The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-12-29
THE INDEPENDENT FARMER.
why the Agricultural Needs q Convor
tional Interest Law.

why the Agricultural Needs Convon-
tional Interest Law.
From the Tollor.
II is a fact, painfully trno, that in Ten
nessee there has not been n plentiful sup
ply Of money since the opening Of the late
war. Previous to that event the farmers
were prosperous and usually had balances
10 their credit, either in the banks or with
their commission merchants. Atthis time
speculation upon the causes producing this
financial revolution involves valuable en-.
ergy, which might be advantageously APP
piled to more profitable things; but 1t is
wise to look the situation in the face, even
though such glance convinces " Of the
complete dependence Of great majority
Of our farmers upon the merchant Tor the
food and riment which necessity demands
The practice is familiar. The farmer,
without means TO make his crop, mort.
cages his prospects 10 the merchant 10 81.
cure those means. lie not only mortgages
his crops, but with II goes his tune. his
labor. his faculties and his liberty OF
action. lie becomes bound, hand and
foot, to the merchant; obligntcs himself
10 buy all OF his supplies from this
single merchant and 10 sell his crops ia the
same way. lie Is thus cut oil from all al
vantage which competition secures. This
has been the we'll known aud the we'll
worn path ever since the war closed, aud
every iarner knows Il. Must il ever Ice
thus2 IL will bc until money becomes ~
abundant that u must seek other channels
al. lffff 4.
duce this abundance? The way Is open
aud the answer is plain, aud that Is 10
change our obsolete usury laws, 30 Gar as
our Constitution will allow, aud permit
men 10 contract lot money a. they do for
any other commodity in the market The
great Northwest Is growing aud tccming
With energy and wealth. hrcauso the
farmer, when he has occasion, burrows
money at the market price and buys aud
sells where he chooses But under our
laws the finest farms IN the state are absD.
lutely usyl'ss ns "a basis OF credit,
because We have no system OF
farm loans, and because the MGR
chants mOnoplliEt all the luauablr
funds in the State Millions oi dollars
stand nj the gates Ut Tennessee ready To
enter when the Legislature will ~ amend
our usuty laws as 10 invite them. lct the
aN.makers authorize a conventional rate
OF iniopSt at 10 per cent lur borrowed
money aud these millions will be disttib.
utcd all over the State, the farmers eau
provide tot their wants, viii square &c.
counts with their merchants aud achieve
their own Independence. Being thus NJ
liberty hc can rxcrcis' his own judgment
IN the pufchnac Of his goods ana the sale
oi his pfoducta. Hut, under existing Laws,
the lands OF tennessee, the basis of all ol
our production, aud tie source Of nll ui
our wealth, ~ a borrowing factor b bar.
ren. The merchants temptation to assist
the farmer, upon the security OF his
crups, consists in the enormous profit.
20 he derived Ia handling these
crops aud selling the supplies. What are
thew Interest, commissions Tor adNlnc'
ing, commissions for accepting, commis'
sions for buying, commissions Tor selling
and such other trimmings ~ insurance
siongv drayHgc, ppair, weighing, class
Inc, aud an endless list OF things which
the accounts Ut sales rendered annual,
tell The rsk h elastic, aud these charge
frequently expand with the hazard. an,
thus when the farmer counts ~ thU year
work be- figures that instead Of bis crrii
costing pr cent IL has amounted 10 %
much 10 . aud ir,qucutly ~ hugh ~ y
Per cent THIS b. no exaggerated piciuro
but II isa familiar TACT, made so by esp,
fioncc Il Il strange, then, that un
farmer i bat poor "hoWcr of Wuul au
drawer Of water Tor his moic iouuual
commission merchant
Brethren. your relief can b. found
such laws ~ will enable YOU. u You mn
borrow nj I'll, 20 borrow money Instead
credit. then you know definitely wh
your accommodation cusls you. You
freely into the Wholesale markets. bt
your goods i0f zach In hund aud sJll yo
cotton, corn, wheat and tobacco whore q,