The Anderson intelligencer. [volume] (Anderson, S.C.) 1914-1917, 1914-10-23

The text OF tho cotton bond issue
bill introduced simultaneously in the
two houses Of tho South Carolina gen.
eral Assembly Monday night is as
follows:
"a bill to authorize the issuing of
$25,000,000 in per cent. coupon
bonds of the State, to be known as
South Carolina cotton bonds, and to
submit the question of tho issuing Of
the same to the electors at the next
general election and to provide for
tho payment of interest and their re-
tiroment. aud to prescribe the terms
and manner of issuing and delivery
OF the samo.
'.Be5 II enacted by the general as
sembiy OF the State OF South Caro-
lina:a
".section l.. That thu State OF South
Carolina Issue $25.000.000. II SO much
be nocqasary, In s per cent. coupon
bonds. Bearing interest from the date
OF Issue, payable annually for term
OF FIVE years, and with the option
to the State to call tho said bonds or
my portion thereof by number for
payment at any time; Said bonds to
be issued In form: and manner and
fer thesnnrr1sea hereinafter ses forth:
Provided, That tho question OF issuing
the said bonds be submitted TO the
qualified eloctora on the 3rd day, OF
November, 1914 for the consent Of
the people or the State that at said
election there shall be provided auf-
flcient number OF ballots as follows:
For the issuing Of. not exceeding
: $26. .010, 600 South Carolina coupon
bonds 10 be exchanged efor or loaned
upon e5tttoii by the state. Yes anu
n sufficient npmb1r Of, ballots shall
suing OF not exceeding $4,000, 600
South Carolipa coupon bonds to be ex-
changed; toy or loaned upon cotton by.
I the: State: No. Only such notice OF
& said election shall be- required and
exteaded by advertisement as may be
Z practicable; after the passage. OF this
i act. That In case two'thirds voting
on /, the question OF said issue shall
vote eyeB,' then the said bonds shall be
issued as provided In this act.
"Sec. Q. That said .boIids shall ibe la
sued in denominations, Of $50. $100
md $4,000 and shall be executed as
now provided 'for by sn act titled
: AN act to- provide for the Tf3etnptton
as the brown .consols honda and stocks
4 by Issue OF, other, bonds and stocks.
4 q ,rproved,, December 90. 1892 and
acts, oInendatory thereof. Said bonds
shalt bsaissued, in such form aa shall
be nroscraheA by Stnta ainklno f!.nH
commission: Provided. Tint tho cot
Z ton taken in exchange for said bonds
e shall be pledged for. the payment OF
! same ind i:;tercst collected under the
provisions ot this act shall be- held
|; by, the State, treasurer for the pay
mdrt OF said bonds except as 9TH
erwise hereiIt provided.
Z Diapositi0n OF Bonds.
ei.tSec s.. That tha sinking fund
conmisaiops shall deposit said bonds
with the State Treasurer and shall
& dispose of them as hereinafter pre-
scribed. In exchange for South Caro-
lima pfodnGod cotton, evidenced by
Scertih oates or receipts from bonded
s or State managed warehouses;. show
I. Iii s che weight, grade, mark and NUM-
4 her SOis bales OF such cotton, accord
& ing TO the standard prescribed: by the
4 federal government, the sinking fund
8 commission etall deliver warrant or
& warrants In tho sum represented by
the value of said cotton at iU cents
4 per pound 0n the basis OF middling.
\ fixed By the sinking fund commi1Sion,
and Tin. no case at a higher price than
Z 10 1 cents per- pound. Provided, That
y. .tha pereon. receiving such warrants
s shalt be- the producer OF the cotton
represented by, such certificates or
receipts or the owner OF the Z. land
I: upon which 1t was produced, or the
holder, thereof for tho benefit OF 1he
prodneor of land owner, and shall
b siep6sit IN cash with the sinking fund
II cnnmts tssion 10 per cant. ot the face
of oh 4 warrant, to he held ia Sthe
d Stats treasury for the purpose, tpfl the
payment OF Int sest ON said bonds and
i SOD Al. onS delivery OF note os
= n1Iea N Spi any person except as herein
e limited anb3 3e6tg To- such rules and
Ys r6gnfak kionaA ass tES sinking fund com.
( iiiissfnn may prescribe Inada Soit and
sexetHts4 Iii stich forIn as the Binlling
SS Sfuna Soi1mts sion may require, for the
s6nayntAfiE tn the State Of q ssi5 ss ifixed
nm9prt two years from IS the date
fisefeef Z VII sl.S The interest after The
N \ mat tafi if thereof Ut tiie scf 6 Sa7
Ss cen per antitin, accnnnp d He'd; by 10
IS IS caaS payment cf 10 nAys cent s0f thu
e; f6Ea 1f gsuclf no 10 spr notes to- c6yel
thes sfn fhst s1n 6yanS sptaI the mn;
aat shelt be held