The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1891-12-17

such benefits to the nation, Gosset and
his followers doubtless honestly be-
lieved that their action was equally
justifiable and pregnant with glory to
themselves and good to their state.
But while the action of Jeffer-
son and his band of patriots has
increased in popularity and ben
eft to the country daily
for more than a century,
that OF Gasset and company was found
to be failure and fraud within
month of it's passage; and has steadily
increased in unpopularity since. The
one was based on bedrock griev
ances; the other On prejudice, and
silly sentiment. This law was en-
acted ostensibly for the preservation
of American soil for the American,
and the presentation Of land mOnopo-
ly. In the first case it has proved Ell
tective; i'll the latter failure. The
foreigner should have no abiding in
terest in the soil ofTeXas. That prin-
ciple will be endorsed by everyone eX-
cept the interested foreigner; and any
law that puts % check on the perma-
nent ownership Of lands by aliens
without robbing citizens OF their
rights and privileges-would meet
with universal approval. The pres
ent law does not meet the case; and
here lies an opportunity for states
manship. 1t prevents the ownership
OF lands by aliens, but puts no check
on land monopoly by Americans,
while it deprives the citizen Of the
benefit of foreign capital. The alien
can have no legal title to an acre Of
Texas land, but the American
can own ten million or more
acres to the exclusion of
American land grabber is more likely
to be land monopolist than the alien.
The one invests in land as financial
speculation and with view TO profit
in its sale or utilization; but the for
eign capitalist is not here for the ac-
QUESTION of land, but for interest on
capital invested, and his only interest
i'll the soil is that incidental to his Sc
curity.
If the land of our state has to be
owned in large bodies it can matter
little to the citizen who controls it,
and if there is any advantage, it is in
favor of the alien owner. All land
out of the hands of the state is subject
to taxes, which must he paid by
owner, and it's owner is amenable to
the laws of our state, so far as they
apply to his real estate. If he is q
citizen he has a part in the formation
of our laws and the regulation Of the
taxes, but if an alien he has none, and
must submit to any conditions inn
posed upo4 him. If the alien land
owner had any voice in our law MAX
ing, or regulation of public affairs, he
might be as mschievOus as his cotem-
porary OH this side, but he is
without power for mischief, while
there may be some reason to fear the
operations of the home monopolist.
Some law is needed that will keep our
grand domain open for settlement by
the people, and prevent its being tied
up in huge tracts, for the benefit of
either American or alien spectators.
AS land is the only security we have
to offer for loans, foreign capital must
leave the country unless the present
law is repealed or modified in some
way. What Texas needs is popula-
ton and capital; and both are warned
VII 90 bilO iei" IL CunAOU NC
denied that large proportion of our
best citizens are of foreign birth, and
that we have room for thousands more
OF the same sort; but the best emil
grants from European countries must
pause, before they come to state
where they cannot own land even if
able to pay for it, and intend hecom-
Ing citizens. Until they had served
their probationary term and got their
complete naturalization papers, they
could not legally own, or give good
title to land.
This ill advised law
is driving away much
needed capital, and barring the door
against most desirable class of immi-
grants.
1t is an easy matter to raise howl
against foreign money lenders, liken
them to vultures, leeches, and other
despised-thOugh in their place use.
ful-members Of the animal creation.
1t is true they lend their money for
their own profit and not from a mere
love of the borrower but the nature
of the money lender is the same all
the world over. Some may have a
lltIIO lIOlO lJIlJ ~ ~ III luCll Illtn
others and demand sixteen ounces of
flesh for every pound secured in the
bond, but every one of them must be
secured by bOnd-or mortgage.
But, on the other hand, the Dor
rover takes the use of their money for
his own benefit and not for the pleas
ure OF paying interest to the capital
list. This lending and borrowing is
pure business transaction in which
sentiment can have no place.
If man requires to borrow money,
his object is to get it at the lowest rate
of interest and on the most favorable
terms, and tho man is not
yet born who would rather
pay an American capitalist 10 per
cent interest when he could have it
on the same conditions from for
eigner at 8 per cent.
Home capitalists are greatly inter-
ested in the perpetuation Of the law as
it stands and will no doubt use all
their influence to prevent any altera-
ton, as it protects them from foreign
competition and in a short time will
raise the rate of interest to the old
standard. Every farmer, merchant