The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1914-10-21
ACREAGE REDUCTION
SEEMS CERTAIN
Advocates Of Total EIini-
nationSL osiug Ground
COMMITTEE Bill
MAKING HEADWIAY
Advocates Of Total Elimination Chnrra
Ihcy Have not had IL Fair Hearing,
House Adjourned untE Monday
Night. Bill Sent to Senate.

i"e! rave not had Fair Hearing.
honSc Adjourned untE Monday
Night. Bill Sent to Senate.
columbia. Oct. 19.-rhc Most i'm
portant bill Of the session was nro-
"ch'cd tonight. It is the % million
oollar bond proposition submitted bv
me special committee, in both the
House and Senate.
Here are the essential featurcc of
| 'he measure that overshadows any
thing yet offered.
section !. That the State of South
so much be necessary in 5 per cent
coupon bonds carrying interest from
the date of issue, payable annually for
term Of five years and with the op
ton to call the said bonds or any
portion thereof by number for paw
ment at any time; said bonds to be
issued in form and manner as the
purposes hereinafter set forth; pro-
Vlded trat the question OF issuing the
said bonds be submitted to the uuali-
ned electors of this State at the next
general election on tho third day Of
November, 1914, for the consent of
the people of the State; that at said
election there shall be provided n
sufficient number Of ballots as fol-
lows:
For the issuing not exceeding
S2o'ooo'Ooo in South Carolina coupon
bonds to be exchanged for or loaned.
upon cotton by the State, 'es'li and
su cient number OF ballots shall bo
provided as follows:
For the issuing of moi cyccodinp
S25.OoO,0o0 in South Carolina coupon
PONDS to be exchanged for or loaned
upon cotton by the state no. Only
Such notice OF said election shall be
required and extended bv advcrtis-
meht as may be practicable after the
passage OF this act. That in case
Two thirs Of the qualified electors of
this State voting on tho question OF
sad issue shall vote yes then the
said bonds shall be issued as provided
in this act.
Section 2. Provides that the bonds
shall be in denominations OF $50.
800, $500, $1,000 and that the form
Of the bonds shall bc provided by
the state sinking fund commission.
There is provided that the cotton
aiken in exchange for the bonds shall
re pledged for the payment Of the
same and interest and that all for
fciture fines and interests collected
on the bonds shall be held by tho
State Treasurer, for the payment OF
them.
Section 3. Provides that the sink
ing fund commission shall turn the
bonds over to the State treasurer and
that the bonds are to be exchanged
for cotton produced in South Caro-
Ina, evidenced by receipts from
bonded or state managed ware
houses. Tho sinking fund commits
sion shall deliver warrants in the
| sum represented by the value of the
cotton at ten cents per, pound on the
basis of middling, the price OF the
lower grades to be fixed by the sink
Ing fund commission. The persons
receiving the warrants shall be the
producers Of the cotton or the own
ers OF the land upon which it was
produced and the holder Of the war
rant shall deposit in cash with the
sinking fund commission ten per cent
of the face of such warrant to be
held in the State treasury for the
purpose OF paying interest on the
bonds and expenses.
Section 4. Provides that upon the
delivery OF notes subject to such
rules and regulations as the sinking
fund commission may prescribe that
notes may be given payable two
years after date with five per cent.
interest and the cotton to be used
as collateral. On these notes it is
also required that cash payment OF
10 per cent Of face shall be paid to
the state treasurer to cover the in
tcrest in advance the loan to be
made on the basis Of cents per
pound for mddling cotton upon the
;. delivery Of the note and tho payment
OF 10 per cent of the face for interest
and pxDnnSpS rho makcr Of The nntnl.