Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1867-03-15

all, to The agricultural condition of these
States.
/ foun,, wide breadth of land fenced
and in condition to be made available for
future crops In some sections ii3ar the
track OF war, buildings were yet somewhat
deficient but enough remained to enable
the planter to prepare his land and provide
for his laborers. Ahout twO-thlrds Of the
planters have their plantations restocked
with teams and implement. But owing to
the total destruction Of stock, hogs III par
tcular, and an unusually bad season last
year, not only for the cotton, but fOr all
other crops, there is Il great want Of corn
and bacon for their iahOrers. anal corn and
forage for their teams
Three things are essential - enable the
planter to make IL successful crop. Open
OF cleared and fenced hands piCHGhs, carts
and other implements, mule t. draw them,
hands 10 MANAGE them and 10 work tho
cro,,, aud corn and bacon 10 feed the hands.
for3ge for the teams. and fertilizers 81 ma
n1re The breadth IT land planted de
pends upon the supply Of these article Oh
the means If commanding thCn u def
cheney IN any one necessarily cnmpeib q
narrowing uf that breadth, But as many
planters lind themselves short ri funds III
Tbs aprin@ to supply tLcss indispensable
requisite, and particularly 30 ri tl17 time
and IN their present 1llpoveGlsh'd Crnh1-
ton, resort Is lad TO the factor. class Of
neil who hare grown out al the c<1gehC1es
Of tbs cultivation Of cotton. and exist no
where to the same extent a. ut The South
and IL the planting region. lie stands
between tbs planter and the capitalist III
the making and marketing the crop, His
relation to the planter arc 81 the most init
mate kind lie know hls wants ii al
L. il,
the making OF the crop until II Is made
| After it begins TO come to nand lie REIN
burses himself from first sales on advances
made, and holds the balanc" II funds sub
| iect to the planters order through his
agency come all the spring eupplle. needed
for the successful opening and working u
! the crop.
! The factors, therefore. M - como o&-
! tent commission merchauts, and ts 4 2eiI-
eral rule I found cotton tActo' Who con
| fined himself solely to that business. He
usually selects the planters with whom he
wishes business relations, WHO must he
honorable and iudicious mon, wise ia make
the most Of their resources, AMI rciInble as
to placing their crop in hi ila,,Is. Tie
changed condition Of things has made them
more than ever cautious, while ii has i'm
pressed upon The planter greater economy,
and stronger desire to husband Iii, means
SO as to punCtually meet his obligations. -
Before the War the planter dictated his
terms, now the factor dictates, and the
planter submits. The State laws DOW very
wisely give the factor Il first lien upon the
crop for all tho advances which he makes
in furnishing plantation supplies Of ma
nurc or provisions, SO that the factor has
not only the personal integrity Of the plan
ter, but also the crop, and usually tI,c land
itself as security.
The Planter, therefore draws upon his
factor for the means necessary to purchase
his supplies, and the bill is discounted by
the banker if there be means Tor So doing.
But inasmuch us the crop cannot begin to
come in before about December, no prudent
planter will draw his bill for less than from
nine to ten months, and no safe on careful
factor will accept, for it is a moral impOssi-
bility that short bill IN the present condi-
ton of the finances of the South could Oh
would be paid Credits based upon mer-
camille Transactions unless maturing after
the crop begins to come to market, are 8
very unsafe species of paper, and should be
handled with much caution.
As 4 general rule factors bills are among
the safest of negotiable securities that can
be put upon the market. AS class they
are exceedingly cautious, especially those
had built up Il reputation for high integ-
rity, and great caution in their business re
lations with the planter. The answer in
variably given by bankers was, that all
things being equal they considered plan,
ter's bill with his factors acceptance the
safest paper that could be discounted, and
that fewer factors failed than any other class
OF men. and even then, only when they
went outside of their legitimate business,
which was very rare.
The scarcity of capital 1T the South can
only be comprehended by one who has been
through the country. Their government
first absorbed all the realized capital that
had been accumulated, and which was very
large III the aggregate, and gave them i'll
return its bonds, which have III turn become
worthless, and arc made SO for AL time to
come. In the place, therefore, OF an album
dant cash capital for I'll the wants Of legiti
mate business, they are utterly worthless.
Their other personal property was consumed
| by the cxigencies Of war, and the govern
naent gave its promises to pay therefor
They, too, have vanished into nothing,
and now al hope Of Il value has ceased
! The State Of South Carolina, before the
war, had a banking capital of nearly OF
quite fourteen millions: 1t how has less than
| O. million. Il Is no wonder then that aid
| from abroad should be needed to- set the
planters at work They have land. teams,
implements, Labor but they must have the
means of paying that labor and supporting
! it for the next nine months, and Of feeding
the plant with fertilizers, OF they will TAIL
to make any OF only a feeble crop, and be
compelled to discharge their 1aborers to the
smallest possible number. \ few hundreds
to some. or Thousands to others, will make
the difference of Thousands Of bales Of cot
| ton and millions Of dollars III the result Of
this seasons crop. The safety Of the in
vestment IN these factors bills, Is beyond
all question. for even with the greatest and
most total failure OF the cotton crop-that
of last year-enoueh was made to pa ad-
vances, SO that no apprehension need be
felt on that head. In no instance, proba,
bly,, will factor come under acceptance
where he is not secured by at least four
times the value, and it Is rare that he has
SO narrow margin rs even that. There
has never been time when SO much gen
eral good could be done with 50 little capt
tai at SO small risk.
The value of the securities having been
ascertained, the next question presented
was the effectiveness Of the labor, and its