The New York herald., 1878-02-25
How Not to Get Capital for tho
Southern States.

southern STATES
OF the great undeveloped natural wealth
of most of the Southern States no one can
doubt who has studied their resources or
visited that region. Mississippi and Loui-
siana have unoccupied land enough Of the
best quality to raise as much cotton as now
constitutes the whole crop of the cotton
States. A quarter of century hence
the orange and lemon crops of Louisiana
may be as valuable'as the sugar crop is now.
Texas, whose area is as great as that of
France, is scarcely touched by the plough
hardly an acre in hundred Of its rich soil
has been brought under cultivation. What
is needed to bring all the South rapidly
into use, to develop its agricultu-
raj ana mineral resources, is money.
Southern men see this, and we notice
proposition by various boards Of
trade in Southern cities to commission SEN
ator Gordon, of Georgia, to 60 to Europe
next summer, after the adjournment of
Congress, to make known to capitalists
there the advantages offered by Southern
investments A better man could not
be selected, for General Gordon is
a man of the highest character, of
great ability and thoroughly familiar with
the resources Of the Southern States But
what is the use Of sending any man to Eu-
rope to invite flow of capital into coun-
try whose Congress is gravely debating the
advisability of swindling its creditors?
Until it is demonstrated that the people
of the United States mean honestly to pay
themselves to send agents abroad to invite
capital to their help. Now that Congress
has passed the Silver bill and it lies before
the President for consideration it is
useless to ask for money in Europe to
develop the Southern States. If we are not
honest we cannot hope to borrow. So much
Senator Lamar acknowledged in letter to
General Gordon, written to ask him to ac-
cept the commission we speak of. He wrote,
on November IL, reminiscence which
should serve as worning to Western and
Southern men who favor the imitation and
silver movement
A public man from the South connected with
Southern politics, could If he werc accredited by
the proper business men OF tho South, by gong TO
Europe and making the proper efforts, give great
impetus TO the tcndcncy above alluded TO. He was
so complimentary as to suggest that go In that
pacity But happen to know tnat am not the man.
While IN Europe | was consulted every day by
Mason, Sldeil and financial agents In London and
Paris The greatest obstacle In the way of hnan
ciai rccognto OF Confoderacy the fact that
our President Was from Mississippi, 10 which tho
odium of Reputation was attached. | remember the
chef man on Change told Mr. Mason, Sir, you can
not float your unless your Coniederacy dsavows
the repudlaton of Mississippi" Now, II were 20
there my time would be more occupied IN explaining
this matter OF reputation than In pushing the
prise.
Southern men who desire to see European
capital invested in their States must see
that if the Silver and Anti-Resumption bills
become laws General Gordon need not apply
for capital in Europe. 10 repeat Mr.. Lamar's
words, his time would be more occupied
in explaining this matter of Reputation
than in pushing his enterprise. Missis-
sippis reputation happened before the
present generation was born, but it is still
remembered in Europe against her people.
When would breach of faith by the whole
United States be forgotten? Not until we
resume specie payments can we expect to
borrow money abroad to develop our natural