The Pickens sentinel. (Pickens, S.C.) 1911-2016, 1918-08-22

Nys
go into the warehouse business. This
is big problem for the people to
consider, and there is a great deal to
be said on both sides. However,
some States might pass such laws,
and others would not. State Consti-
tutions would have to be amended.
The third way, and this is my So
luton of the problem, is for Con-
| gross to pass an independent ware
house bill.
do not know that the National
| Government would build, or that it
| would desire to own warehouses, but
it occurs to me that it could recog-
nize all warehouses which are built
according to modern standards, and
if it should be thought necessary for
the title to be in the Government, it
| could lease these warehouses for q
nominal rental. Such warehouses
then could be declared to be ready
to receive non-perishable products
of the soil. Before this is done, how
ever, let the warehouse companies
furnish the Government strong bonds
to protect it in every way, and then
let the receipts be given by the ware
houses, countersigned by some agent
of the Internal Revenue Department.
These receipts would specify the
weight, grade, staple, etc. Let the
warehouse company pay the Govern
ment what expense snecessary to
get the receipt-in other words a
very small fixed charge.
There should be no compulsion
upon any one to store the product,
but in case they desire to do so they
would have it in form which could
| be used as collateral. The result in
my opinion would be that money
would flow in the direction of the
warehouses from all parts of the
country, and the owners would be,
therefore, enabled to market their
product throughout the entire year
instead of being forced to sell in pan
icky times. AS every one knows, cot
ton deteriorates but little, and there
is {. ready market every day in the
year; hence money should be bor-
rowed at the lowest rate.
The Federal Reserve Bank has
more than once indicated it's willing
ness to lend money at low rate of
interest, say per cent. on cotton
What it does will necessarily be the
measure of accommodation through
State and National Banks, and in
this they will the more readily coop
crate where the basis of credit is
guaranteed by Il government certifi-
cate.
When the present State Ware
| nj f., ;pfo ;,> Il
cussing it through the press with
Hon. Jno. l.. McLaurin, undertook
to show that it would be inadequate.
SINCE Mr.. McLaurin has made his
views more fully understood and
since he has perhaps even broadened
those views, it is evident that we are
trying to reach the same end by diff
ferent routes. l would not detract
anything from Mr. McLaurin's zeal
and his great ability in evolving a
State Warehouse pl;In to coordinate
the interest of the cotton State. If
Mr.. McLaurin could bring about the
cooperation of all cotton States as
he advocates, the State system could
be made successful. If as he sug-
gests, he could then establish cen
trail marketing bureau in New York,
he would coordinate the forces for
gradual selling at the best prices,
which after all is the real thing to be
desired.
AS between his views an dmine
then, there is merely the question of
the most effective method Of reaching
a desired result.
| contend that if a National Ware
house system is established under a
i Director with the intellectual force
and the enthusiasm to go before the
people and explain it's details and
purposes, the result will mean mil
lions of dollars annually of addition
al profits to farmers throughout the
United States. 1t is for such plan
under the direction of capable di-
rector that | favor National Bonded
! Warehouses.
l realize that the above suggestion
is al title bit revolutionary, but this
is progressive age, and it is neces-
sary to enact laws to meet the re-
quirements of the times. In order to
get people to lend or invest their
money, they must be convinced the
security is perfectly safe. The plan
above outlined seems to me to be
entirely reasonable, constitutional
;tnd practical. N. B. DIAL.