The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1890-05-15
THURSDAY MORNING. MAY To- 1890
Ben Batter Talks.

Ben Butter Talks.
From the Ncw York Herald.
BosroS, May 2.-The Butler Club
held it's annual dinner at the Parker
House thi. evening, celebrating in con-
nection herewith the twenty eighth
anniversary of the capture, b. its name.
sake and Admiral Farragut, the city OF
New Orleans. About one hundred gen
tlcmen constituted the attendance,
among whom were included many noted
representatives in political and military
circles not confined to party lines.
After an hour had been spent in dis.
cussing the menEe, Colonel Plympton
introduced the evenings festivities in a
few pertinent remarks as 10 the occasion
they were called on to celebrate. He
then introduced General Butler in highly
eulogistic terms. The speaker was
warmly received and addressed them at
length upon ''the possibilities of improv.
ing the farmers condition" He referred
to the Farmers Alliance, which, if held
together, will be irresistible. If it sue
cceds it will destroy both political par
ties and become political party itself.
The General then compared the condi.
ton of the farmer as workman with
that ola carpenter, showing that while
the farmers profits would be but SIP so
for his crop the carpenters for less
expenditure of time and energy would be
$990-6guring upon the basis of the
present value Of corn within twenty four
hours ride Of Chicago.
FARMERS BANKRUPT.
What has been the effect upon the
farming interests of this condition of re-
ward Of farm labor? The first is that
the farms are passing out of the owner
ship Of the tillers Of the soil, and they
are becoming simply tenant farmers, the
worth of Lie laud having escaped them
in spite Of tieir industry. a single fact,
however, which speaks volumes, is all
upon this topic that I can give you. In
1877 the State Assessors of New York
made their report after careful investi.
CATION of fourteen Of the best farming
Counties Of that State. They say that
they found, as rule, that farm lands
had deprecated in value, while city
properly had increased In value for q
series Of years State Assessor Wood
reports that, in his opinion, sin few
decades there will be none but tenant
farmers in this State. Year by year the
value of farm lands depreciates." Taking
simply tue agricultural lands, the farms
of the Western States, exclusive of city,
County and town property, there will be
found to be invested in farm mortgages
the stupendous gum of 50 ,450, 100000, at
rate of interest averaging from seven to
nine per cent, to say nothing of costs
and the commissions of agents. which
lave been taken from the farmers for
procuring the loans of The money, which
may be safely said to be not less, on the
average, than seven per cent. The
human mind at once does not take in the
results of these vast sums. To give you
an illustration-th whole national debt
of this country in 1865, at the close of the
war, was s., soc, 600, 900, very nearly one.
quarter leea than this mortgage debt.
But there is another fact or two to be
taken into consideration. This country
has been twenty ive years, with all its
immense resources, engaged in paying
some time anticipating its payment-the
national debt, and has reduced it only to
81 600 100000, or ffty-seven per cent.
And the national debt has had a much
lower rate of interest, and msy be
refunded any day at three per cent.
CHANCE TO RECUPERATE.
There is nc way of frefunding or reduc
ing the fabulous debt, with itu oppressive
and destructive rates Of interest. To
redeem it, if done within the same time
that the national debt has been can.
celled, so far as it has been cancelled,
would require the payment cf considera.
bly more than Gouole the amount of the
national debt at the end of our war. So
that The payment of these mortgages is
simply impossible. The payment of the
interest uron them is also impossible,
because, as VIC have seen, they call for
from seven to nineper cent, and all sta
tisLics show that the average profits on
farming industries are between four and
five per cent only-hardly over four.
These mortgages will never be paid, if
for no other reason because they never
cen be paid, irthe debtors we're ever so
much disposed to pay them. But they
will not be disposed 10 pay them, for by
reason of the deductions of the commits
sions and costs at the rate of seven per
cent. there was left q burden upon the
mortgagors Of over S241 ,000, 900 of debt,
for which they never have received any
value, which, therefore diminishes so
much their ability to pay, and which
they look upon as having been cheat
upon them.
IMPENDING FINANCIAL CYCLONE
They have cyclones out West, accom-
panied with thunder, lightning, heavy
rains and hail, which are very destruct.
i've Look out for a financial cyclone
where no building or institution will be
strong and tight enought to protect the
business of this country from the
destruction which will follow its path.
True, we have the silver bill DOW on
the tapis in Congress, which is to be the
panacea of all financial difficulties, Ger.
tainly In the views of some Western men.
But It would take all the silver that the
mints Of The United States can coin, at
the rate OF four aud half millions 8
month, aud all the silser that the silver
mines can produce In that time, to pay
one years interests on these mortgages,
surprising that no more money is bor-
rowed.
General Butler then ridiculed the pro-
iect of the government building store
houses and leaning the farmer money
on his garnered crops. He called atten.
ton to the ante bellum mortgage by the
Southern planter of his crop to the COM
mission merchant and hoped that this
cnstom had died out. Who does not
know that ali these certificates will be
bought up by the brokers and others,
spectators in the products, and so the
wheat specusators would control the