HIST 226 Lecture Notes - Campaign Finance In The United States, Fiat Money, Bimetallism
Document Summary
Most common types of farmers: small farm owners. Had to take out loans: share tenant farmers. Renting small area of land 16-20 acres from farm owner. Paying for rent by taking the cotton crop that they have raised and taking a part (usually a 1/3) and using that to pay their rent. Could own his own work animals, tools, seeds. Could give a 1/4 of grain as payment. Land owner or store merchant would charge interest. By autumn not only giving 1/3 for rent, but may have to give. Usually paid rent with 1/2 of cotton crop. Only have their labor: would have to take out credit in order to buy basic necessities during spring or summer. Have to repay credit with interest having to pay almost 80% of all of their cotton crop. American ideal: should be a land of people owning their own small farmers.
