Hewatt, Alexander, An Historical Account of the Rise and Progress of the Colonies of South Carolina and Georgia, Volumes I and II (1779)
Creating Wealth
Or, if the poor emigrant be an artificer, and chuses to follow his
trade, the high price of labour is no less encouraging. By the indulgence of
the merchants, or by the security of a friend, he obtains credit for a few
negroes. He learns them his trade, and a few good tradesmen, well employed, are
equal to a small estate.
Having got some hands, instead of a labourer he becomes an
undertaker, and enters into contract with his employer, to erect his house; to
build his ship; to furnish his plantations with shoes, or the capital with
bricks. In a little time he acquires some money, and, like several thers in the
city whose yearly gain exceeds what is requisite for the support of themselves
and families, lays it out on interest. Ten and eight per cent given for money,
proved a great temptation , and induced many who were averse from the trouble
of settling plantations, or were unable to bestow that attention to them which
they demanded, to take this method of increasing their fortune.
If the money lender followed his employment in the capital , or reserved
in his hands a sufficiency for family use , and allowed the interest to be
added yearly to the capital stock , his fortune increased fast , and soon
became considerable . Several persons preferred this method of accumulating
riches to that of cultivation , especially those whom age or infirmity had
rendered unfit for action and fatigue. money in NOTWITHSTANDINS the extensive
credit commonly allowed the planting interest by the merchants , the number of
borrowers always exceeded that of the lenders of money. Having vast extent of
territory, the planters were eager to obtain numbers of labourers, which raised
the demand for money, and kept up the high rate of interest . The interest of
every country is for the most part according to the demand, and the demand
according to the profits made by the use of it. The profits must always be
great where men can afford to take money at the rate of eight and ten percent.
and allow it to remain in their hands upon compound interest .
In Carolina labourers on good lands cleared their first cost and
charges in a few years , and therefore great was the demand for money in order
to procure them.
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