Southern standard. (McMinnville, Tenn.) 1879-current, 1885-02-07

per cent, one not to exceed seven per
cent. Nine States only adhere to the
old six per cent. rate All the cotton
States except Tennessee have con-
ventiohalrate of interest, and are all
benefited by its operation. The best
index to the prosperity Of the farmer
is the value of his lands, If the con-
dltions are such that his business is
profitable his lands increase in value,
but if not profitable they decrease.
Now, let us test this by known results,
in States having different interest laws.
Massachusetts and California have
each what is known as free contract in
terest laws, that is, no limit. These
States are widely separate and totally
different in climatic conditions and
natural advantages. Massachusetts
has not only rocky, poor soil, but is
locked up six or seven months during
the year by snow and ice, which neces-
states great outlay on farmers for both
man and beast; yet her farm lands
have increased during the ten years,
from 1870 to 1880, SIPS per acre
throughout the State, and her bank
capital is 500. As to each individual in
the State. California has the great
disadvantage of the wet and dry seas
son. Six long months, from April to
November, not a drop of rain falls to
moisten the parched earth. Yet with
liberal interest laws, abundance of cap
ital, they have SO far overcome this
seeming defect in nature as to increase
the value of farm lands for the time
named above S3.43 per acre average
for the State, and have a banking caps
ital of $5S. As per capita.
Tennessee, located between these
two extreme States, with mild eli
mate, fine soils; rains and dews to
moisten it without irrigation, timber in
abundance, health excellent, water
good and plentiful with all these splen>
did advantages farm lands declined
SLIP per acre throughout the State
from 1870 to 1880, and her banking
capital is, we are almost ashamed to
write it, $500 to each individual in
the State.
We will compare Connecticut with
Massachusetts, lying side by side, with
apparently identical advantages nat
urally, but Connecticut has the IRON
clad six per cent, her farm lands have
declined in value during the term
named for the other States $500 pei
acre throughout the State, while Mas
sachusetts lands, as stated above, have
increased 1923 during the same period
under the influence OF liberal interest
laws, abundant and cheap money
Arkansas, Immediately on our western
border, has ten per cent. interest rate
Her farm lands have increased in value
during the ten years named above. l
is the same with Texas, which has {
! twelve per cent. contract rate, and ha
increased the value of her farm land
for the same period about fifty pc
cent. But some objector will say thes
are young and vigorous States, ant
!, ought to have increased. We vii
j take two old Statcs-Pennsylvania ant
g South Carolina the former has tn
six per cent. rate, and her farm land
declined almost incredibly-$8.64 pc
! acre--from 1870 to 1880. Sout
Carolina has ten per cent. contrac
rate her farm lands increased $1.3
II per acre for the time named for tn
II other States. We could, if time an
1t space permitted, continue these CON
II parsons through the entire list
g States and Territories, with the sam
'e results, but we deem it unnecessary
is as the foregoing is quite sufficient
t. convince any unprecedented mind tbs
}; liberal and friendly laws regulatin
al money attracts capital to Stat,
at makes it abundant aud cheap, stint
ID lates enterprise and enables the farmt
m to control such sums as are needed @
d. his farm to buy supplies at the lowe
a. cash price, instead of being forced
to buy on a credit, as is now the cas-
y. and pay thirty or forty per cent. abON