The Waxahachie daily light. [volume] (Waxahachie, Tex.) 1894-current, 1915-07-01
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SUPPORTS WAREHOUSE Ian
BELIEVES NvDED WARE
NOISES VII PROTECT TEN
A. sRMEEs
Editor Of thd ! ally L.rh.:

Editor OF thd Tbily Light:
/ In view 81 H. fact OF the recent
prevailing idw prices Of farm p-c.
duets which Ia now being thrown
sroa the marx ! desire 10 ca,i at
,eniicn IN you columns OF an ast
passed by the rhirts Fourth lesif-
lature, of Wind was one oil iis
authors. that h 4 for its purpose
the protection the farmers from
the throwing o their cotton. grain
and other asrie tural products. mp
on the market an unrcasonabls
low price. II III for lis purpose
also to protect fnd preserve TIL
credit of the peoHle OF this state by
building up s1tem OF credit ok
change based updl agricultural pro
ducts.
The law Is very simplc and plain
when understood nd WIS drafted y
meet emergencies and conditions
such as faced ti. people Of Texas
|; and OF the South asst year when tne
war broke out a(bng the Europear
nations at T. ti!nf when our most
important prod tt-cotton was
placed on the mlkkct
In substance BE act provides ~
follows: First, bat amy one engag-
ed in the pursuit. OF farming shah
have the right 10 deposit his cot
ton, grain or ally other agricultur-
al product in a4bonded warehouse
under the supervision and control Of
the state of Tens, and said products
SO stored in Hch warehouse shall
be properly aksed and the weight.
number OF baf rs or packages Of
grain and the classification thereof
shall be writt8n in certificate
which will be II a bonded ware
house. signed by the official sigma
tnre Of the warehouse man.
Second. il is Further provided that
blank promisso4y notes OF tho face
Value of from PIE TO twenty dol
lars, made paysH, IL To bearer, are &c.
be prepared All deposited by The
Bank and insa 8.nce commissioners
al the various State Banks for the
use of the depo& tors of said cotton.
and grain neniJbned above, where
by the depository OF such cotton and
grain can take &heir certificates To
any State Bank End deposit their
certificates, showing the amount OF
products--cottonA grain or hay
represented bs s5ch certificates and
the bank shall iArnish him one OF
the promissory nQtes of the two
thirds value of sdch products; said
not to be signed by the owner OF
| the certificate. andtis lien on said
product so stored. The note is made
| payable to bearer Ind can be used
| in the paying of obligations. or
transferred from hahd to hand the
same as money; spch promissory
notes made payables not more than
six months from theiF date and bear
ing interest at foursper cent. Tn
| derstand, it is not kmeant that the
bank win loan the Nrmer any mon
| ely on the note. thE may not loan
him one cent, but, fhe purpose of il
is TO permit him 20 take the note
| and settle OFF accounts and obliga-
| tons
The bank which sholds the eerti-
ficates reserves the. right under the
law to sell such pr0ducts, represents
ed by the certificates. at any time the
market price of suoh products shall
go down within FIVE dollars OF the
Ivalue of the note ISSUED on such
products, but if the owner of the
products desires to xhold the same
he may do so by keeping on deposit
sufficient funds to over the differ
ence between the market value of the
Iproducts and the noR, thus he may
keep the bank from s4lling the prot
ucts but the owner iSay sell at any
time he desires
1t is provided further that notes
cannot be issued on products so stor,
ed where there is a landlords lier
Tor mortgage and a penalty is provid,
ed for violating same land for such
ianpeiharation RI tho }RpE for mo L.
ling and handling SUN certificates
the bank may charge a reasonable
lsum TO be agreed u1bn by the d =
lpositor of such produQ and the bank
In the event the mailer of such note
lshall fail or refuse 30 put up sale
margin, as above mentioned. an
lsaid cotton and graz shall deprect
late To within five dol airs of the two
thirds value fixed att he time OF TIL,
Issuance OF notes on same. then ii
that event the bank shall have III,
lpoWer 10 sell said cooon or grain i.