The Weather To-day: IKSo’BS?!! RAIN; COOLER.
The News and Observer.
VOL.XLVII. NO. 33.
mm ill north carouna dailies in news hi angulation.
BRITISH EXPECT
A BATTLE TODAY
Advance of Boers and Free
State Troops.
THE ENGLISH FORCES
ABOUT 12,000 UNDER GEN. STEW
ART WHITE NEAR LADYSMITH
THE QUEEN CALLS OUT THE RESERVES
A Supplementary Army Estimate Issued at
London, Asking the House of Com
mons to Vote 35,000 Men
and 10,000 Pounds.
London, October 18. —A special dis
patch dated at Pretoria at noon yester
day says:
“After a few shots were tired ait
Mafeking the white flag was hoisted. A
Boer party bearing a liag of truce xvas
sent to iuqttine whether the town sur
rendered. No definite reply was re
ceived. The burgher messenger was de
tained for six hours and then released.”
The War Office lias issued the follow
ing statement:
“News has been received from Gen
eral Sir George Stewart White, the gen
eral commanding in. Natal, that the an
ticipated movement of Boer forces across
the Drakensberg, already reported from
several quarters, was lively to be con
tinued on October 17th and that more
of them might be expected to arrive
at Boaan Bunk that night and probably
to come into contact with our cavalry
between Ladysmith and the Passes of
the Drakensberg.
“On the north the Boer forces from
lugagane are advancing accompanied
by a few batteries of artillery.
“On the Buffalo River the Boers from
Yryheid are moving toward Yants and
Rorkers Drifts.
"Our cavalry remain in observation
and report movements in Orange Free
State. The Basutos are said to mani
fest an attitude hostile to the Boers and
they may neutralize a certain number
of the Boer forces.”
CLAIM BOER VICTORIES.
Lourenzo Marques, October 18. —The
Volkssteu, the Boer official organ at
Pretoria, gives the following account
of the occupation of the British camp
at Ramathlabania, just north oi' Mafe
king:
“The British camp at Ramathlabania
has been captured and sacked by Gen
eral Cronje after severe fighting. Many
burghers were killed or wounded. The
British loss is not known. ’
The Volkssten added that “success
has thus far everywhere attended the
burghers,” although it admits that in
the various skirmishes near Mafeking
and at other points the Boer casualties
number some sixty or seventy killed
and wounded.
A representative of the Transvaal
Government has arrived here and is Inly
ing up all the provisions obtainable.
One hundred and thirty persons just
released from the Barlierton jail, Trns
vaaJ, have been put over the Portuguese
border. /
MORE MEN, MONEY WANTED.
London, October 18. —A supplementary
army estimate has been issued, asking
the House of Comniones to vote an ad
ditional 35,000 men and 10,000,000
pounds sterling in consequence of the
situation in South Africa.
It is expected that the 35,000 men rep
resent the probable maximum excess l>e
yond the establishments fixed for the
year 1808-1900, and is in consequence of
the calling out of the reserves ami of the
temporary transfer of troops from, the
Indian to the British establishment.
With the additional 10,000,000 pounds
the total estimates are 30,017,000
pounds.
CALLING OUT THE RESERVES.
London, Oct. 18.— In the House of
Commons today the first laird of the
Treasury and Government leader, Ar
thur J. Balfour, brought in the following
message from the Queen:
“The state of affairs in ‘.South Africa
having constituted, in the opinion of Her
Majesty, a case of great emergency,
within the meaning of the act of Par
liament. Her Majesty deems it proper
to provide additional means for military
service. She has, therefore, thought it
right to comuminicute lo the House that
Her Majesty is, by proclamation, about
to order the embodiment of the militia
ami to call out the militia reserve force,
or such part thereof as Heir Majesty
may think necessary, for tierinaneul
service.” i i
The calling out of the militia and the
militia, reserves has occasioned wide
spread wonderment. Old stories of pre
parations against (Vmtinientnl combina
tions arc revived. It is frisdy rumored
that the Government is determined to
demonstrate to Etirop* that the British
army is not a negligible quantity.
AN ENGAGEMENT IMMINENT.
Camp Glencoe, Natal, Oct, ‘lB. —2 i*. in.
Boer scouts have ls«*n sighted at Hat
ting Sprut, »eveu miles from the
British ca tnip and am engagement is im
minent.
THE BOERS BEGAN HOSTILITIES
Ladysmith. Natal. Oct. 18. —An offi
cial note published here says:
“A Free Staltc < 'ointnwt.mfci yesterday
commenced actual Jus: if dies. The Frit*
State has thus taken upon itseif rhe re
sponsibilty of beginning war and cannot
hereafter pise as the injured party.”
It is stated that the enemy’s scouts
are almost in touch with the outposts at
Glencoe. The Boers are working around
both sides with the idea of getting
south of Ladysmith and attacking in
force with the co-operation of com
mandant General Joubert.
At Glencoe, the British patrol covered
a wide area in order to prevent out
flanking and were subjected to a hot fire
in persistent skirmishing. General Sir
George Stewart White is quite prepared
to offer battle and t'he camp is pleased
at the prospect of striking a definite
blow.
A BATTLE IN PROGRESS.
At Paris yesterday M. Goiiier, writer
of leading articles for the Dreyfaward
organ Aurore, fought a duel with the
son of 'General Merrier, former Minister
m War. M. Merrier was pinked in the
chest, but is not thought to tie seriously
hurt.
5:05 p. nil. —The British cavalry paltrols
have been in action at Acton Homes and
Lesters Station since midday and the
action is still in progress. A aimniiier of
casualties have been reported. Supports
are leaving the camp and expect, to fight
tomorrow.
Ladysmith, Oct. IS —5:25 p. m—The
British forces came into contact with the
enemy tin t'he neighborhood of Acton
Homes and Lesters Station about lb
miles out, this mowing. The fining be
gan about 10 o’clock.
THE ZULUS ARE ARMING.
I>melon, Oct 18. —According to a s]W‘-
eial dispatch from 1 >ueb:m. Natal the
Zulus are mailing with assagais. Chief
Dinzulu says lie is uniabde to restrain
them. It is expected ttnait they will Ik*
joined by the Swazis.
London, Oct. 18. —There is still no
authentic news from Mafeking. but all
reports tend to confirm the belief that
Colonel Baden-Powell is holding his own,
and no credit is given to the vague ru
mor that a flag of truce had been dis
played.
A considerable engagement is antici
pated in the vicinity of Ladysmith to
day. The combined advance of Boers
and Free State troops in this direction
has been executed with not inconsidera
ble skill and shows a clear appreciation
of the British position. General Sir
George Stewart White lias 12,000 men
and forty-six guns available, besides a
considerable force of volunteers, to hold
Ladysmith, and no anxiety is felt on
this account, for the Natal country
where the engagement is expected, is
fairly open, and although the work of
moving them will tie difficult, the guns
lire likely to do good work.
The country is not favorable for Boer
tactics, and it will be very difficult for
them to avoid the exposure of their
flanks to attack by a vigorous nnd mo
liile enemy already occupying useful
positions* that is. supposing they really
mean to fight and not merely to attempt
to draw General White farther out with
u view of surrounding him.
General White has a large laxly of ex
cellent cavalry which will be put to
good use.
TO URGE REMOVAL OF OTIS.
Lawton Frequently Denied the Fruits
of Victory.
Vancouver, B. C., October 18. —Prof.
1). C. Worcester ami Colonel Denby,
Philippine commissioners, arrived here
oday on the steamer Press of Japan
and left this afternoon for Washington
where they will make their rejiort to tile
President. Until the report is made
neither gentleman will make a state
ment of any kind for publication.
Among the passengers on the Empress
was Editor Lettmour, proprietor of the
Manila American. His mission to
America is to urge the removal of Gen
eral Otis from the command of the
Uni toil States forces in the Philippines
and the promotion of General Lawton
to the command. Lettmour says that
Lawton is frequently denied the fruits
of victory by the hesitation of General
Otis.
TELEGRAPHIC BRIEFS.
At Key West ten new cases of yellow
fever are repeated nmd one death.
At. Ciordele, Ga., yesterday, W. 11.
Cochran shot and killed 11. A. Dukes
ill self-defense.
Tlw Cologne Gazette amioinaces offi
cially that Emperor William will start
for England on November 1 It'll.
At Norfolk yesterday, Dr. F. iM. Mor
gan. of Berkley, under indictment for
causing the death of a Norfolk lady and
her child in May last, was acquitted.
At New Orleans there Is one new ease
of yellow fever and no deaths. Finis 11.
Harris, telegraph editor of the Pa-ayune,
died last night.
Admiral Dewey was forced to decline
the invitation to visit Savannah on his
trip South. His Southern trip will ne
cessarily lie limited to the visit to At
lanta.
President I/oubet has signed the par
don of Emile Art on, who. In Novemlier,
IStXI, was sentenced to eight years im
prisonment for complicity with Baron
in* Roiiiaoh and Dr. Cornelius Her* in
the frauds on *the Panama Canal Com
pany.
At Paris tin- Minister of the Colonies.
M. De Orals, has reoeiv«*d an official
ilispateh aimiounciuig that Captain
Voulet and 'Captain Chanoine, of the out
lawed French expedition Cm the Soudan,
whose men.fuel's rweeomtly massacred
most of tin* members of tlhje
under Lieutenant Colonel Klolbb, sent
to arrest those officers on charges of
cruelty and insuliordiinatinn, have lieon
shot oy their own men.
RALEIGH, NORTH CAROLINA, THURSDAY MORNING, OCTOBER 19, 1899,
ROARING CROWDS
WELCOME BRYAN
First Democratic Demonstra
tion of the Campaign.
TUPPORT THE NOMINEE
THE DISSATISFIED DEMOCRATS
ELECT REPUBLICANS.
BRYAN RASPS THE ADMINISTRATION
He Compares McKinley to George the Third of
England and Alfonzo of Spain. Bryan
Will Begin the Ohio Cam
paign Today.
Louisville,, Ivy., October 18.— Twenty
thousand people greeted W. J. Bryan
and the candidates on the Democratic
State ticket at Churchill Downs, this
afternoon, the occasion being the first
demonstration by local Democrats in tin*
State campaign now in progress. The
crowd was filled with enthusiasm and
satiated with harhecued meat and bur
goo. It fid upon oratory by the State
lenders, notably ex-Speaker J. C. S.
Blackburn and William Goebel and tin*
champion of the cause in National jioli
ties, \V. J. Brvan.
The barbecue was the feature of the
third day’s programme of the party
which has been stumping Kentucky in
the interest of the regular Democratic
nominee. They spent three hours at the
.Jockey Club grounds, all full of speech
making and then resumed their trip to
Covington, Ky. After a meeting there
tonight the campaign in Ohio will lie
begun. A notable part of the day’s pro
gramme was played by the Cook County
Marching Club of Chicago, which, three
hundred strong, came into town at 8
o'clock this morning and to the music
of five bauds cut a swath through the
heart of lamisville that brought cheers
from the hundreds who had gathered
to greet them. Tomorrow they will
take a trip to the Blue Grass region,
touching Frankfort, Lexington and
Paris, jumping into tile midst of the
Ohio campaign on Friday at Cincinnati.
When Mr. Bryan arrived at the race
track he was greeted with loud applause.
The crowd completely filled Vhe large
grand stand, even down to the bottom
of tin* steiss, and several thousand Iso
lde were jammed and packed together
on the ground. The speaking stand was
immediately in front of the grand stand.
It was a sea of humanity that the speak*-
ers faced. The Chicago Democrats
were seated in the center of the grand
st a nil.
Mr. Bryan liegan by reading a let
ter from John Young Brown, which
had lieen handed to him on his arri
val in the city.
The letter cited the statements con
cerning the agreement of Goebel and
Stone, by which they were to combine
their forces for the purpose of securing
the organization of the Louisville Con
vention and asked whether, “after over
tliris* hundred men wore placed in tin*
convention instead of the delegates se
lected,” the convention could give oGc
tsd the nomination of tin* party. He
also asked whether such a contract was
not fraudulent.
Gov. Brown further asked whether a
chairman had right to deny an apiienl;
whither armed police in the convention
were not a menace to free government:
whether Bryan was in favor of the
Goebel Election Law, and lastly, wheth
er Bryan had any plea save that of jxdi
tieal expeudiency to justify submis
sion.
Mr. Bryan said on the subject of the
letter:
“Now, lie asks if it Tie true that this
was done. I want to say that 1 did
not come to sit in judgment on any
convention. I did not come to discuss
the details of an election law. I come
to way, and I say with emphasis, that
if there was anything done in that con
vention that a Democrat dors not think
ought to have been done, I ask of that
Democrat, what his remedy is. Is it to
elect a Republican Governor ami Repub
lican officialsV The man who tries to
correct a Democratic convention by
electing a Republican Governor assumes
responsibility for all that that Governor
does after lie has been elected.”
Mr. Bryan then urged his hearers to
support tin* regular nominees of the
Democratic convention, saying that that
convention not only reaffirmed the dec
laration of the Chicago platform, but de
fined the attitude of the party on the
issues that have arisen since 1890. The
survival of these principles, he declared,
to lie more importance than the question
of candidates. Il<“ asserted it was not
a question between Goebel and another
Democrat but between Goebel and tlx*
election of a Republican Governor and
Republican State officers. He recogni
zed the right of any man to bolt, hut
said In* thought this a very poor way
of remedying any wrong, fancied or
real, that might have been done by the
Louisville Convention.
Mr. Bryan again attacked the Phil
ippine policy of the Administration. Ho
cited Mr. McKinley’s statement that
the United States would hold the archi
pelago ami quoted) the President as say
ing:
“I confidently believe that Congress
will provide for these people a govern
ment. that will bring them blessings and
advance their material Interests.”
“Change this sentence but slightly,”
said Mr. Bryan.
“Put ‘Parliament’ instead of ‘Con
gress’ and ‘colonists’ instead of ‘people’
uml you have a declaration exactly in
line with the policy of King George
when the American patriots were in
revolution.
“Again put ‘Cortes’ instead of ‘Con
gress,’ and ‘Cubans’ instead of ’people’
arid you have the announcement of the
Spanish King in justification of his
campaign, of subjugation at. the time tin*
l nited States interfered to free the
desolated island near our coast.
“These things denote a departure
from the principles contained in the
Declaration of Independence. As an
illustration of the demoralizing effect of
this imperialism, let me cite a recent
manifestation of our foreign policy.
When Greece was struggling for free
dom, Daniel Webster thundered the ap
proval of tlie American nation. When
Cuba was devastated the American ra
tion came to the rescue. Now tlx* gal
lant Boers in South Africa are shedding
their lib's blood for the right of men
to govern themselves and this nation
stands with its hands tied, it’s throat
gagged.
“If we appealed to England in behalf
of the Boers, she would reply, “What’s
thi' matter with the FilipinosV’
"I want tills nation to be at peace
with the other nations of the world, but
1 would rather have the gratitude of
these valiant Boers than the smile of an
English aristocracy.”
Mr. Bryan attributed to President Mc-
Kinley a statement that our position in
the Philippines was a matter of divine
direction. If lie felt lit an impulse to
go into his* pocket and give to the desti
tute he might, he said, trace that feel
ing to God. But if lie felt inclined to
reach into another man’s iweket and rob
him, lie would not charge that against
the Almighty. The Republican x nHip
pine policy, he said, reminded him of a
colored man about whom, lie had heard.
This negro said he had found that if
lie prayed to God to send him a chicken
lie rarely ever responded, hut if he pray
ed to G<>d to send him to a chicken, lie
most always got it.
Mr. Bryan, urged upon his hearers,
the importance to the party of the
election to the United States Senate
of J. (’. S. Blackburn, saying his vote
was needed an tlie d ‘-.wmination of the
questions of public policy brought to us
b,v tlx* Spanish war in the event of pis
sible legislation looking o an increase
of the standing army, - non as. r.e said,
was attempted last session; and in
the matter of trusts and thj income
tax.
At many periods of his discussion of
national issues, he paused for the re
mark,"And yet they ask u.s to stop while
these questions are pending, to settle the
details of a State convention.”
Mr. Bryan’s speech was interrupted
frequently with applause. He was fol
lowed by Mr. Goebel after which the
party went eastward, expecting to ar
rive at Covington tonight.
WELCOMED TO*OHIO.
Cincinnati, Ohio, Oct. 18. —Mr. Bryan
was met at Covington, Ky., by Hon.
Allen (). Myers ami others, represent
ing the Ohio dhinifooratie committee and
afterward w as escorted to a special train
in waiting lien* for the Ohio tour. Many
from Oinciaunn'ti had crossed the river
to hear Bryan.
Mr. Bryan spoke from a platform in
Park Place, in Covington, and it is esti
mated that twenty thousand people sur
rounded if. When in* stopp'd s[ leaking
there was a rudli for the platform to
shake hands. Mr, Bryan was escorted
to Ohiio by great crowds with blazing
lights, but declined a public reception,
ami repaired at once to litis car, leaving
alt 11 o’clock p. in. for Dayton. There
the private ear of Hon. John R. Medxsui,
the Democratic candidate for Governor,
will be attached to the train at 7:30 a.
in., and thence tin* train will proceed to
Greenville, where Mr. Bryan speaks at
9 o’clock a. m.
Air. McLean and other Democratic
leaders will accompany Mr. Bryan in
Ohio tin* rest of this week. Then Mr.
Bryan will hasten to Nebraska for the
last two weeks of the campaign.
The Derelict Carrie a Lane.
Beaufort, N. ('.. Oel. 18. —(S[>eeiftl.) —
The tug Blanche from Wilmington towed
in and safely anchored tin* derelict
schooner Carrie A. Dine, in Cape Look
out picket. The tug was paiid one thou
sand dollars to do tin* work. The cargo
is a large lot of luiinlwr which it is sup-
IMCsi'.d’wiai be sold. Parties from
Florida arc anxious to buy it.
The schooner can lx* pumped out and
towed to destination for repairs. Her
lugging aud decks are gone. She was
insured in the Boston Marine Insurance
Company, and (they have ordeml the
insurance agent here to turn her over
to the owner’s agent, who arrived here
last might.
BLOTTED OUT HIS FAMILY.
Mad Farmer Kills Wife, Three Chil
dren and Himself.
Redwood Falls., Minn., October 18. —
Frank E. Babcock, a farmer, residing
near this city, murdered his wife and
three sons on his farm today. The
murders were committed in a fit of in
sanity. Babcock loaded his gun and
went to where his two little boys were
playing near the house and shot both
of them, blowing their brains out. His
wife saw the deed and ran to the barn
for safety. Babcock went into the
house and wrote a note to his brother
in-law, Frank Mason, saying he went
out to kill a rooster and shot his son
Theodore and could not face the crime.
'Phi'll lie searched for and found his
wife in the barn and shot her through the
head.
From the barn lie walked a male south
to' where his oldest son was at work
and at close range lie fired a shot that
blew out the brains of this son. Alien,
reloading he placed the muzzle to liis
month and fired off one barrel, killing
In nisei f instantly. HeMell over on the
gun which still had one barrel cocked
and ready for action.
COTTON GROWE h
WET LAST J' rIT
Interesting Discussion by
Practical Cotton Planters,
SOME VALUABLE PAPERS
A COMMITTEE NAMED TO MEET
THIS MORI NIL
CO-OPERATION OF SOUTHERN PLANTERS
That is What is Desired by the Farmers to the
End that Cotton be not
Sacrificed.
The Cotton Growers’ Convention met
in the Hall of the House of Representa
tives last night. It was a large gathering
of representative farmers. The body
was called to order by Mr. 8. L. Patter
son, Commissioner of Agriculture, who
said:
MR. PAT TERSON’S SPEECH.
At tlie suggestion and request of Col.
John S. Cunningham, chairman of our
State Board of Agriculture, I issued
about a mouth ago a call for a meeting
at this time and place of the Cotton
Growers of North Carolina, the purpose
being, that in homing together they
might confer with one another on vari
ous matters of interest incident to their
business, and more particularly that
( tlicy might devise some plan, if possible,
which would enable thm to market their
cotton this year at a price in keeping
with the shortness of the crops, and :he
increasing demands of the spinners.
Since this call was issued the only
change in conditions has been evidence
of a greater shortage of the c itton crop,
and a corresponding increase in value.
How are our cotton planters best to se
cure this increase now, and in the future
will be one of the questions to engage
your attention, tonight.
Under tlie common law of supply and
demand the planter is entitled to tyi
increase of price in proportion, to the de
crease of his crop. The same expense of
seed, fertilizer, planting, cultivation ail
have been necessary to make it—a saving
to him only in the picking and market
ing; and in an untrammelled market,
under the same law, he would secure the
relative increase in value. It has occur
red in the past that smaller exports have
returned more to the producer, not only
in price per pound, but in actual value,
and so at would be again, if natural
causes were let alone to produce natural
effects.
But, when, ns there sems to have been
now, a studied and determined effort to
create a false impression in tlie great
markets of the world as to the size oi
the cotton crop of 1899, for the purpose
of depreciating the price, at any rate
until after those farmers who are pinch
ed by mortgage indebtedness and crop
liens, have been forced to put their crops
oil the market, it is time for intelligent
and self protecting men to take serious
and thoughtful action to thwart such
nefarious schemes.
The world’s demand for cotton is year
ly increasing. Prices of all manufactur
ed products have shot upwards, and of
liuich of the raw materials. Cotton
spinners have met, anil have fixed
minimum prices for cotton goods, in ad
vance of last year's prices to correspond
with the advancing cotton: the farmer’s
goods next year will cost him more than
for years .vast; to thwart by falsi* rep
resentation the natural law by which his
share in the rise of prices is denied him
would lie the basest robbery, and the
iperpretraters deserve piniHslrmeiilt like
common thieves and criminals.
It may lit* of interest here to briefly
consider the cost of raising cotton.
A'he United States Department of Agri
culture has recently issued a bulletin
(Div. of Statistics Bulletin Id. p 99)
giving in tabular form the average item
ized cost of the production of cotton.
Data are given to show tlie relation of
the use of fertilizers to the cos*- of pro
duction. Circulars were sent out to
planters in all the large cotton counties
in the different cotton States. Without
going into detail, I maylsiunmnrize ihe
results by saying that some 3,5(H) replies,
pepresnting over 700 counties, were con
sidered in reaching the results. “From
the data obtained in the estimates it was
found that the average cost of producing
an acre of upland and sea island cotton
in 1890, was .$15.42 and $21.95 respec
tively. The lowest cost of producing
100 pounds of common lint on uplan 1
plantations was found to he $5.51 in
Oklahoma, and the highest $0.29 in Ai
k®nsas. The average cost on all upland
plantations being $0.03 per 100 pounds.”
I do not know at what cost for labor
and supplies these estimates were based,
for I have only a summary to quote from
and not the data in detail, but certain
ly the figures are not derived from any
"calamity howling” source.
I wish to call your attention to the
fact that we are indebted in large mea
sure to the factories in our midst for
the recent advanced prices, and not to
the Liverpool market. But after their
immediate demand is supplied, the prices
must be governed by the for
eign demand. One cent a pound
means an enormous amount in
profit or less to the farmers of the State.
Reckoning the State’s yield in round
numbers at 50,000 bales of 500 pounds,
one cent means $2,500,000, equal to all
State, county aud school taxes for the
year.
I shall not anticipate the action of
PRICE FIVE CENTS
this meeting by suggesting or promising
any plan: That must be left to the
wisdom of yourselves. But one point
I desire to emphasize—the common inr
terest of farmers, merchants, bankers
and railroads, in good prices not only
of cotton, but of all farm products.
All of these classes are necessary to
one another and not one can prosinw
without the success of tin* others, the
farmer perhaps least of all. It is no
time for arraying class against class or
exciting unjust antagonisms.
I have taken the liberty of asking some
of our leading bankers and railroad rep
resentatives to be present and take part
in our proceedings and I feel very sure
tiiat you will give them a cordial hear
ing.
I now declare this meeting ready for
business.
Col. John S. Cunningham was made
chairman, and A’. B. Parker anil J. I>,
Allen secretary. Col. Cunningham made
a brief and fitting address, which was
well received.
Capt. J. J. AAiomax, president of the
Commercial and Farmers Bank, who hail
"been invited to speak, was introduced
and said:
COVENATON OF COTTON GROW
ERS OF NORTH CAROLINA.
A'he few brief remarks that I propose
making, is upon the re! rion of the
farmer to the merchant and the limits.
For the past quarter of a century L
have been closely .dentdied with ihe
farmer, the merchant and the banker.
My personal business relations have been
however, greater with the farmer than
with any other class, hence my exper
ience, in the absence of any talent, en
ables me to speak knowingly of some of
his traits. He is, as a class, honest him
self and thinks most other people are
the same, ut not without some suspicion,
A'’here are those knowing the honesty of
the farmer, will manage to deceive him,
but 1 am proud to say, they are largely
in the minority. They constitute, how
ever, a sufficient number as to properly
cause the farmer to exercise some dip
CAPT. J. J. A'HOMAS.
gree of suspicion. My object, is not so
much to speak of the character of the
farmer, for that needs no defence at my
hands or the liamls of any one else, but
of his business relations to the merchant
aud tile banker. Just after the close
of the war between the States, business
generally was seriously disorganized, all
commodities were abnormally high and
no fixed rate of value, price or profit
on anything sold or bought, hence this
condition of affairs not unexpected or
unusual, emerging from war times.had to
gradually adjust itself to peaceful ways
and business methods. The natural con
dition of things of this day ami time,
has brought the farmer, the merchant,
and the banker into a closer and more
intimate relation with each other. They
are getting, so to speak, to lie better
acquainted with one another, and as
this state of affairs develops anil grows,
so does the peace of society, lilt* social
ity of the people and the general pros
perity of the country, A'he prejudice
that formerly existed on the part of
the farmer as against the merchant and
the hanks is fast if not entirely disap
pearing. He now finds the merchant
among his liest friends ami the more
dealings lie may have with the banks
and its officials, who are always ready
to extend credit and aid to those who
deserve or merit it, tin* more he is
convinced, that we are of one country,
of one family anil of one destiny, lienee
the triple alliance of tin- bunker, the
merchant and the farmer, is the one
thing desired and needful and from all
appearances and indications the trend
of things is in that direction. Any
demands by the farmers or merchants,
tlie banks- you will find ever ready to
respond to and arrange upon a deposit
of suffircient cotton in some chartered
or bonded warehouse, furnishing a re-
ceipt .for same or by other acceptable
personal security or collateral. Since
the first of September, tin* West and
the South have been withdrawing their
deposits from (lie banks in New York
to that extent, (lint it has caused alarm
and some parties North went so far as
to predict a panic in New York by the
transfer of their money—it was the s[>ec
ulators and that class of professional
operators, who thrive under such condi
tions, that would welcome a panic, but
the New York banks were as usual,
prepared to meet all demands upon
them, tin* funds were needed to aid the
handling and moving the grain crop of
the West and the cotton crop of the
South. This drain upon the banka in
New York, reduced tlie surplus reserve,
over tlie legal requirements, lower than
it has been for ten or twenty years
nnd in the case of some of the banks,
the surplus reserve was entirely wiped
out and that required by law hardly
maintained. During this period of transi
tion of funds, money was loaned in
New York from 5 to 40 per cent, per
annum and that on call, nnd as yet
the rate of interest in New York is
very unsettled. A'he government in or
der partially to relieve the money
situation. have anticipated ami
been paying out some four and one-lialf
(Continued on Page Two.)