The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1888-12-21
Interesting Letter Fror T.,a,

BAILEY, Tex. Dec. I2.--To-day we send
the TIMES two dollars TO pay for years sub
scription to same. We are always glad to
get the TINES, but il has not beea coming
regularly Of late. Having to travel so far
1t will bs% strong wrapper upon it to
make the trip.
In our communication to the TINES some
three months ago we were somewhat
mistaken as TO the exact state of the
cotton crop of North Texas. We thea
reported it short, but it is much shorter
than we supposed II was. The crop this
present year is unprecedented; the like has
never been known here Merchants and
farmers alike had about come to the cono,u-
sion that it was almost impossible for fail
ure in crops, and especially in the crop Of
cotton, consequently the farmers went in
debt promiscuously, to the bank. for money
to improve their farms, to the Merchants for
supplies, etc., having paid out tolerably
well until last winter, when many came out
in debt, tho merchants carrying them over,
as a rule. They bought as heavily this year
as they did in former years. The planters,
owing TO very short crop this season, fill
ed to pay the merchants enough in many in
| stances to relieve them Of the heavy burdens
they are carrying, so many have succumbed
to the pressure and "closed up shop
Eight firms in this county (Fannin,) have
failed already, and there are numerous fail
ures in all parts of this State, and notably in
| North Texas.
| Mr. Editor, there was lmost a panic here
this.iall, among business meu. They did
not realize, nor did the farmers, until very
late, that the crop was so short as it resliy
was, and noarly every merchent bought
| largely, expecting an immense trade during
the fall and winter. They were not only de-
ceived in that, but have failed to collect suf
hcient to pay off their Indebtedness. Many
of the moneyed merchants fearing that it
would be difficult matter to pay for their
fall and winter purchases, out of the pro-
ceeds of sales this winter, advertised early in
the season to sell their entire stock cat cost;',
which were sold actually at low Figures; in
fact at such low figures that merchants have
not, in many cases, paid their expenses since
the so'called cost sales began. That, together,
with the failure to collect old accounts and
accounts for the present year, have caused so
many failures.
Times are truly squally here, from mer-
camille standpoint. Many people are going
West, into the Panhandle country" and
the dreu;h-stricken district of Texas. from
whence so many came only two years since,
on account Of dry weather. The present eY-
odus is caused by too much rain here.
And again, Mr.. Editor there is on the
Statute books Of this State q law which 20
many people in other States applaud as the
summum domvm Of all Texas laws, which in
reality is the greatest curse to SO many hon
est people, in that it shields rascals, while
honorable men pay honorable debts, regard
less of the panacea, so caled--the homestead
law. 1t reserves more for married men
than most men have in this State. II isa
curse instead of a blessing, and nearly all
good people admit it. a credit system with
the present homestead law is an injury TO
good citizens, because they indirectly pay
largely the risks that are taken on scoundrels
homestead law with u cash.-s1nr
yaasssu -; = uuounDg11