The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1891-07-09
1T IS A1REAI STIRLING HARD A.
THE STATES INTERESTS.
An Austin Man Paints Out Some =, -.
OBSERVATION-DISCLOSURES Houses In.
structing The gents to Sion
Further Loans
The Alien Land Io-
10 the Editor Sta tesman.


ownership OF real property by aliens is
working already its serious injury on
the business interests of the state
While the general public is not vet in
position to realize its scope and iniurv
those who are presently interested
gravely consider the disastrous train
that must. follow on the general WELL
fare. No interest is so sensitive as can.
ital' whether employed already or en-.
cages itself in looking into future
safety, and while the acts of the LAST
legislature are not yet given out to the
people SO that he who runs may read
and know, this interest has been on Its
guard, necessarily, in these days of re 4
action and radical legislation. Aside
from the belief in the demonstrations
ality of this sweeping enactment,
the question before us is of prac-
tical business inquiry, when it is asked
whether this prohibition shall rebound
to the prosperity of our people, whose
progress and development at this time .
may be styled new era in our history.
In revealing the viciousness of thi,
measure no advocacy is to be implied
that baronial estates held by aliens o.
land syndicates of any character are
desirable; but the tacit object should
be assailed, which aims at the disrup-
ton of our channels of cheap money.
Our superb resources and progress are
not to be hampered by limi alton on
the capacities of our development. 1t
would be difficult to say how the act
has stirred thinking people. Foreign
loan companies are notifying their
Texas representatives to consider no
more applications; boards of trade and
other business bodies are petitioning
the governor that he recommend it's
speedy repeal to called session of the
legislature; while men of affairs, ju-
rists and lawyers Of profound wisdom
and purity, and farmers with that in
sight which penetrates to see impartial.
ly, are all denouncing the disaster in
posed on the state by such ruinoL "a
legislation. Whether justly or un.
Justly, the sentiment toward us has
not in times past been inviting to cap
ital; but happily within the last several
years this has been abated, and we
have only to look around us to see the
results. Within the time our execu-
tives have been men OF pronounced
law-abiding enforcing types, our am
pie laws duly administered, and while
in the midst of the spirit and life of
our buoyant prosperity this 'aw prac-
tically denies us the right of business
intercourse where our advantage
may lie. Its discussion and
analysis before the great demo-
cratic political wing of this State
would certainly arouse indignant
1t is only within the last
several years that foreign money be-
gan to come into the State freely. 1t
has been the means of gradually low
ering interest rates, and borrowers
have had their wants supplied more
and at shorter notice. And
who have been the chief baneficiaries
since its advent? Manfestly our
farmer classes; and this law will visitE,
on them the heaviest blow. Restric-
ton placed on their borrowing facili-
ties, interest rate must advance, and
it requires only casual knowledge to
toretell the results, although the law
in its wisdom has refused to see that
land must depreciate in both produc-
tive and selling value. There is be-
tween $45,00000O and $50,0OOOOO OF
foreign loaned money in the State.
The agencies for supplying US with
this money ale we'll known not to ask
more from the borrower than stlpu-
ated interest, and principal when due.
They are indulgent TO avoid foreclos..
Ire, and what this vast amount OF
capital, for working capital 81
t is used in our development, coatrib-
ties to our own prosperity, is lncal-
,ulable. Withdraw this sum from
our operations how could it be re.
placed? Left to the lending power OF
he citizens of this county as the law
would prescribe, it can not be replac'
I'd. Ii this lending power dld come
lmong us it would mean that with no
they were here to cohtrol
'ateS which would reduce US TO ruin
lnd mpoverishment.
OF course the question is askeu,
What has been subserved by passlps
his law? Can there be an eienenC Vi
)rot hers and fellow citizens among US
Who before the introduc ion OF TINS
heap foreign money got bis exoroi-
ant interest, and to return to thelr
rood old five per cent times, they nave
egislated the cheap money out OF lx sne
way.
WILL STOP LoANING MONEY.
An Austin special to the San An
onio Express says:
Brown Bros this city, who nave nave
more money invested in Texas tn ma,
my other representative firm IN .nls
tate, received a cable to day fron
heir several European houses III
tructing them to stop further loans,
This is on account of the distnrDlns
u DIVISIONS of the Texas Legislature
gainst foi eign land ownership, tn
perations of which are causing grea cav
disappointment in business by ono
udden withdrawal of mortgage io"n'
~ foreign capitalists.
The governor. in view of the posslo