The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1914-10-31
COMMITTEE MAKES REPORT.
CUTS ONE MILLION FROM COT.
TON BOND MEASURE.
Buying Outright not COntcmplatcd-
Nine Cents Loan Value Limit Re-
taincti-Statc Commission to Handle
Details IS Erccted-Advanccs Sc
cured by Certificates of Storage I'm.
der Insurance.

committee from the house to which
the bond issue bill was referred Mon
day night reported a substitute bill
yesterday at noon, in which the propo-
sition of submitting to the people on
November 3 the question Of issuing
bonds on the credit Of the State to as
sist producers of cotton was some
what modified.
The substitute bill decreases the
proposed issue from SIS, 900 to
$24.O0O,000 and creates the South
Carolina cotton bond commission to
supervise the lending Of the money
on notes to which warehouse receipts
for cotton are attached. Nine cents
a pound remains in the new bond is
sue bill as the basis for loans on cot
ton. The purchase Of cotton out
right is not contemplated by the bill
Mr.. Stevenson Of Chesterfield, Mr..
Wander Horst Of Charleston and Mr..
Mower Of Newberry were the mem
bers Of the special house committee
that reported the substitute bond is
sue bill yesterday morning.
The substitute bond issue bill fol-
lows in full:
Section 1. That the State of South
Carolina issued s24,OOO,OOO, if so
much be necessary, in coupon bonds,
bearing interest from the date Of the
issue at not exceeding per centum
per annum, payable semi-annually,
for term Of 20 years, but the State
shall reserve to itself the right to
call in and pay the whole or any
part Of the issue at any time after
the expiration Of one year from date
Of issue, but in such event the bonds
first called in shall be those of the
highest numbers or last issued. Said
bonds to be issued in form and man
ner and for the purposes hereinafter
set forth: Provided, That the question
OF Issuing the said bonds be submit
ed to the qualified electors Of this
State at the next general election, No
vember 1914, for the consent of the
people Of the State; that at said cleo
ton there shall be provided a suffi-
icent number of ballots, as follows:
For the issuance Of not exceeding
$24,000,00O in South Carolina coupon
bonds, YES" and a sufficient number
Of ballots shall be provided as fol-
lows: For the issuing Of not exceed
ing $24,000,O00 in South Carolina
coupon bonds, No" That in case
two-thirds Of the qualified electors of
this State voting on the question of
said issue shall vote "Yes," then said
bonds shall be issued as provided in
this act, provided the said bonds shall
be nontaxable.
Bond Commission.
Sec. 2. That said bonds shall be is
sued in denominations Of $50, S1OO,
$500, $1,000 and $4,000 and shall be
executed as now provided for by an
redemption of that part Of the State
debt known as the brown consol bonds
and stocks by issue Of other bonds
and stocks, approved December 22,
A. d. 1892" and acts amendatory
thereof. Said bonds shall be issued
in such form as shall be prescribed
by commission, which is hereby
created. to be known as the South
Carolina cotton bond commission" to
consist of the commissioners of the
sinking fund and three other men,
bers to be selected by them; such ad-
ditiOnal members shall not be engaged
in the cotton business, either as man.
ufacturers or buyers or spectators.
Sec. 3. That the South Carolina
cotton bond commission may deposit
said bonds with the State treasurer
and dispose of them as hereinafter
prescribed. On delivery Of any note
or notes of any person in the State,
subject to such rules and regulations
as the commissioners Of the sinking
fund may prescribe, made out and
executed in such form as the COM
missiOners Of the sinking fund may
require, for the payment to the State
Of a fixed amount two years from the
date thereof, with interest after ma
turity thereof at the rate Of per
centum per annum, accompanied by
Il cash payment Of 10 per centum Of
the face OF such note or notes to
cover the interest in advance until
the maturity Of the note, the loan to
be made on Il basis of cents per
pound for middling cotton and for
lower grade of cotton as the commits
sioners of the sinking fund may pre-
scribe, upon delivery of said note or
notes with warehouse receipts or GER