The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1891-08-13
THE TEXAS ALIEN LAW.
MORE INTERVIEWS WITH sC0TCHMEN
WHO LOAN MONEY.
The Tendency of American Legislation
Will Hurt the Farmer More Than
Anybody-He Must Have
Cheap Money.

|
the passing of the Texas alien law the
subject has formed the constant topic
of conversation in commercial circles
of Dundee. The rumor has reached
the city that the person referred to
in our London letter of yesterday, and
whose duty it is to watch the inter-
ests of loaning companies, was unwell
when the act was secretly passed, but
of this we have been unable to obtain
any official confirmation. Yesterday
our representative again interviewed
several local gentlemen who, as rep
resenting cattle or mortgage compa-
MES, are largely concerned in the af-
fairs of Texas.
MIR. JOHN GUILD.
Mr.. John Guild, the chairman of the
Scottish American Trust Company
Limited, which is largely interested
in Texas, in the course Of short chat
yesterday with Courier representa-,
tive, said the act was an ill advised
one Struggled through the Texas
legislature in it's expiring moments,
and, so far as he could see, the only
parties affected would be the people OF
Texas when the full Importance OF
the measure was recognized by them
it would go the same way as other
alien acts ola similar character passed
in Nebraska and s.other places, which
were found to increase the price OF
money where cheap loans were re-
CURED. All the Dundee companies
had agents stationed in different
parts, and they communicated at once
anything that was likely to bear on
their company's interests one way or
another. In the same way they, three
weeks ago, received an intimation
that this act had passed the
legislature. The consequence was
that the Scottish American Trust
companies cabled out instructions
to stop further loans. This would
be attended to, so that the interests of
the company were safeguarded, be-
cause the order would hold good until
the act was repealed, as he was conf
dent it would be. He could not see
where it would have any effect on his
company, because there were many
other places which would be glad Of
the cheap money Texas had been hav-
ing. The fact, however, was that at
the moment they had no further mon
ey to lend, and, in fact, another COM
pany had been started for the purpose
of raising money. Referring to the
statement that the .loaning companies
were generally represented at the
other side by some senator or eX-offi-
cial, our representative asked if it was
true that while he was unwell the act
was so stealthily managed as to es-
cape his notice. In reply Mr.. Guild
said he did not think it was. So far
as he knew, it was not the custom OF
| the loaning companies to have sena-
tors attending to their business, but
they had agents who watched the in
terests of their companies and through
them they, three or four weeks ago, re-
ceived information that the act had
been passed He was inclined to the
belief that the act would assist rather
than injure the various cattle COM
panies. Its sole effect would be to
raise the rate at which loans could be
secured in Texas, and as it was not
retrospective, and the various trust
companies had ample field for laying
out their money in other directions, it
would not touch them. Nor could the
raising of the rate of interest operate
against those cattle companies with
financial stakes in Texas, because any
money required by them was not bor
rowed in Texas. The Texas farmers
would feel it first, and he was satisfied
that they in Dundee would soon be
afforded unmistakable proof Of this.
MR.. A. MACKAY.
Mr.. A. Mackay, of Messrs. Mackay
g. West, the secretary of the Matador
Land and Cattle company, limited, is
specially well fitted to speak with
authority on the effect of the act. The
company has very large stake in
Texas, and in his business capacity it
has frequently fallen to Mr.. Mackay's
lot to visit the country, these visits
tending to increase his knowledge of
the people, the country and its laws.
Having regard to the opinions ex-
pressed by him yesterday, it may be
said that Mr.. Mackay seems quite
convinced, at least so far as the
Matador company is concerned, that
Dundee money will be in no way en-
dangered by the new act.
What do you think generally of the
passing of this act? asked our repre-
sentative.
A.-You, of course, are aware that
the passing of the act was unknown
to any of the foreign companies, and
that It came as a surprise to their rep
resentatives. l think it is an evidence