The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1916-10-11

any one who had held himself ont as
using the standard grades, should i'm
fact use them. Cotton buyers in the
near future, he said, would have to
BUY cotton on the grade furnished by
a federal cotton grader. He said that
ne had worked for the passage of the
Dill, but there had been so much other
legislation that it had not been pass
ed, but it would be within the four
months the Democrats still would
have. even if they were defeated. He
said no good law came as a result of
revolution, but that all good laws
came as the result of slow evolution.
Said that there were three classes of
cotton graders, the competent honest
grader, the competent dishonest grad
er, and the incompetent honest grad
er, who was in the large majority. He
was honest, but he did not know how
to grade the cotton; these graders and
buyers were to be found at small sta
tions and buying points. In this case
the cotton was much more often un-
der graded than overgraded, as a mat
ter Of business.
He said that he had secured a grad
er for Orangeburg and st. Matthews.
but he did not think he could get one
for Sumter, as the plans of the de-
partment were already made, and
there were no means for supplying
one here. Besides the matter was in
an experimental stage and he wanted
| 1T to be where he could closely OBJ
serve 1t. He stated that he had re-
Gently received a letter from a lady,
who stated that she was much pleas
ed with the cotton grader, as she had
been selling cotton for thirty years
| and for the first time she had sold a
| bale of cotton as strict middling. He
did not see why, and hoped that it
would not be long before, every bale
of cotton was graded by an honest ex-
pert grader. The work, he said, was
just beginning, and having put his
hand to the plow, he would not turn
| back.
He discussed the financing of the
| crop by the farmer, going through the
various processes which had to be
gone through with to get the money,
| saying that after all the expenses were
paid the farmer on the whole had to
pay about twelve or fifteen per cent.
He showed where the rural credits act
came to the aid of the farmers in this
crisis. He could borrow money at
six per cent. for long term of years.
thirty or forty. He stated that the
railroads, which might be destroyed
and were not good security, could bor-
row money at three and a-half per
cent, while the farmer on his land,
which could not be destroyed had to
pay eight and--a-half Aper cent. He
EXPLAINED the rural credits act and
how under it any ten men could or
ganize and secure fifty per cent. of
the appraised valuation of the land.
The money is paid back in annual in
stallncnts at not more than six per.
cent for twenty years, when you will
have the property paid for. Each man
would be liable for twice the amount
Of stock he had in the land loan sys-
tenn, or ten per cent. of his loan.
At the request Of Mr.. E. w. Dabbs,
Mr.. Lever spoke of ''short time loans"
under the same act as he had been
discussing long time payments. The
matter had been considered by his
committee. 1t was found that char
acter would not do as sole collateral
of credit. He said that extra charge
on credits was seventy-tive cents extra
on the dollar. 1t was not the mer-
chant, but the systems under which
we lived. To secure advanta' IS of
cash prices the standard warehouse
act haad been passed. All cotton must
be weighed by licensed weigher, must
be graded by licensed grader, and
the identical bale must always be
there for delivery, when called for,
that the law must be uniform in all
States and that the warehouse is open
to federal inspectors at all times. He
believed that such a receipt would
pass anywhere within short time, as
soon as it became known that 1t was
| as good as cash. Three or four mil
lion bales of cotton were forced on the
market every year under the present