The Marietta journal and courier. (Marietta, Ga.) 1909-1918, 1914-09-11
POWDER SPRINGS BANK
HAS FINE COTTON PLAN
Money to be Loaned IN Ware
house Receipts For
Cotton.

tention of every thinking man in
Tie United States probably the best
solution has been inaugurated by the
Bank Of Powder Springs right here
in Cobb county.
AS soon as the first bale was
brought to Marietta the bank out
lined its plan and forwarded the
copy for the necessary tprinting to
the Marietta Journal. The form of
note and warehouse certificate be-
low and the warehouse receipt made
and Numbered in duplicate is all
there is to it except the insurance po-
licy. The plan is simple and easily
understood.
The insurance companies will
write policies covering cotton on a
basis of nine cents a pound with the
provision that should the cotton be
burned it may be replaced with Other
cotton of equal grade of that de-
stroyed. This protects the notes
which the Bank of Powder Springs
is using with the cooperation of
more than dozen leading business
houses in Powder Springs The plan
in detail is as follows:
A farmer brings his cotton to the
Farmers Warehouse in Powder
Springs, insures it and takes a re-
eCipt showing the mark, number,
weight and class of his cotton. He
then goes to the bank and makes out
a series Of notes of equal amounts
to the value of the cotton deposited
in the warehouse. These notes are
payable to himself and run for four
months. 1t is provided in the note
that should the price of cotton de-
cline additional security may be re-
quired or forfeit made on the cot
ton. For instance, if he deposits
$4,000 worth Of cotton he may
make out twenty notes for $500
each or one hundred notes for $1.O0
each or any amounts he desired so
long as the notes are all for aqual
amounts to aggregate the value of
the cotton deposited.
These notes are acceptable as pay
mant for merchandise, or accounts
or obligations due the following:
Bank of Powder Springs.
NJ w. Compton,
T. N. & c. A. Camp,
Lindley Drug Co.,
aughn-Baggett Drug Co..
A. A. Wolf & Sons,
Hardage & McTyre,
Butner Brothers,
J. T. lookout,
]. d. Middlebroohs,
J. S. Vaughn,
Rice Brothers,
T. N. Lindley
c. H. Lindley,
r. l.. Bennett,
A. w Florence.
Should the Bank of Powder
Spring need more funds to finance
the notes their correspondent in At
lanta will re-discount these notes for
them and should their correspon-
dent need more funds they may Be
discounted at the Regional Reserve
Bank in Atlanta and in this safe but
sure way the emergency currency
provided by Congress is available to
the farmer.
In fact, the farmer deposits his
cotton, writes out his own money
which is secured by his own cotton
insured, and his money is
accepted by the United States Gov
eminent just the same as the Bank
of Powder Springs would have five
dollar bills printed by the Govern
ment and secure them by depositing
with the United States Treasurer
u. s. Government bonds
to guarantee their payment The
only difference between the notes
below and the Bank of Powder
Springs or any banks five dollar
bills is that one is printed by the
and the other is print
ed right here in the Journal office
and secured by Cobb County farmers
cotton properly insured-they are
Just as negotiable as the bank
Congratulations are being show
cred upon the Bank of Powder
SPRING. for their prompt and eff
cient manner of helping to solve the
cotton problem this year.