New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-07-15
FOREIGN CAPITAL WARNED AWAY FROM
NEW ORLEANS,

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writing in the American language tc
those who do not understand it, but the
position taken by the Bee in regard to the
Mississippi Valley Association comedies
SO well with the graveyard headings o.
the Fusion press, as to afford text fol
addressing few observations to the re-
Elective Americans who are now deter
mined to throw off the livery Of party te
effect substantial reform and economy
It may be that the Bee is conducted
chiefly with the object Of changing the
political direction of Louisiana. 1t has
not been, that we have seen, remarkably
jealous in behalf of any measures OF
education, industrial or commercial de-
velopment
We had indeed hoped something from
the immigration of the Gernanized
French provinces on the Rhine; ap-
parently, however, they find the sub.
| jugation OF Kaiser Wilhelm more toll
cradle than the exaggerated exile of Lou
isiana, and we have received little aid
| from that source Worse even than this,
much French capital has, we have learned,
been withdrawn from New Orleans, while
that meritorious class, the absentees, who
draw their revenues from our city without
contributing to its improvements, natur-
ally denounce system Of city expendi-
ture and taxation which SO much restricts
their income. That very distinguished
class Of our foreign patrons, headed by
the late proprietor Of the Pontalba bar
racks, must be particularly discontented
with tie colonial mismanagement.
An association Of persons in London
have formed corporation with almost
the name Of the Mississippi scheme with
which John Law picked up the Parisians
a century or SO ago. It is not, however,
now, rs then, based on silver mines to
be discovered, or commerce to be organ
lied It will repose on the more solid
basis of trade with thirteen independent
republican States, built up in the French
wilderness, with a population Of some
thing under twenty millions; with a for
eign trade which may be estimated, in
and out, at some three hundred millions
of dollars.
The scheme of that company is not adj
dressed, as seems to be supposed, to
Louisiana alone. 1t proposes to place its
capital in St Louis, Dubuque, Memphis,
Or wheresoever else cotton and grain are
produced, British goods are consumed, or
British freights necessary. The company
has even transactions, we believe, in Chi
cago and Cincinnati, and certainly in
Galveston and Mobile. The object of
the company is to place this capital safely
and probably. 1t can all be absorbed by
those communities which wish it, but
will not, it may be supposed, be forced
upon those who do not wish it.
Tie Bee is apparently apprehensive
that this English capital will be crowded
upon New Orleans, and SO publishes an
article, the effect Of which may be to warn
away this capital as from a place OF unsafe
investment The effect of the argument
upon those aliens who read it must be to
show the utter impossibility Of obtaining
al investment of foreign capital here until
the present Republican State government
is overthrown and its place supplied by
such persons as may meet the entire ap-
prevail of the Democratic White Leaguers.
We are told by the Bee that capital
seeks security as well as profit, and that
the first condition necessary to attract it
to Louisiana will be to offer it that securi-
ty. This we are told must be commenced
by founding anew and reconstructing our
whole constitutional and administrative |
edifces, remodeling our legislation and
evidencing in public the return to those
scandalous abuses Of power which place |
individual interests at the mercy of venal
and corrupt legislators. Then the Missls-
sippi Company can not safely lend money |
in Louisiana without new constitution,
and until such patent lock shall have |
been put on the treasury that Radical
Legislature with a Democratic lobby can
not pick it. We fear that by the time this
shall have been effected, by the shortest
possible process, these British millions will |
have been lent and lost in the paper
promises of st. Louis, Galveston, or even
other prudent cities which keep their
financial troubles in the background. We |
have never seen the press Of New York |
cite tie Democratic Tweed and his man.
moth svindle, or the city debt of more
than one hundred millions, as a reason |
for placarding Europe with posters warn
Ing capital to seek some safer location.
Nor have any parties interested in the |
character or credit of national securities |
spread throughout Europe the abuses of
the Credit Mobilier, or the District ring. |
People interested in defending the char
acter and credit Of the republic, its States |
or cities, rather endeavor to tell of the |
hopes and intentions of reform than the |
errors and abuses which are lamented by |
all good, patient and prudent proprietors.
The text on which we comment herein |
blazons the alleged domestic maladminis- |
tration of our affairs as so scandalous that |
foreign capital will not come among US. |
Why then does not the domestic malad- |
Of other countries have the |
same effect as TO investments in those |
Tbo co,,,o orf; o1o 10