The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1874-10-03
BY CHARLES II. EVANS.

The condition of the South under my
direct observation, from salt water to
the mountains, is worse now, financial
ly, than it has been for ages past. The
farmers have felt the benefit of goods
sold at extravagant prices, only to in
crease their expenditures, and their
debts have either only partly settled or
left still running so that they hang like
mill stones around their necks. This
state of affairs has forced suits which
would not otherwise have been brought
on, and induced mortgages to be de-
manded and given that might have
been averted Thus we know of one
small county. in which, to say nothing
of judgments, liens and executions,
there are ever two hundred deeds of
trust or mortgages recorded. 1t is
fact that it were useless to deny, that
poor as some parts of the South are,
she is every day getting poorer; deep as
she is in debt, she is every day getting
deeper For the last few years the
crops have failed partly or entirely an
nually, each year the farmer watches
his crops with a painful interest, be
watches the weather like sailor on
the lee shore, and the anxious merchant
asks each country acquaintance, chow
are the crops?" Let US express this
feeling in definite proposition. We
learn that in the best districts of the
above territory, it is considered fair to
rent land for one half of its gross pro-
Ir,oo Thic that that
is necessary to maintain and educate
the landlords family. But in the far
greater number of farms that proper
ton will not do it-certainly has not
done it for some years past, and pros
poets are not Frightening very rapidly;
for It's proven that in the majority of
cases, where, corn and oats have shown
positive loss.
But to begin the argument, suppose
one half will answer, then the other
half is absorbed in production and re-
placing in wear and tear. That half,
then, represents all the productive force,
except the land. That productive force
is represented by cash. That cash in ad-
vance at a rate of interest not less than
Is, and in many cases, as much as 40
per cent per annum, generally obtained
on short notes; made, accepted, or en-
dorsed. by factor or commission mer-
chant, which are curtailed as the condi-
ton of the credit. This condition forces
premature consignments of produce
and this again operates heavy dis
count on the price. Thus the difference
in the price of wheat sold in Summer
and Winter order is assumed at 20 per
cent; and the difference in corn deliver
ed in haste is generally greater. Add
this to the interest, and the half that
carries the whole is taxed 3S per cent
say 40 for convenience of calculation.
At this rate Of annual charge on pro-
duction, the whole revenue of the farm
is sunk in five years, and the farmer is
ruined, unless be can sell his land, or
protract his agony by a mortgage
But as 2 practical question, he can do
neither. The present rate of sales,
even at the fearfully low prices realiz-
ed, is far to slow to afford relief; and
money cannot now be obtained as here
tofore, lest we each year increase the
rate per annum, as we increase the
mortgages. Unable, then, to borrow or
sell, and certain to exhaust our credit
at present rates in five years, the ques-
ten for rational men is not, "shall the
negro vote ?" but shall we keep our
homes-ancestral oaks included-and
get bread for our families?
The near approach of this ruin, not
only to our fortunes, but to our charac-
tiers, (for universal bankruptcy means
general profigacy,) should direct our
thoughts to some practical mode of
averting the catastrophy, and, if posi-
BILE, by course which shall lead to
general prosperity. If such means of
relief can, at the same time, be contriv-
ed as to render probable some reasona-
BILE compromise of the debts which now
hang suspended like sword over so
many of our people, it will conduce by
that much more to our complete restor-
alton.
To the end of obtaining q compro-
mise Of the debts we hold suspended
over US, we would suggest the passage
Of law which shall make all the
advances from commission merchants
or grain factors to the farmer operate
PRO TANTo as lien; or, if necessary,
an attachment on the produce derived
from the advance, and thereby secure
the commission merchant or facto.
against any losses but those resulting
from the accidents of the seasons and
general casualties. There cen be no
doubt that, in addition to other causes.
the difficulty of obtaining money now is
greatly increased by the risks of having
the farmers produce bound by judg-
ments or executions, and by fears, not
wholly groundless in a good many
cases, that the man who obtains his
advances from one party makes his
consignments to another And if this
risk can be nulli6ed, or even greatly
lessened, agriculture will be the first to
feel the benefits. How great it will be,
both directly and indirectly. it is not
worth while now to estimate, as we aim
to suggest rather than to direct. The
sort of law we propose is no new
thing. We heard Of it long ago having
been enacted in Louisiana, and North
and South Carolina, too, have adopted
it. l have read the law of North Caro- \
lima referring to Gan act to secure
advances for agricultural purposes, - as
It's called, but on account of its length
can only give synopsis:
Sec. l. Provides, that any party max
ing advances in supplies or money to
persons engaged in agriculture shall
hold lien on his crops, A PR,.y for
the full amount advance nn;dod
drawn I'D ns ns :. to that effect, is
the a adr ~ ..evious to the making of
>. .ance, or specifying the limitation
.. the advance, and it shall be recorded
in the registry of said county, within
thirty days of its execution.
Sec. 2. Provides, that, should com
mission merchant discover that the
f.rn,ar m whom he has made advances