189 



standards of qua'ity fixed by the Tinted Slates (iov- 

 ernmeut : and tlie owners oi' sucJi products will receive 

 a warehouse receipt, uniform in terms witli very other 

 warehouse receipt, for agricultural products of like 

 quality stored in any governmeutjdly liee:ed ware- 

 house in the I'u it ed States. Such a receipt will present 

 collateral security of the highest integrity and the hold- 

 er can borrow money at any bank as readily and at as 

 low rate of interest as if he were pledging a govern- 

 ment bond. In every operation, from the storing of the 

 product to its final sale and delivery to the consumer, 

 the provisions of this bill place the farmer on a plane 

 of absolute equality with the merchant or broker. 



Every owner of agricultural products who does not 

 desire to negotiate a immediate sale of such products 

 can store them under ideal conditions of safety. 



His receipt declares their actual grade; and by 

 t'onsultin-i 1 any reliable market quotations the owner 

 ifly find out what is their actual value. Any day he 

 may secure money at the lowest interest rate by pledg- 

 ing his receipt, at the counter of any bank. 



The bank can rediscount this receipt at the region- 

 al bank. This bill thus connects the farm with the 

 Federal Treasury through "I he medium of chartered 

 banks and gives to the farmers of the United States 

 the full advantage of their new banking and currency 

 laws. 



If the farmer has money borrowed on warehouse 

 receipts, he can liquidate his obligations at maturity 

 by the sale of his commodities on the open market. He 

 thus secures every advantage which the ownership of 

 prime necessities can give and is enabled to sell them 

 to the best advantage when he desires to divest himself 

 of that ownership. 



THE FARMER AS BUSINESS MAN. 



The bill is therefore a long step in the direction, of 

 better business methods on the~ farm and belter living 

 among farmers. With this measure you make it pos- 

 sible for every farmer in the land to become a business 

 man and you make it possible to inaugurate business 

 methods on every farm throughout the land. 



WARRANTS AM) THEIR HISTORY. 



In the Argentine Republic the histon ol similar 

 measures for warehousing goes back as far a:s 1878 when 



