The Anderson daily intelligencer. [volume] (Anderson, S.C.) 1914-1915, 1914-10-21

IN the State treasury for the purpose
F, OF paying the interest on said bonds
ana expenses, the loan to be made nm
q basis OF 8 cents per pound for mid
dllng cotton, and for lower grades of
cotton as the sinking fund commission
may prescribe-upon delivery of said
note or notes with warehouse receipts
or certificates attached thereto, evil
dencins cotton OF grade and quality
anu indicating the marks and number
of each bale as aforesaid. the sinL;ne
Iund commission shall cause to be de-
livered to the maker of said note or
notes warrant or warrants on the
State treasurer for bonds as pre-
scr1Ded In the preceding section of
THIS act The payment CT SAID nvte
or notes shall not he required until
the cotton pledged to secure thu same
shall be sold for price sufficient to
pay the face Of the note or notes and
interest from the date thereof ard all
carrying charges on said cotton: Pro-
vided. That the cotton shall not be
sold by the sinking fund commission
within three years from the date of
SUCH loan or notes without the con-
sent of the maker of the note. When
the cotton Is sold, amount of the note
and interest due the State and ex-
penses on said cotton shall be deduct
ed 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. s. 1t is the purpose of this
act in order to promote and safeguard
the general prosperity Of the State
and ifQ fo
! from the market sufficient amount
| OF the cotton crop of 1914 to give
value and stability to its sale and to
give Immediate relief to those pro-
ducing 1t, and the said bonds given In
| exchange thereof shall be distributed
| as near as practicable according to
the 1913 production among the coun-
ties OF the State to the producers of
| cotton, landowners upon whose land
the same was produced. or holders of
| cotton for the benefit of producers
| thereof and landowners in proportion
| to the cotton produced in each county,
during the year 1911, anu within a
county shalkbe distributed among the
prodcers. landowners and holders for
/ the benefit OF producers and iandown-
ers In proportion to their production;
| 1t being the intent that such persons
SAoii nc ShtitiCo ~ QcilSSI dS lar as
practicable at least one-third of their
| cotton to the State under the terms
OF thi1 act, and the benefits OF this
act shall extend cnly to resident pro-
.ers OF cotton in this State and
IciyneTs OF land upon which said cotton
| Vas produced and holders of cotton
for the benefit OF producers or land
owners. Such persons shall have the
| option of selling the said cotton Il,
the State under section 8 of this act.
or Of procuring q loan thereof under
section OF this act, In proportion to
the cotton they produced or con-
trolled 80 far as may be practicable.
Sec. 6. That the sinking fund
commission shall sell said purchased
cotton. or any portion Thereof, at
such time and prizes ss may be Deem
ed for the best interest OF the State,
That 1t shall not be sold for a price
changed therefor and accrued interest
together with the expenses of ware
housing and holding the same and the
expenses otherwise incurred under
| this act.
"sec: 4. That upon presentatio /.
OF any such warrant or warrants to
The State treasurer he shall deliver
to the holder bond or bonds as nearly
equal In amount as possible TO the
amount of such warrant or warrants
and his receipt for any difference be-
tween the sum OF such warrant or
warrants. which receipt shall always
be withcssss interest and receivable In
part exchange on account of bonds at
its faco value. M
| Calling In the Bonds.
"Sec. 3. That upon the sale Of any
tof such cotton tho sinking fund COM
nission shall pay over 20 The state
treasurer the proceeds OF said sale
and he shall forthwith cali for said
bonds pysadvertisement to an amount
that can be paid by said moneys re-
ceived. giving the number called, and
said bonds shall be retired In manner
and form as the case OF those state
bonds under the provisions OF an act
as quoted above and approved ar
labove. and acts amendatory thereof.
eSec. Q. The State sinking fund
IeomInission Is hereby authorized and
Iempoweyed to provide such forms,
blanks and stationery and may employ
Isnch clerical assistance as may be
necessary TO carry out the purposes
OF this act, the expenses OF which
IAhall be paid from the payments re-