The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1892-01-19
A REMEDY FOR OUR ILLS.
Hard Times Overtaking Both the Banker
and "the Brother in Black"
Let as be Conservative and Agree Upon
Measures Of Relief, Then rCe
VIII Get Them.
Especial Cor. State Chronicle

Saturday last as follows: Money easy
at 81 to 4 per cent, The Boston Post
of the same date quoted it in Boston at
3 to 3 per cent. The same day I hap
pened TO be in the office of a prominent
North Carolina banking house and
while l was there a gentleman walked
in and inquired if he could negotiate a
loan for two thousand dollars, adding.
81 can furnish you unquestiOned
security" I'VE would like to accom-
modate you, replied the cashier, but
we can't do it," The gentleman walked
Ou5. He was a manufactures and the
continuance of his enterprise and pay
Of his employees depended in a measure
on his ability to obtain the amount
stated. When he had retired I ven
tured to ask the banker if he could not
take such collateral as was offered and
re-dlscOunt it at a lower rate of interest
in New York. Until recently we
could do So" he replied, "but we can't
do 1T now," leaving me to surmise the
cause.
AS I walked out of the bank I met a
cotton buyer with a sample of strict
middling cotton in his hand, "How
is the markets" l enquired. "Here is
3 bale l just bought at ~" he replied.
And it cost me 9 cents a pound to
make it, " remarked a farmer who was
standing near.
A little further down the street 1 met
agray-haired brother in black. AS l
approached him he says:
Say, boss, can't you lend the ole
niger a quarter? l been working
down in Mas Bills brick yard twell
SADLY night; den he lowed dat times
is gittin' so skeerry dat some n us ,ud
hab to quit. Use pow'ful in need oh a
little change and il you'll 'blige me I'll
5P oB.S yer back no Sunsr en- l can git "
Half an hour later l stepped into a
gentleman's store. I could see him
back in his Office surrounded by sew
eral gentlemen from the country. and
IcOuld hear such remarks as the fol
lowing:
I've done all I can, you'll have to
take my horse and wagon" Haven't
had to ask you to carry me over be-
fore, -" said another. Everything I've
made I've brought to you5 said still
another; and now l am at the end of
my row."
Little consolation there, so I went
out on the street again. On the corner
| met a man who had recently been
North making an effort to place a block
of what l knew was most excellent 5
per cent. securities. What luck?" l
asked. No go, "hereplied, "Icouldn't
turn a wheel" why" says I, q
notice money is plentiful up there and
at low rate of interest" "Ah, Yes,"
he responded, "plenty Of money there,
indeed they have about got it all, but
somehow they've lost confidence in us,
and Dur bonds and securities are dead
cocks in the pitt"
Later in the day l was in the Office
of a very successful and very prOmi-
nent manufacturer, manager of a large
establishment. He too had recently
returned from the North, where he had
made an effort to raise some funds on
good collateral for the purpose of COM
plotting and equipping an extensive and
splendid enterprise.
CT feel a little blue over the situa-
ton" he remarked, 81 have talked
with a number of prominent capital
lists, men who l know have been par
tial to Southern securities and legiti-
mate Southern investments, but not a
dollar could 1 get on anything like a
reasonable basis"
whats the dificulty?" I enquired.
"Well, says he, Ito begin with, the
country was at one time threatened
with a panic, which gave mOnied men
a little scare, but that soon bowed
over. Then came a settling down to
bed rock of a number of wild cat
schemes purely speculative in their in
cipiency and more 80 In their develop
ment. Schemes that might succeed at
times when money was plentiful, u
when times are depressed, never. Then
came the great agitation of the finan-
cial question and all manner of methods
and revolutionary theories suggested
as a meanC of relief. The Farmers
Alliance and kindred organizations de-
handing government loans to IndIV1d-
uals at 2 per cent. Sub Treasury
schemes and other extreme measures
with O. threatened chrystalizatiOn of
sentiment among the masses along
these lines. Subsequent agitation by
popular leaders of these questions
throughout the country, great columns
of newspaper discussions from every
section, all of this bringing about an
era of unrest such as this country has
V seen before"
1.-The capitalist has about concluded
that the war is on and he is preparing
to get behind the breast work of his
millions while the opposing forces are
Smelling the woods" "There Is no
GOOD reason" he continued why
money should be going begging in New
York at 8 per cent. on call loans, and
twelve hours ride from there be unat-
tainable on any terms, and it's a bad
state of affairs that makes it possible"
We'll, what are we going to do about
it," l enuuired. 81 give it up" he re-
piled; II think I could make somes ug-
gestions which if adopted would bring
ADO some immediate relief, but sup
pose there would be no use IN making
suggestions. they would doubtless be
both sides of the O question, but
unless theV dr. pat Unoror to0nthar and