covered by them. be-
to take up tn ese receipts, and advance
upon them at least cents per pound,
with the understanding that sales may
be made at any time when prices ad-
vance above an agreed-upon price.
Loans ought to be made for a year at
about per cent. interest
Such a syndicate would be design
ed to stand between the producers and
the banks, and be intended to aid and
save the small producer who finds
in a helpless condition, and
should act at once before damage
that can not be repaired is done the
small farmer who is compelled to pass
his cotton into other hands. If quick
ly put in,) operation, this means will
avert the worst of the disaster Incl
dent to the fall obligations.
I'm your State 1 understand ware
housing facilities are already ample
and that the legislature is in a posi-
ton to provide for proper certification
of receipts. am willing to do my
utmost to aid you in your laudible ef-
fort to save the hard-pressed small
farmer who can not help himself, and
to demonstrate to your banks the
wisdom Of similar efforts on their
part to prevent injury where such in
jury will do the greatest permanent
damage.
If you can quickly advise that GER
tification of receipts, as indicated, Is
provided, and that your department
Of your State government will coop
crate with proper fiscal representa-
tives Of syndicate in adjudging
proper cases for loans, l believe that
within a short time we can have two
or three Cor possibly more) million
dollars available for such use in your
State.
without waiting advice as to ac-
ton on the points outlined, / am to-
day, purely with the desire to aid the
producer who can not aid himself,
and with no idea Of profit to myself.
taking the proposition up with friends
Of means in the East and in England,
promptly of the success Of my efforts.
'If your State makes a success Of
such a movement. it is fair to assume
that the other States will follow; and,
if the surplus of cotton Of this crop
be taken up, be stored in the South.