The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1914-09-15
THE CRAIG PLAN
TO SAVE COTTON
trust Company by Voluntary
Subscriptions to Loan Money
on Cotton Crop

Ihere is being shown much inter
est IN the plan proposed by Governor
Locke Craig for taking care Of dis
'Fessed cotton in North Carolina. by
means OF a trust company financed by
the people or the State, who will do
this because of the need and of nat
rfotisfn- At the conference Of farm
eis ana otner business men held in
Raleigh on Friday the plan Of Gov
ernor Craig was given hearty on
derSenent, and he was made the
chairman of a committee TO put the
plan into operation.
Governor Craig stated yesterday
that he had not yet appointed the
committee which h was authorized
TO name, but that all who wished to
subscribe to stock in the
could communicate with Col. J. BRYAN
Grimes, Of Raleigh, stating the
amount they O subscribe. He
stated that no one would be solicited
Tor a subscription, that it must be
voluntary, that if a sufficient number
or men in the State are willing to CO.
operate by lending their money for
taking care Of the cotton crop, this
can be done. The money Of all sub
scribers, he states, would be perfectly
safe, and would draw six per cent in
~terest.
The statement which Governor
Craig made to a conference of a few
of the leading business men in his
office, and in substance the same
thing to the meeting Of the farmers
on Friday, was as follows:
Il make the following suggestions
for your consideration as a means by
which the cotton crop may be pro-
tected, at least to some extent:
Il. Organize n trust cOmb3nV wit
an authorized capital of 81, eco, 600, to
begin business when stock has been
subscribed and paid for to the amount
Of $250,000.
-. The sole purpose of this cor
poratiOn shall be to loan money on
tcottOn to the amount of seven cents a
pound.
"3. Each person proposing to Dor
row money shall subscribe and pay
into the capital stock of the company
one-tenth of the amour that he pro
poSeS to borrow:
"a. When the cotton shall be sold
If it shaH bring exceeding ten cent:
: a pound, one-half of all above tina
4 amount h belong to the company
4 and one-half to the original owner.
IS. If at any time any holder O
the stock desire that his stock ha1
: be retired, he. car exchange thi!
9 stock for cotton at it's market value
Q Liz CJIIoW LII GULL - q
;. least ten cents a pound for the cot
ton. Arrangements can be made b.
a which the company holding cotton il
$ trust can apply it to the retiremen
of such stock.
IS. The notes secured by the cot
: ton, and held by the company to rul
: six months, bearing six per cent in
S tereSt.
q Il believe that in the state there i
sufficient money in the hands Of pub
r lie spirited men to protect the cotto1
e crop, provided these men and tt
: money can be made effective by
n proper organization. We can sub
scribe for stock according to oul
ability. Much might be subscribe
t in small shares by thousands VIII
n would help in this emergency.
i The plan above suggested can b
IS effected only by men who are willin
to cooperate for their own good, al
for the general welfare, and to d
q something substantial not for persona
gain. but to relieve his crisis an
q save us from distress. PatriotiSr
would be the impelling motive. Tn
great staple of the South is threat
n ened with sacrifice. Disaster is i'm
minent. 1t is time that we shout
II act, and act, not in a spirit OF selfish
r ness, but for the public good.
. This plan will interfere with n
20 other plan that has been suggested
can be put into operation in ten day
!, or less time. The market would .
toned up, and the price begin to rK
"a at once. When the people reaHz
hat the substantial business men {
!. the state are behind cotton with the
money, confidence in cotton Will
l. restored"
- At the end the conference OF bus
=. ness men unanimously endorsed tf
~ suggestion of the Governor as
- good one. Mr.. w. A. Erwin said tn;
" he would subscribe $4,000 of the stoc
:. Gen. Julian S.. Carr said that he wcui
subscribe $4,000; Governor orals Sd
nalIcoriho 81 Q0N