Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1881-01-20
Our Farming Interests.

Ing operations and our people have been kept
busy In getting wood to make themselves and
families comfortable. The good effects, how
ever, of tho cold and snow have more than
oounterbalanced the loss Of time to farmers, as
they give promise Of o thorough pulyerizaton
Of the soil, the destruction Of tho germs Of
worms and bugs and tho improvement of the
small grain crops. Apart from this severe
winter Is generally indicative Of O plenteous
year in fruits, vegetables and field crops, and
as there Is plenty Of timo to prepare for q largo
crop, nothing has been actually lost, whilc much
in promise and fact has been gained.
All must admit that our farmers are now in a
better financial condition than in many years
past and will set to work this spring with better
hopes and prospects than at any time since the
war. A good cotton crop with fair prices has
revived the spirit and energies of all, heretofore
tagging from low prices and unfa vorable seasons,
and no effort will be spared to make the present
year one of unprecedented prosperity. Should
We then have tho favorable seasons, which tho
winter foreshadows, we may expect the burden
of pact debis to yield next fall to tho clink of
ready cash and surplus for investment.
Capital, capital has been the cry Of too many
IN years past, not realizing that in every valley
and hillaide in our county therc is goldmnc,
which would yield sure return for industry and
energy. Capital is now coming, not rs the
fruit Of high interest inviting it from abroad,
nor from reckless speculation, but as tho lcCiti-
mate product of home industry and economy,
the only real and beneficial capital any people
con enjoy. No greater fallaoy can aflict
people or country than looking abroad for
capital and inviting its introduction by high
rates OF interest, instead of looking to home
productions, tho only true source of wealth and
independence. 1t has been said that every man
ls the architect of his own fortunes. This is
equally true of every State and country. II is
clear as TO individuals, If O maa possessed Of
large landed estates negleots to till and render
them productive, but lives by borrowing money,
that his road leads sooner or later to ruin and
bankruptcy. What is true OF On individual is
equally true Of communities and States COM
posed of individuals. Borrowed capital to farm
: On is an eating soro and if used to speculate on
1t cannot add to the prosperity of farming
community or of the world at large. If the
'speculator grows rich it is at tho expense of
others. He creates nothing and aids nothing to
the general prosperity. His success is mere
change Of existing products or elements of
community. On the contrary when capital
springs from the soil around US, through the
energy and industry of its citizens wealth and
independence ut homo and increased prosperity
abroad are its fruit.
Fe" people who borrow money realize fully
the dangeous effect Of interest, which never
sleeps but grows by night and by DAY, when VIC
sleep and when we arc awake. In this connec-
tion VIC gather from the American Almanac the
dangerous effect Of interest and tho difference
between high and low rates of interest. Ono
dollar loaned for one hundred years ut six per
cent, with the interest collected annually and
added to tho principal, will amount to $34O.
at eight per cent. it amounts to $2,2O3. At
ten per cent, q very common rate in the United
States, IL amounts TO :Sl3,80o, at twelve per
cent. to $84,075, at eighteen per cent to SIS
45,0O7 and at twenty -four per cent, sometimes
charged in this State during the timo The usury
lave were suspended, it reaches tho enormous
aum Of $2,56l, 100, ,404. This same sum at three
per cent, the usual ratio of interest in England,
would only amount 10 $l0.26. Again the same
authority states that $l00 borrowed at six per
cent, with the interest compounded annually,
would, in fifty years, amount to 81 ,S42, while
the snmc sum at eight per cent. will, in the
same time, amount to $4,000. $1,000 at ten
per cent. compounded will run up to SLY 800 in
fifty years We presume these calculations arc
correct, and they show not only how interest
eats, but the vast difference between low and
high rate, tho difference between three per cent.
on one dollar compounded for one hundred years
being in the ratio of nineteen dollars and
twenty-five cents to two billions five hundred
and ffty-one millions seven hundred and nine
thousand four hundred and four dollars Tho
wide difference between simple and compound
interest is also seen, the latter increasing every
year the interest bearing fund. There are times
and circumstances in the life of every one
which justify borrowing money, but no one
should give his note for compound interest with
out reflection and without being sure to be able
to pay in few years. When interest COM
pounded annually grows SO rapidly, how much
more dangerous is banking interest," which is
compounded every thirty, sixty or ninety days.
The apparent advantage in the case of banks is,
chat the debtor is aroused to his danger by
having TO pay the interest at every renewal,
thus keeping down the principal, but the process
OF exhaustion is in reality the same IF somo
Of our old citizens had loaned 81 900 fifty years
goand kept 1t at interest, compounded annually
1t would have grown TO $ll7,300, largo
fortune for this country. When money is bor-
rowed from abroad 1t is still more destructive
as II sucks up all our income and encroaches on
the corpus until the whole country is exhausted.
When in the Legislature Col. Rice, wealthy
and educated member from Union, and money
lender, strongly favored the re-enaoment of the
49, l-1is