Chapter 33 - Page 2

negro
laborers with provisions and necessaries at a trifling profit,
say 8 or 10 per cent.; furnish them comfortable quarters,
etc., and encourage them to save money and remain on the place.
If this proves a financial success, as seems quite certain,
they propose to establish a banking-house in Greenville,
and lend money at an unburdensome rate of interest--6 per cent.
is spoken of.

The trouble heretofore has been--I am quoting remarks of planters
and steamboatmen--that the planters, although owning the land,
were without cash capital; had to hypothecate both land and crop
to carry on the business. Consequently, the commission dealer
who furnishes the money takes some risk and demands big interest--
usually 10 per cent., and 2 per cent. for negotiating the loan.
The planter has also to buy his supplies through the same dealer,
paying commissions and profits. Then when he ships his crop,
the dealer adds his commissions, insurance, etc. So, taking it
by and large, and first and last, the dealer's share of that crop
is about 25 per cent.'where the people are under subjection to rates of interest ranging
from 18 to 30 per cent., and are also under the necessity of
purchasing their crops in advance even of planting, at these rates,
for the privilege of purchasing all their supplies at 100 per cent.
profit?'--EDWARD ATKINSON.]>

A cotton-planter's estimate of the average margin of profit
on planting, in his section: One man and mule will raise ten
acres of cotton, giving ten bales cotton, worth, say, $500; cost
of producing, say $350; net profit, $150, or $15 per acre.
There is also a profit now from the cotton-seed, which formerly
had little value--none where much transportation was necessary.
In sixteen hundred pounds crude cotton four hundred are lint,
worth, say, ten cents a pound; and twelve hundred pounds of seed,
worth $12 or $13 per ton. Maybe in future even the stems will
not be thrown away. Mr. Edward Atkinson says that for each
bale of cotton there are fifteen hundred pounds of stems,
and that these are very rich in phosphate of lime and potash;
that when ground and mixed with ensilage or cotton-seed meal
(which is too rich for use as fodder in large quantities),
the stem mixture makes a superior food, rich in all the
elements needed for the production of milk, meat, and bone.
Heretofore the stems have been considered a nuisance.

Complaint is made that the planter remains grouty toward the former slave,
since the war; will have nothing but a chill business relation with him,
no sentiment permitted to intrude, will not keep a 'store' himself,
and supply the negro's wants and thus protect the negro's pocket
and make him able and willing to stay on the place and an