The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-12-30
CONVENTIONAL INTEREST.
Some Pertinent Thoughts for Legisla
tors by Farmer.

Some Pertinent Thoughts for Legisla-
tors by a Farmer.
7. J. In the Toiler
want to make few suggestions for our
legislators to masticate during Christmas
week before they enter upon the discharge
Of their legislative duties. We have
good many farmers in the General Assem-
bly,, and We poor farmers expect them TO
give US some relief or 1t will be said OF
them that they are as negligent OF our in
terest as others have been who do not till
the soil, or feel the burdens OF oppression
resting upon the farming industry. Year
in and year out the majority of MS, with
our heads still under water, have been
forced to mortgage our crops for
supplies, and then pay for the
supplies just what our supply merchants
choose 10 charge us, sometimes iron thirty
10 100 per cent, and then when our crops
are gathered II must be sold by them at
their prices, commission. storage. in
surancc, etc, piled up on the poor planter.
We have been told time and again that
arrangements would be made 30 sell our
cotton direct 10 the consumer, but being
bound up with mortgage We can't even
consider that proposition. Now i and
some OF my brethren have been reading
InE ArFEAL on the conventional rate Of
interest question and we have investigated
the matter OF a money supply for the poor
farmer who IL behind and forced 10 borrow
until lac can do better, and i find in
Memphis IL Is no trouble for the
farmers Of Arkansas and Mississip.
vi 10 borrow money from firm
there who have II In large quantities Ia
loan at 10 per cent per annum. secured by
land instead Of the crops. These planters
can take the cash and buy their supplies,
including plows and other hnrdware, sugar,
coffee, meat, ilour, etc, at from 20 Ia ~
per cent. less IN the bulk than we, who are
bound 10 the merchant, are paying, and ut
/ the end of the year their cotton Is free 10
sell TO whom and where they please.
| inquired why We farmers in Tennessee,
that desired b. do 40, could not borrow
money at 10 per cent on our lands instead
q on our crops, aud was told by
these gentlemen that the laws OF Tennessee
did not allow n man To legally contract
for money nj over q per cent, and
that while many do loan Il at double what
the Law allows. that II suit was brought IA
ties, Il the courts would drcidcii usury aud
that they did not want 10 violate the law
when they could loan TO Missis-ippian'
aud Arkans1ns without violating the law,
and those States allowed u conventional
rate OF interest at 10 per cent Now, Mr
Editor. why cant our Legislators allow ",
poor farmers 90 legally contract for money
at 10 per cent when We may save nj Least
30 per cent over what We arc now doing
aud have our crops free bcsidcs2 Je
the legal rate Of interest remain at
per cent. just what IL Is nov, - on
a debt or note unless you agree 10 pa
morc, only q pei cent can be collected, bu
give us 10 per cent conventional rate
Just as other states have, - u We want 4
contract for Il and buy our supplies an,
keep our crop free We can do 70. Brolhc
E.lilor. let us have your opinion ON thl
subject aud put our Legislators who dcair
10 help the oppressed farmers 10 thinking