The patron of husbandry. (Columbus, Miss.) 1875-1883, 1882-04-15
CaldweIICounty.

Caldwell County.
Editor Patron: You may judge
of the surprise Experienced when
l read the enclosed, clipped from
the american Sentry, printed
March II, 1882, New York City,
If it is true report it shows that
there is not half enough money in
circulation in this country to do its
business. This being so, does it
not defer farmers union on cash
basis until such time as Congress
may remedy this evil? Now it is
we'll known that large class of
the farmers in the Southern States
could not exist without the assist
ance of the mortgage on the grow
ing crop, and their chances of ever
getting clear of it are becoming
beautifully less each year without
there can be some plan devised to
assist them. The mortgage is not
his enemy, it is the interest tackled
on to it to control his labor; that is
his enemy. AS it is generally con.
sidered that the farm pays only 8
or 10 per cent. could there not be
banks or CO operative stores estab-
lished and operated that would ac-
cept these mortgages at X per
cent interest in lieu of money and
be successful? If it could be done,
the farmers would be able in a few
years to take care of themselves.
This financial problem is the great
est impeachment, and / believe the
only bar to b reciprocal union at
once. Now, Mr.. Editor, if the en-
closed report is true, does it not
behoove us to adapt ourselves to
the present possibilities.
Our Grange is growing stronger
at nearly every meeting. We are
using economy and farming better
with the view of starting a store of
our own next fall?
THE PATRON gets its share of
praise. | remain yours,
Fraternally, W. M. RUMsEY.
Lockhart, April l.
AN INSUPPORTABLE BURDEN.
Few indeed even think of the
terrible burden upon the industries
of our country, arising from the
credit system of doing business, or
of the other fact that the lack of a
sufficient volume of money for do
ing business upon a cash basis,
makes the doing of it upon credit
an unavoidable necessity.
In 1876, committee was APP
pointed, of which Professor Daniels
was member, charged with the
task of ascertaining as nearly as
possible, the amount of credits in
volved in carrying on the ordinary
business of the country.
After long and exhaustive re-
search, the committee reported the
amount, as nearly as they could de-
termine, to be about 81 s, ooo, 900, 900,
and this in a time OF long continued
general business prostration. If
we reckon the amount now at $4o,-
100000, 900, we shall not make it
any too great, in view of the fact
of the mighty development and
increased amount and activity of
business that has since taken place,
and existing at this time as COM
pared with that.
A vast majority of this amount of
course consists of credits for the
same goods or property passing
through the hands of a greater or
less number of persons or firms,
each of whom, however, charges a
profit or interest equivalent to the
service rendered, risk incurred, cap
ital involved, etc.
Making the most liberal allow
ance for interest paid by each to
the party of whom he bought, es
pecially in the case of merchants
and dealers, and taking into ac-
count the vast amount of book
keeping, storage, handling, ETC., it
would scarcely be safe to estimate
the cost of this vast sum of credit
at less than 3 per cent. per year, or
ST., 2oo,ooo,ooo, all of which must
be paid from the products of the
various useful industries of the
country, by which a vast proper
ton of the total earnings of the
various useful occupations are inn
perceptibly absorbed.
With proper volume of money
provided by the Nation for the pur-
pose, and by conducting the bust
ness of the country, as far as pos
sible, upon a cash basis, at least
100000, 900, or one half the
amount now inevitably consumed
by our credit system of doing bust
ness, could be saved yearly, bring
ing conditions Of well deserved