National Republican. (Washington City (D.C.)) 1872-1888, 1886-01-23
RAMBLEs IN THE OLD DOMINION.
A Bonanzn for Banking Men-"ITard
Times" Among the CoIored People.

a Bonanzn for Banking Men-"IIard
Times" Among the Colored People.
DANvuLE, Va, Jan. 2l.-In my rambles
| have recently seen considerable portions
Of Virginia and the Old North State, as she
is termed. Everywhere the cry Of "hard
tines Is heard over the country and am
told that the same has been the case for
eighteen months past. Various reasons are
assigned for this "heavy pressureh IN bust
ness circles; some say one cause aud some
say another, but IL is generally conceded
that the main cause arises from the change
of administration and th G lack of confidence
IN Democratic craftsmanship"
The planters of the cotton and tobacco
belt have suffered most severely from the
low prices of cotton and tobacco, which are
the only staple crops in the parts of Virginia
and North Carolina through which | have
ramblod. But thore is one species of bust
ness In this section which | think must be
very profitable in these "hard times.n 10 is
the business Of the bankers and brokers.
They certainly must he making plenty Of
money from the profits Of their operations.
have had an insight into the business of
several large manufacturers during my ram
blcs which enables me to speak advisedly.
Tobacco manufacturers, for instance, In this
sc ctOn sell their goods to customers In the
south and southwest aud receive time-paper
I'm payment This paper they put In bank
aud get discounted, so as to obtain cash for
their business operations, and you would be
astouDded to know what rates of "discountn
they have to pay for such accommodation
even upon paper good enough TO be classod
MS "gilt-edged." The banker and broker
for the two are combined in the same bust
nCss), in the first place, takes off the dis
- NI,.. ,.aN. g.T n.,V.
annum; then he makes q further reduction
from the face value of the paper for tex
change as they style 1t. On paper payable
In Cincinnati or Louisville, for instance,
the charge is qper cent. for exchange and
on other points in the south or southwest
the "exchapgen is / per cent BY this
process Of "cXploiting" the manufacturers
in this section are made topay at the rate
OF 10 to IL per cent. per annum, In order to
get CASH for the drafts they draw on GUS
toners to whom they sell their goods. 1t
seems to me that such a business offers the
finest kind Of an opening for capitalists
who want to get high rates and safe bust
ness for their money. The business men
tell me, too, that as the times have gotten
tighter ana tighter the bankers and brokers
have pressed harder and harder for higher
rates Of "discountn and exchange and
some even solemnly declare that In their
opinion, If times get much tighter, the
bankers and brokers will want TO charge the
whole face value of the drafts for "dls-
count" and Exchange" and perhaps make
the manufacturer pay something additional
In cash for collecting 1t.
Throughout this belt Of country crops
suffered severely, from the protracted
drought of last year. The bitter cold spell
just now relaxed has, In consequence of
the inadequate provision for it, been very
hard on poor, laborlng men, especially OF
the colored race. The latter can get work
for only about eight months In the year In
the tobacco factories, and are turned out
to "gra2en the other four months. They
are hopeful, however, for they say the
slime for blackberriesn will come after
awhile, and they will be happy again with
full stomachs.
Everybody is looking forward andhoping
for improvement in business generally,
though many express the fear that the i'm
| provement will turn out as did the hoped
| for Improvement of last fall, which proved
| to be very poor in all branches Of trade.
| Great complaints are made about poor col
lcctions and slow payments, and money is
| harder to get than for many years past.
Here. as In most parts of the south and
| southwest, everybody seems to favor and
| advocate Mr.. Beck's views on the silver
| coinage question.
The Virginia legislature seems to have
! gotten the subject of "free books for free
schools" into regular middle. No two
men can be found about here who agree as
TO what will be done, or what ought to be
done with this 'frce books question"
| MORE ANON.