Savannah morning news. [volume] (Savannah) 1868-1887, 1886-08-07
VICTIMS OF LOAN COMPANIES.
The Lumber of the South-Passing
Into the Hands of Strangers.

as that from which we have just emerged,
and the one which the fast approaching
fall elections is developing, are calculated
! to detract the minds of the masses from
! their more immediate and individual in
! terests.
While it is right and proper, and indeed
necessary under our form OF government,
that every good citizen should take an ac-
tive interest in public affairs, and regard
the public veal with jealous care, still
there are subjects and matters which APP
pertain to the sacred precincts OF nome
and home interests that are paramount to
all others, and our duty in regard to these
should never be forgotten or neglected.
Notwithstanding the unusual business
depression which prevails, and the les
sons of prudence and economy which 1T
teaches, many of the best men OF the
South are guilty of imprudences, which
will in few years undoubtedly result in
their financial ruin. Many Of our best
farmers are beC<ming willing victims to
the loan and trust companies, whose
agencies are dotted all over the land,
| lOaning money at exorbitant rates OF In
terest, on terms of from three to five
years. secured by irOnclad mortgages and
deeds of forfeiture to the best farms In the
| country.
Thousands of dollars are loaned to those
who do not borrow because necessity
drives them TO it, but yield to the
weakness Of desire to handle money,
! and Dlundered by the flattering time al
lowed to return it, forget how fast inter
est accumulates and how surely and rap
! idly payday comes.
This system cannot fail to bring disas-
! ter TO all those who are thoughtless
enough to be enveigled into its Turing
meshes.
The companies are not to blame for this,
| for they only take advantage OF the oppor-
tunitY to make money in this manner,
which is thoroughly consistent with the
business methods Of the age. Those who
| are dupes, from a wanton lack OF fore
sight, will pay in due time the penalty OF
/ their folly.
With agricultural products Of all classes
at the present low prices, and cotton-the
chief, and in fact only money crop of the
| SOuth-at &c. per pound, and gloomy
prospect ahead, what else but bank
ruptcy can await people who have been
pupils of adversely for over twenty years
| and have not yet learned the first prln-
| ciples of economy?
At the present rate only few years
hence many of our people who now own
neat aud comfortable homes will be house
| less and homeless, or else tenants OF land
| lords who are unfriendly to us politically,
| and who Will have no common interest
with us except to exact an oppressive
tribute of rent.
Nor does this finish the picture Of the
| mBlstrom of ruin into which we are fast
sailing. Other imprudences and ex-
travagances might be enumerated, which
| will have to be corrected before the dawn
! of prosperity will ever again brighten up
the business interests OF our fair land.
Another subject of vital Importance at
| present, particularly to our section, is
the timber interest. The timber sup
ply Of the country is becoming a question
OF increasing interest on account OF the
rapid consumption of the forests utilized
| for building purposes In the unprece-
denied growth OF our country for the past
decade, and also by the largely increased
/ exports to foreign countries. Indeed, the
| rapid defamation of our riches of forestry
is so menacing to our material wealth
that 'lorestry congresses" have become
an absolute necessity for the protection
of one of our most valuable national re-
| sources.
The timber of the East is almost, or
quite, exhausted The logging interests
West and Northwest are confronted with
such difficuluies-all the available timber
| along the streams being already cut
! away-that by the time 1t can be placed
in market it necessarily becomes an eX-
pensive commodity, too much so for a
material OF such universal utility and SO
thoroughly Indispensable.
1t is only a question of short time be-
fore the South alone viii be called upon
for the requisite amount to supply the
constantly increasing demand of the
, country, whose growth is so phenomenal.
| Recognizing this as an inevitable re-
suit, the fact is painfully evident that
this heavy draft will soon leave the South
in the same denuded condition as its
neighbOrs of the North and West.
! Applying the never varying rule of p0.
litical and commercial economy-as to
supply and demand, in the regulation of
values-it will increase the price of this
article of commerce to such a fabulous
figure as to greatly retard and embarrass
all the leading enterprises and trades
which require the extensive use of 1T.
Inroads into all the heaviest belts OF
pine timber in the South are being made
already all along the rivers and creeks
wherever the owners will permit OF
stealthy access can be gained by log.
cutters.
This being the case. it behooves all
capitalists whose financial interests will
be jeopardiZed by a diIninution of the
supply, to locate and secure the control Of
all the necessary timbers requisite for the
maintenance Of their business.
1t is well Known TACT thal immense
English syndicates are thoroughly appre.
ciative OF the existing state OF affairs
and are active in their efforts to obtain
extensive bodies of the most valuable
tmbe lands now left in the South.
Millions Of acres are now owned by
English capitalists, and it is distressIne
to see our unwary and impravident PEG.
pie "sell their birthrlght for a mess OF
pottage," which their patience and
tenacity for a few years would convert
into lordly wealth and enable them tc
transmit to their children rich and in.
creasing legacy.
All this il going on while our American
capitalists are standing aloof and hazard.
ing their amassed millions In the accessi.
Bile vaults OF shaky banks, subject TO tie
ravages of speculative officials and alb
sconding cashiers, and that, too, without
"A dollar of interest, besides, suppressing
the circulation OF sums that would relieve
our present financial depression.
Can we, with complaisance, look Tor.
ward to the time when our people Will ex.
change their places as landlords for that
of tenants, and, like poor depressed Ire.
land, either pay an eXacting tribute Il
our English landlords or quit our native
heath?
But admitting the impossibilty of 80
great an extremity, what an insulting re.
Election upon the business foresight OF
American tinanciers TO contemplate time
when the natural resources OF our own
| countrV shall not only bacnma a maaaiva