Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-05-24

hog products. ! see YOU are making wag
onS, you have a great brewery, q cotton
mill, flour mills and foundrieS, you are
making barrels and other articles. In ad-
dition l have seen very fine quality of
coal, and samples of good iron ore. which
leads me to believe that Texas offers in
ducements to immigrants and capitalists,
aside from agriculturiStS. "
How are we to get the capital we need?''
AS the state grows richer the interest
rate grows less, and under the iudicious
management of its people Texas must grow
rapidly in wealth. as is shown by the flat
tering prospects of the present crop. l am
Informed by men who are regarded us care
ful and conservative i'll their estimates that
the cotton crop alone Will Weld SlO0. 600. 600,
and the revenue from cereals, cattle. etc,
will be in the neighborhood of $3.50. 900, 000,
so that an aggregate of $3.50. 900. 600 will
pour into this state in the next ten
months. Capital will come, is coming all
the time. The big crop this year, the pro-
ductivc capacity of Texas lands will surely
bring capital and its work will broaden
your industries. | am disposed to think
that in ten years Texas will quadruple in
population. Take the city of Quanah and
the Quanah district in the wheat belt as a
basis, il you can in three Years bring 5000
600 bushels OF wheat from three years de-
velopment, my estimate is not excessive"
Has the high rate of interest retarded
Texas! Does it show lack of confidence
My observation is that in undeveloped
sections of the country the rate OF interest
IS high. The high rate indicates a scarcity
of money not a lack of confidence. Take
your local bankers, they exact high rate
of interest not because of any lack of conf
dence but because there are so many bor-
rowerS bidding for the money. Were there
greater competition among lenders the rate
would be reduced and this competition will
N no there &c
now unbounded confidence in Texas. This
state should have more railroads. The
more railroads you have the better
for the state. Thepoicy of the
people of Texas should be in my
humble Judgment to encourage railroad
building in every possible way. The
building of the Fort Worth and Denver
alone, brings to the Panhandle this year
$6,000.000 Nothing will develop this state
so quick as easy and rapid transportation
facilities
What DO you think Of our school fund.-"
lit is to-day the greatest school fund in
the country, and in prospective will pro-
duce revenue which is beyond computa-
ton. With such majestic provision by tine
states no wonder illiteracy is lower than IN
any other nation of the world"
Mr.. Simmons was asked to give his
opinion of proposed measure which con-
templated the issuance by the state of land
bonds or bonds based upon the $4,000, 900
acres of school lands owned by the state
fixing the maximum value at s. per acre.
The loaning of these bonds to railroad COM
panieS at the rate of 5000 to $40 900 per
mile for every mile Of road built through
productive country, provided it cost that
much 10 build, and provided the railroad
company have paid up capital of at least
5000 per mile.
Mr.. Simmons said: II think it n grand
idea and it would hasten the development
of the state. and increase its population and
wealth rapidly. Such bonds bearing or per
cent could be sold readily while the interest
on the railroad first mortgage bonds should
be not less than per cent, the difference
being used as available school fund. Were
the roads built through 4 productive part of
the state. the risk taken by Texas would be
a minimized one. The bonds would be first
class security. With the guarantee of the
state as an iudorser, the securities would be
gilt edged"
In speaking of the number of national
tality of Col Hoxie, Mr.. Simmons said:
Col Hoxie deserves great credit for in
creasing the financial machinery of Texas
by aiding in the establishment of many
national banks in various sections of the
state where they were needed aud they are
all well managed
what do you think of the third party7''
Il think the third party movement sort
of Z spasm. | am in favor of any move
ment for the general good. but l have failed
TO see any sound, practical. common sense
proposition or platform yet put out by the
Farmers Alliance. If there is Il general
grievance and it is for the good of all TO re-
nress that grievance or remedy the evil