Whenever the colonel visited the cemetery, or took a walk in that pleasant quarter of the town, he had to cross the bridge from which was visible the site of the old Eureka cotton mill of his boyhood, and it was not difficult to recall that it had been, before the War, a busy hive of industry. On a narrow and obscure street, little more than an alley, behind the cemetery, there were still several crumbling tenements, built for the mill operatives, but now occupied by a handful of abjectly poor whites, who kept body and soul together through the doubtful mercy of God and a small weekly dole from the poormaster. The mill pond, while not wide-spreading, had extended back some distance between the sloping banks, and had furnished swimming holes, fishing holes, and what was more to the point at present, a very fine head of water, which, as it struck the colonel more forcibly each time he saw it, offered an opportunity that the town could ill afford to waste. Shrewd minds in the cotton industry had long ago conceived the idea that the South, by reason of its nearness to the source of raw material, its abundant water power, and its cheaper labour, partly due to the smaller cost of living in a mild climate, and the absence of labour agitation, was destined in time to rival and perhaps displace New England in cotton manufacturing. Many Southern mills were already in successful operation. But from lack of capital, or lack of enterprise, nothing of the kind had ever been undertaken in Clarendon although the town was the centre of a cotton-raising district, and there was a mill in an adjoining county. Men who owned land mortgaged it for money to raise cotton; men who rented land from others mortgaged their crops for the same purpose.
It was easy to borrow money in Clarendon--on adequate security--at ten per cent., and Mr. Fetters, the magnate of the county, was always ready, the colonel had learned, to accommodate the needy who could give such security. He had also discovered that Fetters was acquiring the greater part of the land. Many a farmer imagined that he owned a farm, when he was, actually, merely a tenant of Fetters. Occasionally Fetters foreclosed a mortgage, when there was plainly no more to be had from it, and bought in the land, which he added to his own holdings in fee. But as a rule, he found it more profitable to let the borrower retain possession and pay the interest as nearly as he could; the estate would ultimately be good for the debt, if the debtor did not live too long--worry might be counted upon to shorten his days--and the loan, with interest, could be more conveniently collected at his death. To bankrupt an estate was less personal than to break an individual; and widows, and orphans still in their minority, did not vote and knew little about business methods.
To a man of action, like the colonel, the frequent contemplation of the unused water power, which might so easily be harnessed to the car of progress, gave birth, in time, to a wish to see it thus utilised, and the further wish to stir to labour the idle inhabitants of the neighbourhood. In all work the shiftless methods of an older generation still survived. No one could do anything in a quarter of an hour. Nearly all tasks were done by Negroes who had forgotten how to work, or by white people who had never learned. But the colonel had already seen the reviving effect of a little money, directed by a little energy. And so he planned to build a new and larger cotton mill where the old had stood; to shake up this lethargic community; to put its people to work, and to teach them habits of industry, efficiency and thrift. This, he imagined, would be pleasant occupation for his vacation, as well as a true missionary enterprise--a contribution to human progress. Such a cotton mill would require only an inconsiderable portion of his capital, the body of which would be left intact for investment elsewhere; it would not interfere at all with his freedom of movement; for, once built, equipped and put in operation under a competent manager, it would no more require his personal oversight than had the New England bagging mills which his firm had conducted for so many years.
From impulse to action was, for the colonel's temperament, an easy step, and he had scarcely moved into his house, before he quietly set about investigating the title to the old mill site. It had been forfeited many years before, he found, to the State, for non-payment of taxes. There having been no demand for the property at any time since, it had never been sold, but held as a sort of lapsed asset, subject to sale, but open also, so long as it remained unsold, to redemption upon the payment of back taxes and certain fees. The amount of these was ascertained; it was considerably less than the fair value of the property, which was therefore redeemable at a profit.
The owners, however, were widely scattered, for the mill had belonged to a joint-stock company composed of a dozen or more members. Colonel French was pleasantly surprised, upon looking up certain musty public records in the court house, to find that he himself was the owner, by inheritance, of several shares of stock which had been overlooked in the sale of his father's property. Retaining the services of Judge Bullard, the leading member of the Clarendon bar, he set out quietly to secure options upon the other shares. This involved an extensive correspondence, which occupied several weeks. For it was necessary first to find, and then to deal with the scattered representatives of the former owners.