BLACK OAK AGRICULTURAL SOCIETY. 33 



lose their intrinsic value and fall a sacrifice in the 

 struggle. The indebtedness of the planter to the 

 factor, anticipating the proceeds of the crop, and 

 being one year in expenditures ahead of receipts, 

 has done more to produce the mischief than all 

 other causes combined. But for this our merchants 

 could have dictated the price of cotton to the con- 

 sumers of the world. 



