Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1867-09-18


gether. The immediate result to the
people will be great activity of business,
and that property will rapidly change
hands. And IL it hurts anybody it will
be those who are caught with their peck
cts full of notes when the collapse comes.
s6y- Money is now worth in England
only two per cent per auuum, in New
York eight per cent, in St. Louis twelve
per cent, and in Memphis twenty per
cent. Yet such is the timidity OF capt.
taIsts aud such the unwillingness to
invest away from home, even on the
assurance of the most undoubted securI'
ties, that It does not 60 from London to
New York seeking investment, nor from
New York to St. Louis, nor from St.
Louis to Memphis The money OF the
British capitalist would yield four times
as much in New York, six times as
much in St. Louis, and ten times as
much in Memphis, as it does at home,
and that on the most ample and perfect
securities, and yet it does not bulge an
inch. One would suppose that
plethora of gold, such as must exist
when it was represented by the
low interest Of only two per cent,
would drive it away from home to some
point who're it could be invested to some
profit. The fact that it does not, indi-
Gates remarkably the antipathy of rich
capitalists to every venture which has
the least appearance Of risk about 1t,
and characterizes and speaks Ignorance
want of enterprise and the imbecility OF
age withal, as certainly as the fact that
man had lived forty years within five
miles of Niagara Falls or the Mammoth
Cave without having once seen them.
The bulk of capital is held by old men,
who have become plethoric, and do not
like 10 move, and have dread OF enter
prises, which have even so much uncer-
tainty about them as to cost the trouble
of inquiry. We see this even at home
every day. Men lose the very best and
safest opportunities to loan their money
to good and honorable men and to make
investments, which would be equally
serviceable to themselves and beneficial
to the public, because they fear or will
not take the trouble to look
after them. We wish it was cura-
Bile, and so that there might be some
practical use in talking about it. We
can only state facts, which we suppose
will remain just as they are. But we
are not sure that associated effort, d. |
rected judiciously to that end, might |
not bring in capital, even from Europe.
What vast field have we here in this
great country, with its millions Of virgin,
untitled acres, which might be made to
blossom, and yield capital twenty per
cent instead of lying buried and dead in
Europe at the insignificant two How
our small cities and towns might be built
Up, and quadruple the income Of the
capitalist, furnishing the means Of an
immense growth and prosperity, while it
doubled the ability to pay Mil
ions of productive power is lost
o the country, and the energy
If thousands lost and palsied for
want of supply, on safe credit Of capt.
al which rusta and CONSUMES in the cof-
ers of its owners. Thus enterprise is
oppressed, cities are built and fields titled
lowly, and profits are small to insight
.ance, when, if the intelligence and en-
erprise of capitalists kept pace with the
lealthy and prudent progress Of things,
and life would be given in all
quarters, and prosperity would abound.
8 not the fact of such immense disparity
n the returns of capital, to which we
ave alluded, sufficient to call the atten-
ion of intelligent monied men2 And is
ot the youth and vigor of our people
efficient to assure a safe return? We
hould be glad to honor an old man who
1ould step forward with his means, on
nipple and unquestionable security, to
elp on an honest, industrious and en-.
erprising young man or two. His ex-
mple would be signal and do good, while
o would be entitled to honor as public
enefactor