When cotton rose to ten cents last fall, the shrewd merchants of Dougherty County sold a thousand buggies in one season, mostly to black men.
The security offered for such transactions—a crop and chattel mortgage—may at first seem slight. And, indeed, the merchants tell many a true tale of shiftlessness and cheating; of cotton picked at night, mules disappearing, and tenants absconding. But on the whole the merchant of the Black Belt is the most prosperous man in the section. So skilfully and so closely has he drawn the bonds of the law about the tenant, that the black man has often simply to choose between pauperism and crime; he "waives" all homestead exemptions in his contract; he cannot touch his own mortgaged crop, which the laws put almost in the full control of the land-owner and of the merchant. When the crop is growing the merchant watches it like a hawk; as soon as it is ready for market he takes possession of it, sells it, pays the land-owner his rent, subtracts his bill for supplies, and if, as sometimes happens, there is anything left, he hands it over to the black serf for his Christmas celebration.
The direct result of this system is an all-cotton scheme of agriculture and the continued bankruptcy of the tenant. The currency of the Black Belt is cotton. It is a crop always salable for ready money, not usually subject to great yearly fluctuations in price, and one which the Negroes know how to raise, The landlord therefore demands his rent in cotton, and the merchant will accept mortgages on no other crop. There is no use asking the black tenant, then,
