The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1916-12-27

many individual farmers who make 2
surplus Of corn. Machinery for husk
,ng. shelling. and sacking corn, oats
and other grains. could be added to
the equipment of ~ginneries. In this
way at least a part of the machinery
could be utilized to some advantage.
In States invaded by the boil vice.
VII the banks and advance merchants
were among the first to realize the
economic danger and among the first
to suffer. The diminished value of
ene cotton crop as a collateral and
the serious depreciation in land VAL
uesj the basis, Of a large amount of
credit caused considerable financial
generalization and in some cases the
ADDED disaster Of credit withdrawal
ensued.
IN the MAN.. however, bankers
have shown themselves thoroughly
posted and able both to protect and
assist their customers. BY limiting
credit. insisting on diversifcation and
recognising farm products other than
cotton as satisfactory collateral. the
situation during. the first few years of
boil weevil in~festation has been con-
siderably relieved.
Ia some cases banks suffered severe
losses. but bank failures were re-
maTkably few. Banks and other cred
itors who refrained from a policy
forec.Ousre and continued to fur.
restricted credit. to their custom
ers Jared best. Some who adopted
the policy Of foreclosure found them
selves with a large amount of depre-
ciated property. difacult to dispose
Of. or their hands.
During the second year of boil wee
tntestation bank deposits were but
slightly affected. but for the follow
lng5two or three years deposits were
gfsetIy reduced. It usually took
banks from five to Six years after the
arrival az the weevll to gain what
mad been lost in the way Of deposits.
The first effect Of the boil weevii is
increase the bankers responsibility
VIE public. %The entire withdrawal
Of credit would be much more disas-
trcNs than the effect Of the weevjl
tself.ssAt the same time. extravagant
usesS9 credit would be bad business
Tor the banks and a mistaken kindness
ID the Yaxmers.
The general experience Of advance
was that they continued
pnaeins advances on the cotton crop
onssysAr too long, with disastrous ef-
lscssls1 NE. general testimony was that
lhsSsschd year Of boil weeyil ilnnfesta-
ttioN Wasa very lean year, with prac-
lfcetlts ~ ADVANCE business and only
cash tresds -codrsA ot
twap,of three years the volume 81 ous-
me- increased, and although smaller
han when conducted on an advance
oasisf was more satisfactory, both as
e ~doilsctions and profits. The condi-
lion Of the small farmers in those
States where the advance system has
practically disappeared is much better
IT. was before. The coming Of the
bolt weevil will put an end to the
present advance system Of the cotton
crop now 70 generously practiced in
south Carolina.
It would be we'll If every merchant
and banker would require as a funda.
mental to extending credit that the
farmer raise first of all his living on
the farm.
Ia Louisiana and Mississippi a
lafgs humber Of the young and able
bodled negroes left the state to seek
elsewhere, This emigra-
ton was chiefly, due to inability to
get credit, and. therefore, inability to
make a living under the tenant sys-
tenn Of farming. There seemed to be
800 = r~INs. =. . 49, . s'+i" srr . ..i
! general lack Of appreciation on the
of the white people. of the inn
portance Of retaining their negro la
Dor, With no capital and no credit
on which to make another crop, moth
ing remained for many negro farmers
but to move away and seek employ
ment in other agricultural sections
and IN other lines Of. business.
Many went to Oklahoma and West
Texas, and carloads of them we're
moved north to supply the deficit in
laborers due to the European
war; Throughout Louisiana and Mis-
labor agents, sometimes
disguised, planned these
of the negroes and fur
the necessary money to trans
port them.
, The white people Of the State
mako tho SitOofion clnor IN