The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1885-08-01
MONEY FOR THE SOUTH.

A morning or two since THE HER.
AID contended that in the East was
moro than a sufliclency OF money to
meet all the demands that in this sec
ton Of tho country we had for i'm
provemonts of every imaginable char
actor. The South needs industrial
development, railways, cotton and
woolon mills, and, indeed, every kind
of enterprise. Tho cry has been too
long that not q sulliclency Of capital
could DO obtained, although tho 70.
ports for some time past have in5i.
Gated that the North has been expo
rioncing redundancy of capital, the
bulk OF which could be obtained for
Investment elsewhere at al
most a nominal figure. The
HERALD, noting these financial
reports from the East, has insist
cd that it was comparatively easy
matter to induce Eastern capital to
come South aud engage in enterprises
that would net from 10 10 10 per cent.
in almost any establishment In which
this capital should be used.
The confirmation Of our position was
shown yesterday in the Waco special,
whore 1t was stated that with compaI-
atlvo ease enough money was raised
in the East to build twenty-five miles
of tho road proposed betwoon Waco
and Palestine, even in this day
Of railroad depression. Scarcely
al investment in this part
OF the world could be enamel but would
pay handsome return. But tho cap.
italists now ia the field, tho bankers
who must furnish the money to every
enterprise projected, are so close and
illibersl and insist 30 stronuously that
the money cannot be had for tho need
ed improvements Of tho hour, that for
oign capital takes tho alarm and do.
Eerts a mostprontable prospect. Home
capital, in consequence, without COM
petition, pays from II TO % per cont.
returns. The entire financial situation
remains in tho hands of those who
make great profits ana discourage any
thing like competition from Eastern
sources.
1t is comparatively easy matter to
get from abroad in this section all the
money needed for improvements
wanted and that will pay most lilo
sral return. This has been our position
at all times, and the dispatch rom
Waco but emphasizes our stand. Hun.
dreds of millions Of dollars going bes.
ging In tho East at and per cent.
would be only too glad to seek South.
ern Investments were tho proper of
forts put forth to secure such magnifl.
cent sums for us. A l2to 10 per cont.
interest will draw money TO any SOC
ton on earth, and Southern entor
prlses now ofior such returns.
The South has unfortunately been
dominated by coterlo of financlers
who have enjoyed immonse profits
from their capital, and have vigorously
fought all others from abroad, with
capital, who have been willing TO
como among us. IL railroad is TO be-
built or a cotton factory established
the money can DO had only upon ex-
orbitant ratios from local bankers
A greater sufllclency Of money would
reduce rates OF interest, and therefore
the clique fight against competition
But money can be had by the million
at very low interest In the East, aud
our Southern communities are stand
ing In their own light II tho effort 4.
not made 10 secure II.
One thing must DO understood. II
our capitalists and Hnanciers arc do.
pended upon TO secure this Eas.ern "a
distance, II will never DO obtained.
They receive oxorbitant rates for their
money now and are not likely TO move
In tho interest OF the populace, bu,
just as Waco secured Eastern help in
ifs Palestine enterprise, so can Dallas
and other Texas points obtain invest
ments OF outside capital, II solid,
substantial men, not engaged