The Souls of Black Folk · ¶254

Here in 1890 lived ten thousand Negroes and two thousand whites. The country is rich, yet the people are poor. The keynote of the Black Belt is debt; not commercial credit, but debt in the sense of continued inability on the part of the mass of the population to make income cover expense. This is the direct heritage of the South from the wasteful economies of the slave régime; but it was emphasized and brought to a crisis by the Emancipation of the slaves. In 1860, Dougherty County had six thousand slaves, worth at least two and a half millions of dollars; its farms were estimated at three millions,—making five and a half millions of property, the value of which depended largely on the slave system, and on the speculative demand for land once marvellously rich but already partially devitalized by careless and exhaustive culture. The war then meant a financial crash; in place of the five…

Project Gutenberg ebook 408
Project Gutenberg ebook 408
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