Colonel Calhoun,
A Grandson Of The Statesman, Went To Boston And Formed A Syndicate Which
Purchased A Large Tract Of Land On The River, In Chicot County,
Arkansas - Some Ten Thousand Acres - For Cotton-Growing.
The purpose is to
work on a cash basis:
Buy at first hands, and handle their own product;
supply their 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{half} 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.'{footnote ['But what can the State do
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
advantage to him to do it, but lets that privilege to some thrifty
Israelite, who encourages the thoughtless negro and wife to buy all
sorts of things which they could do without - buy on credit, at big
prices, month after month, credit based on the negro's share of the
growing crop; and at the end of the season, the negro's share belongs to
the Israelite,' the negro is in debt besides, is discouraged,
dissatisfied, restless, and both he and the planter are injured; for he
will take steamboat and migrate, and the planter must get a stranger in
his place who does not know him, does not care for him, will fatten the
Israelite a season, and follow his predecessor per steamboat.
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