The Dillon herald. [volume] (Dillon, S.C.) 1894-????, 1920-11-25
las NOVEL PLAN
FINANCE COTTON.
Georgia Farmer Says. Plan Worked
Successfully in His County in
1914 - Talks 20 Committee.

The State. -,
w. ]. Walker, a farmer and cotton
buyer, of Sylvania, Ca, was in Co
lumbia yesterday in conference with.
the executive committee of the South
Carolina division of the American
Cotton association with regard to-.
what he calls the Georgia-Carolina
plan for financing, the present cotton
crop.
After having heard in detail Mr.
Walkers plan and" having asked him
many questions concerning it, the
executive committee passed reso-
luton recommending its adoption and
further recommends that the county
units lend an amount on cotton
which, in their Judgment, they COM
slider safe. - mat:
This plan is modelled closely on
that pursued by the wheat growers.
in the West in 1893 and used to fin
ance wheat when the'market in that
commodity was demoralized. d In.~
1914, the plan was put in Screyen
county, Georgia, by Mr.. Walker and
his associates, and he says 1t worked
very successfully fact he has .
numerous letters to bear out his
statements as to the success Of the
plan. Mr.. Walker says in 1914 the !:
National Bank of Savannah accepted
$4,000 of the cotton bonds from
Screven county. b..
In brief the plan provides for the.
organization of cotton bonding COM
panies in each community. in the.
cotton states by representative /busi-
ness men who are most interested
the taking over Of the planters notes.
with warehouse receipts attached and
the issuing of bonds against the same
through. a trustee.
The plan 'contemplates the retire
ment of all cotton offered and fur
nishes the owner with high class.
colloteral security which passed/lO-
cally by mutual consent, as a sup
Elementary medium of exchange in
trade. The bonds may also be used
to satisfy creditors and at the same
time the plan holds cotton off the:
market for six months or until2sueh
time as cotton reaches a sattsfae-
tory price.
BY means of these bonds the straip
of local banks Is relieved and large,
creditors in Baltimore, New York'and
other cities, holding accounts against
farmers for fertilizers and machfn-
ery, will take the bonds when shown
that they are good and that; they
will facilitate collections, says Mr.
Walker. :.
Mr.. Walker has his plan outlined
in booklet form and. will send itl
free, he says, to any community, IL
his plan fails to raise cotton 10
cents per pound, he says no price
will ever be made for the booklet.
This plan" says Mr.. Walker, lis
practical; it is safe and 1t is effec-'
tive, and it will bring immediate re-
lief. If adopted over the cotton-
growing states, it will send cotton,
up ten cents the pound in short Or
der"
Each local unit that goes into this
plan is independent of all other
units, says Mr.. Walker. 1t makes its
own loan price on cotton in bonds
The loan value is left to each unit
which must underwrite the BONDS
and be liable for their redemption.
In 1914 when cotton was selling IN
Sylvania for five cents, Mr"-Walker
says this plan was put into effehts
seven cents in bonds was loaned, on
all cotton, and the cotton was,heid
and sold later for eight to 10 cents.
The bonds circulate as medium OF
exchange only locally, Mr.. Walker
says. He had some sample bonds
with him yesterday and they are In
appearance and size very similar "a
81 bill.
Mr.. Walker is convinced that ne
has the answer to the cotton emer-
gency and is eager to see the plan
adopted over the cotton belt.
| The plan is of an emergency Hay
ture and is not antagonistic to other
corporations, Mr.. Walker says. III
banks in time of stress, can issue
clearing house certificates, and do'
not criticise them for so doing, on,
collateral no better than that which
will support the cotton bonds, surely
the cotton farmers can take similar
action in such an emergency as We
now face"