TENTH ANNUAL YEAR BOOK-PART VII 301 



I am under obligations to buy of him simply because he has bought of 

 me. 



The fundamental principal of this part of the breeding business is 

 that we are selling our surplus stock, and if we are compelled to buy as 

 much as we sell, it will be anything but profitable. 



The public sale note system is a folly that almost every breeder is 

 familiar with, and in my judgment overshadows all others. It is a sys- 

 tQm that must be changed if the perpetuation of the breeding interests 

 is to be made profitable. This is a system in which two classes of in- 

 dividuals are concerned, both the seller and the buyer. 



It does not appear fair to ask a breeder to accept a note from a party, 

 when that party knows that his home bank would not cash the same 

 without security. 



It is a very easy matter for a man that is responsible to go to his home 

 bank and get sufficient credit to make needed purchases for addition to his 

 herd if he should not have the cash. There are none of us who would 

 not be willing to grant time where the party desiring credit is responsible, 

 and we know we could cash such paper at par. The bank references are 

 sometimes unreliable, most any one can get a bank reference. Some 

 banks will furnish references when they would not accept the parties 

 note to whom they gave the reference without security, and this has 

 worked a hardship on the breeding fraternity. 



Like the American Indian, the public sale note must be relegated to 

 the rear, and the sooner the breeder comes to a cash basis, the better 

 for all concerned. This has been very forcibly brought to my attention 

 by several instances that have occurred to my knowledge. In one case 

 $390.00 was bid and would of been paid for in cash, this party wanted 

 this particular sow, but let her go to another at $400.00 and he in turn 

 gave his personal note for same, and failed to pay same. Here is a case 

 where the seller and intended purchaser was both done an injustice. I 

 am giving this instance to show where the seller and prospective pur- 

 chaser suffered an injustice in consequence of the sale note folly. The 

 prospective purchaser in cases of this kind is compelled to compete with 

 parties giving notes whose commercial value is sometimes worthless, 

 hence if they buy they must overbid this class of bidders, and it is my 

 personal observation that this class of buyers will force cash buyers to 

 pay more than an animal is worth if they really get what they want. I 

 therefore feel that it is the duty of every breeder who has the interest of 

 the breeding business at heart, to use his every influence to encourage 

 the establishing of the cash system, this w^ould very largely overcome 

 one of the greatest evils of the sale system, it w'ould put the breeding busi- 

 ness on a healthier foundation and will ultimately be for the best in- 

 terests of everyone who is engaged in the production of pure bred stock. 

 In conclusion let me say, brother breeders, my statements in regard 

 to the public sale follies, has been the outcome of my observations in 

 the breeding business during the past seven or eight years, and I trust 

 these fev/ remarks will be the means of setting breeders to thinking about 

 our public sale follies, and that the breeder will unite to protect the 

 sellers from irresponsible buyers at our public sales, I believe that all 

 public sales should be conducted unon a strictly cash basis, then the 



