The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1885-08-26
MORE MONEY FOR ACTUAL
BUSINESS USES.


the war, but we are not alone, as able
ally after ally is falling into line. The
Record in its last number under the
heading "Money Needed for Banking
Uses," contains the following report
from Chattanooga:
"There is an evident feeling of un-
easiness among our business men that
the banking facilities of the South
will be inadequate to do the largely
increased business of the South dur
lug the coming season. Ten to Is per-
cent. on short time paper, based on
actual shipment, is going to be deep
inroad in the profits Of many pro-
ducers and manufacturers. There
is room to-day for double the banking
capital in the South that now exists,
and which would yield to investors u
large interest"
Tho Record, in commenting on this
passage, but reiterates and emphasizes
the views we have so often expressed.
Not to get moro money at cheaper
rates to handle cur immense crops and
growing business is to lose to all
classes from 10 to 20 per cent. OF the
products of their labor.
"There is no doubt" says this author
ity, "of tho truth Of these statements,
and il behooves Southern business
men to put forth vigorous efforts to
effect O Change. If proper inducements
are offered through direct personal
work, IL is quite certain that large
amounts Of money now lying idle III
the North would be invested In
the banking business ut the
South. We believe that
this is now one of the most important
matters that can claim the attention OF
its business men. The enormous cropa
now assured give promise OF the need
of more money to handle them than
ever before required. Cheaper and
more abundant money, through en-
larged banking facilities, IL essential
to the prosperity Of the business inter-
ests of the South. Now is the time to
make a great effort to secure this much
needed help to Southern business"
This effort to obtain money is not a
selfish enc nor one designed to injure
any line of business, but for the direct
good of the entire State and South. To
DALLAS it is. of the greatest concern,
aud THE HERALD herein knows
nothing above the interest and welfare
Of this city. 1t is but natural that
those having money should seek as
large an interest as possible, but it is
equally as natural that the community
should desire moro money more easily
and cheaply obtained. The banking
institutions answer that the money
cannot be obtained in the East, that
it is difficult to draw capital South,
and that its security Is too uncertain
and risky. A sufficient answer TO this
latter proposition would be to inquire,
why, then, or how, then, do banks,
backed by Eastern capital, flourish
here at all aud fill up suplussI, as
their published statements show? If
the field is safe and profitable one
for those now here, why not equally
safe and attractive for others?
III late number of the Philadelphia
Press, reproduced in tho ST. Louis
Globe Democrat, appears a most ex-
cellont letter, under Dallas date, in
which tho sophistries Of those opposing
more banking capital for Texas are
striklngiy answe cd aud refuted, That
portion of the correspondence more
directly pertinentj and placing the
whole matter in q nutshell Is as fol-
lows:
"Money is the great need and usury
the great curse of Texas. IL need.
money to move its crops, release the
farmers nose from the griuding-stonc
of usury, diversity its industrial pur-
suits, in fact, TO emancipate its people
from q banking Imperialism that
presses upon tho heart of the State
like load OF load. That imperialism
tells the North that the banking bust
ness of Texas is oYerdone, insecure
ana protitless, and us95 the homestead
advantages as sCarecrow TO deter 81
investment calculated TO lower inter
est rates. Only two months ago thu
Standard Oh company opened CORE
sp1ndence with a bank In this city
| looking to tho practicabilitv o. loan
ing $1,000 600 in North Texas. TIL
bank manager assured the cOmpan,
TINT the banking capital Of tho dis
trict was fully equal to tn
demand. Under less favOrabl
conditions this System wOul,
make human industry the nat
ural enemy of the producer, but ia
natural agents Of production and tn
diversity of products enable the agri
culturist 10 Keep his head fairly abog
water, though with many planters If
~ constant struggle for existence
The lack of credit, however,
in theory rather than ia eXporienc
= IA the products Of the soil have prove
safe security for meeting loans
enormous interest; but It IA proving a
impossible barrier to the rapid deyo
opment of the States resources, Thol
has beol very little Northern oapit
, placed in Texas outside Of iuvestmon
in railroads, land and stock, and Il
banking capital OF tho State may |
said to consist OF the profits OF hon
speculation. This lisa State merely
It's formative stage, undergoing 9
J enormous outlay on improvement an
, agricultural machinery, is entirely L
limited TO meet existing wants, al
has resulted in forcing interest u
ward.n
Which 10 this banking firm tn,
turning capital from our doors for To-
of a competition that would gi'
money In abundance to the people
this hour OF their need,at living rate
: Here were 100000 seeking invei
ment, anxious to como South, to
had at living rates, ready 10 supply
keenly felt want, yet turned away |
those seeking to perpe.uato monol
oily that is cramplng enterprise, 7
tardiug growth, preventing dovelo
e ment and bleeding the producer of
per cent. of the value OF his product
IL is a shame and an imposition tn
a tho agricultural aud mercantile class
1 ought not longer sub nit to. Tt
!. HERALD knows no one class or inte
i est in this matter. II Is a matter
5 vital Significance TO the community
Q large and until tho communi
!. arouso8 Itself, oorrects false impre
afanu at.A f.F -. A.. ~ - -.