The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1891-08-06
THE SITUATION IN TEXAS.
Discouraging the Investment Of Capital
For Development.

For Development.
From the Globe Democrat
The governor Of Texas has decided,
it is said, to call an extra session of
the legislature in obedience to the
pressure of public sentiment in favor
of the early correction of certain grave
mistakes in the laws of the state.
This is a wise conclusion and it is
hardly to be doubted that profitable
results will ensue in the case. The
fact that an erroneous and mis-
chievous policy has been pursued in
the Texas law-making of recent years
is apparent to every intelligent citi-
zen. Legislation has been so shaped
as to discriminate against corpora
tions of every kind and to discourage
the investment of foreign capital in
the development Of the states re-
sources and the promotion of it's in
dustrial and commercial well
fare. The alien land act
is the most striking. example
in this respect, but it is only one of
several measures calculated to do far
more harm than good. There is MOTH
ing for Texas or any other state to
gain by laws that place unfair restrict
ions on corporate interests, or exact.
things from them which they cannot
afford to yield. In all such expert
ments it is the state that Loses. The
corporations will not do. business
where they are denied just and proper
protection under the laws, they will
simply withdraw their capital and
place it in some other and more
friendly locality. Texas has already
felt this fact in some degree, and there
is much worse to come in the event
that she shall neglect to repeal her
obnoxious law.
1t is all very well to say that the
laws of state should be so adjusted
as to control and regulate the corpor-
ations in the interest of general safety
and prosper ty, but this does not inn
ply that an anti-eorporatioa
policy is either right or expedien4.
Texas has certainly not found it to be
profitable. She has driven away a
large amount of capital aglCk deprived
/ herself of many business conveniencas
and advantages by reason. of legisIa-
ton Of an arbitrary and offensive ma
ture. These Objectionable laws We're
Framed and passed by tie politicians
for the purpose of catchinG votes end
securing offices. The people Were
persuaded to look with favor upon
foolish and dangerous schemes by
promises Gf personal advantage which
could not possibly be fulfilled. They
begin to see now that they were de-
the expected gain they have sustained
a practical loss. The prosperity
of the state, which has been remark
I able heretofore, is now threatened
with blight and staglation, because
Of laws that are directly and serious
ly ini,nical to the interests of all
classes. There should be no hesitancy
about matter of this kind. Texas
has gained Il reputation for intelli-
gence and progress which she ought
not to forfeit. She stands at che head
of the list Of southern states in port
of growth and strength, and it would
be 81 sad thing for her to take back
ward course after having gone for
ward in such splendid way. There
is reason to believe that aer legisla-
tuRe will come 10 the rescue in an
honest and prudent manner, abolish
ing all laws that interfere with ordi-
nary conditions OF trade and industry,
and giving due assurance of pfotec-
ton to corporate enterprises and to
foreign capital. Such action will do
the state the best of service, and
place her various interests in che way
of reaping tho largest profits.