Newport daily independent., 1914-09-12

state buy one-fourth of the cotton pro. 2 duced in it during the year 1914 al 10 cents a pound, middling, 8 cents per pound to be advanced at the time of purchase in non-interest-bearin bonds of the state in such convenient denominations that they may circulate it in adjusting credit; said bonds to be redeemable by state on or before January 1, 1916, iii cash or four per cent bonds of the state at it's option. < 'sIf, when the state shall have pur- chased one-fourth of the cotton of 1914, the price of middling cotton in the open market is below 10 cents per pound; the state shall continue it's purchases on like terms until it has purchased 35 per cent of the 1914 production if the market price of cot ton does not sooner reach 10 cents per pound.
 Second, That no part of the cotton so purchased by the state shall be sold before Nov. 1, 1915, for less than 1 10 cents per pound on the basis of middling, nor before June 1, 1915, for less than II cents per pound. That when and as soon as the said cotton is sold the state shall pay the vendors ] from whom the same was purchased the two cents per pound due thereon. "Third, That the state impose pur- chase tax on all lint cotton purchased in the state during the year 1914 of 50 cents pen bale, to be paid when the same is sold in the open market, or, , if not sold in the state, then by the assignee before shipment out of the state. Such part of the proceeds of said tax as may be necessary to be used to reimburse the state for any loss sustained in the purchase or hold 1 ing of cotton produced in 1914 as hereinbefore provided, and the bal ance, if any, to be converted into the treasury of the state.
 PRODUCTION TAX.
 Fourth, The state to impose a production tax of one cent per pound on all lint cotton produced in the state in the year 1915, provided that said production tax shall be remitted if the acreage cultivated in cotton in the state in 1915 does not exceed 60 l per cent of the acreage cultivated l therein in cotton in 1914. Provided further, if said total acreage of 1915 exceeds 60 per cent of the total acre. age of 1914 said production tax shall nevertheless be remitted on all cotton grown on any farm if the acreage of cotton grown on said farm in 1915 does not exceed 60 per cent of the to- tai acreage of cotton grown on said farm in 1914, and if there has been a subdivision in the ownership of any farm upon which cotton was produced in 1914 the said subdivision shall be included in determining whether the cotton acreage thereon in 1915 was more than 60 per cent of that in 1914. than 50 per cent of that in 1914.
 Fifth, The foregoing plan should be conditioned on it's adoption by states producing at least two-thirds of all cotton raised in the United States in 1914.
 First, Bonds for the payment of the eight cents per pound advanc- ed by the state should be non-interest- bearing. CD That this paper be in a form to conveniently circulate in adjusting credits. (2) If bank or individual should advance eight cents on cotton upon a warehouse receipt the farmer would have to pay inter- est on such sum and expenses of in surance, warehousing, etc. Under this plan the farmer pays neither in terest nor any expense incident tothe holding of cotton, and if the bonds he receives do not circulate and he has to borrow on them he will probably have to pay even less rate of inter- est than if he borrowed on his cotton.