The herald and news. [volume] (Newberry S.C.) 1903-1937, 1916-01-11

short time seems to be beyond ques-
ton. When the boil weevil reaches
Us, it Will produce financial and agri-
cultural disaster, unless We prepare
for it by diversifcation of crops, by
proper seed selection Of early varie-
| ties, by raising food crops, by raising
cattle and stock To change a large
part Of our acreage from cotton to
other crops will require education in
farming which will give better methods
than now obtain. The boil weeyil will
be upon US shortly; We must prepare
for it. The disaster which will &C
company the boil weeviTs advent
among us will apply to farmers first,
/ but also to all classes and conditions
of our people, for agriculture is, and
will be throughout our lifetime, the
! foundation stone of our material wealth
and prosperity.
|
! invite your attention to the consid-
GRAFTON of the state warehouse system.
The Inauguration of this system has
marked a radical departure in demo-
cratic government 1t has given en-
phasis to the protection of property
rights. By the Warehousing Of agri-
cultural products and providing plan
whereby they may be gradually mar
keted, it aims to protect the owner of
these products against conditions
which deprive him of legitimate profit
and which endanger the continuance OF
AGRICULTURAL pursuit on a basis that
gives adquate returns for labor, and
makes agricultural life profitable and
attractive. 1t is an attempt on the
uart of the state to help the citizen to
help himself. This is in accord with
Justice and humanity, and Characters
lie of the progressive spirit Of this
age
! 1t is inevitable, however, that sys-
tenn that aims at revolutionizing the
marketing Of our great money crop,
should not be perfected in its initial
stage. Operation of this system has
demonstrated that it can be of great
and valuable service. 1t should be our
aim TO perfect the system to operate
it on sound business principles, to pro-
tect it again possible abuses, and to
throw around it every possible safe
euard. Make the state warehouse re-
ceipt a collateral that will be recog-
nized as safe, so that it will be sough!
after as collateral to loans in any OF
the money centers and money markets
of this country
The liability of the state should be
clearly defined. 1t is not necessary for
me to suggest specific amendments to
the act. 1t is well to bear in mind that
our chief source of borrowed money is
to be had through the. federal reserve
bank. The requirements Of that insti-
tuition should be met, both because they
are sound and reasonable, and be-
cause these requirements and these
safeguards will the sooner attract at
tention in money markets, to these re-
ceipts as collateral, and thus will be
sought after by investors. This will
eventually lead to the lowest obtain
! able rates of interest refer you to
the question of ownership and manage
ment-the manager of the warehouse
issuing negotiable receipts should be
disinterested party and not the owner
of the cotton stored, On which it is
proposed to issue negotiable receipts.
Accurate and reliable grading and
weighing by licensed graders and
weighers is of great importance. 1t
may be tnat these matters might best
be regulated by rules and regulations
of the commissioner ana the board OF
commissioners, to which I will refer
you later, or by legislative enactment
l regard it as essential that this sys-
tenn shall not be dependent upon the
personality of any one man. The un-
certainly Of death NAVE this all the
important. The act should be amended
to as to provide for appointment by the
governor, by and with the advice and
consent of the senate of a board OF
three commissioners, with the state
commissioner as ex-oficio chairman,
whose terms should be for six years,
except the first appointees, whose
terms should be for two, four and six
years, respectively, so that majority
of the board could not be displaced
during any particular administration
except for neglect Of duty, or malfeas-
ance in Office. The commissioner,