The Breckenridge news. (Cloverport, Ky.) 1876-1955, 1921-05-25
PLAN TOSOLVE
TOBACCO PROBLEM
Continued From Page 6


as we arrange with the bankers to
pay off the bankers lien, frst-pay
| the grower after that. We may have
two or three liens, superior lien and
junior lien. We have to take that
same thing up in the same way the
| individual grower would, take them
up for the account of all of them in
| their turn
A MEMBER-Th landlord wants
to know how to maintain his superior
lien Take the case of the merchant
| who has advanced to the tenant sup
plies and otherwise. At the end of
sixty days his lien is the same as the
landlords lien. How do you meet this
situation?
MR.. SAPIRO-The only thing we
do there is exactly what was suggest
ed before. We are not going to try to
create system in which we change
senior lien into junior lien or a
primary into a secondary. You can
arrange the continuation of any lien
system by contract, but can only do
that by agreement of the parties con-
cerned as lien holders. There may not
be enough money in the advance
payment to pay off more than the
first lien holders; there may not be
money enough to pay even the first
lien holder. All must take their chanc-
es. They take the very same in net
results anyway.
A MEMBER am confident, gen.
tlemen, that | express the thought
that is in the minds of all of you when
| express my own keen satisfaction
and pleasure in this extraordinary op-
portunity we have had in hearing Mr..
Sapiro and to express the apprecia-
ton and pleasure we have for the
courtesy of Judge Bingham. l would
make the uggestion-perhaps | had
better make it as a motion-that this
body of men select, or request Judge
Bingham as chairman to select
committee to carry on this work for
the development of this fine idea
make that motion and | would express
to Judge Bingham, and especially to
Mr.. Sapiro, our great pleasure in the
courtesy and everything that he has
given us.
The Organization.
A MEMBER-I move instead to
elect some one chairman of this meet
ing first.
A MEMBER move to make
Judge Bingham the chairman of the
meeting.
The motion was duly seconded and
put and was unanimously carried.
Judge Bingham took the chair
JUDGE BINGHAM-I thank you
very much, gentlemen. do not know
that there are any more formalities
that we want to go through just at
this time. l would like to take this
opportunity to say how much | appre-
ciate the fact that you gentlemen have
come here. l told you at the outset
yesterday why you were asked here
beause you are the type of men that
you are. | would like to have some
from this meeting just "a
long this line: Do you think we'll of
the plan that Mr.. Sapiro has ex-
planned to us, and do you think it is
practicable and feasible as applied to
Kentuckyf l would just like to know
Those of you who feel that the prin-
ciples which have been announced |
here are sound business principles, |
which, having had favorable applica-
ton to other commodities may have |
favorable application to tobacco. l |
would like to know how many of you |
feel that way,
(All present raised their hands,)
| would like to know how many of
you feel that out of the situation in
Kentucky as it stands this offers a
way out for us, if it is worth while
going on. How many of you feel it
is worth while to go on in attempting
to put this on a practical basis, put
these principles into operation in Ken
lucky?
CAN present signhed their assent)
think that is very satisfactory. l
think we have made very substantial
progress | feel that if men of your
type believe that this can be done it
IAN be done. In other words, if you
ire convinced that this is a way out,
hen l see no reason in the world why
we cannot convince other people that
I is the way out. Therefore | think
Nc have certainly made substantial
progress in this meeting, and | feel