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.

It is hoped that the Calhoun Company will show, by its humane and protective treatment of its laborers, that its method is the most profitable for both planter and negro; and it is believed that a general adoption of that method will then follow.