Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1892-05-25
[Rr rnph 70 the pispatch.l

somewhat decent excuse for II.
yiRGISIAs DEBT.
surprising fact brought out was that under
the recent agreement with her creditors me
state Of Virginia will have paid practically me
face Of her whole debt with interest al - per
cent. She has paid on her dobt since 1861 more
than 80, 100000, and the only part OF when
shc has been relieved Ia West Nirsinia's one third
and tho compound interest. The cases OF South
Carolina, Arkansas, Georgia. LOUISIANA, Alh-
LaWa, ana Tennessee were also reviewed.
Mr. Williams compared the settlements made
iy the southern States with those made with
creditors n yatious times by SPAN, tngianl'
Russia, Italy, and Turkey, and by Pennsylvania
and several western States, much 20 the adyan-
tage Of the South.
SOUTHERN CITIES.
He then spoke Of the credit Of southern cities
ana Of tne rapid decline IN the rates OF interest
they pay. Cities which few years ago bor-
rOwed at 4 y per cent. now ind eager huYels Iof
their > at par. No southern cities had ever re-
sorted 90 the wholesale reputation Of Obliga-
t0ns such a. had been made 10y western cltle-
after the panic OF lsj1 lie had seen a hst OF
the Gefaulted securities OF sixteen cities, coun-
ties, and townships IN the state Ot Illinois
alone.
Tho taxable property per capita Of thirty-hve
principal southern cities in 1890 had Increased
- per cent over 1850. while the Indebtedness
per capita in the same time shows an average
decrease Of over u per cent. per capita. me
average debt per capita Of these cities IN l6Hu
was si2, against an average OF so Tor New
Ork. Boston, PiftsDurg, Cincinnati, Jersey iliy'
Providence, ana IT. Louis. aud an average oi
3l2O tor Antwerp, Brussels, Liverpool, Man
chester, and Paris.
MORTGAGE INDEBTEDNESS.
The address contained some rather surprising
information regarding comparative real-e-itte
mortgage IN leDtcdness IN the south and West.
lie compared Illinois. Iowa, and Kansas with
Tennessee and Alabama, az follows;
TENNESSEE.
Total assessed values. s..............s3s2, 100000
Mortgage debis.................-.. 4o'OOO'uUo
KANSAS.
Assessed values ...................s OOO'OOo
Mortgage rts...............-..... -i5fuoV'oJp
IOWA.
Mortgage q bts..................... %OUOOO.OOO
ILLINOIS.
Assessed values .....--.--..---.- FsV0-pVu'uuD
Mortgage leuis. .....-.-.-....... "otfVo''o0V
ALABAMA,
Assessed values ...... ............... 21"OuO'uOO
Mortgage d bt-...... ....--..--. d'pOO'vvV
The per CAPITA mortgage debt "a these States
ranges from $40 in Kansas 20 500 in Illinois,
S1O4 IN Iowa, s26 in Alabama and 50 IN ien-
ncsscC.
Tn. southern mortgages are shorter and tho
t,fni interest per Enuum paid Oh mortgages lh
tennessee j. one tenth ~ mat PAID ~ Iuiioi-'
and one sixth of that n Iowa.
COUNTY DEBrs.
Except in state debts the southern States
show smaller Indebtedness lon proportion % val
nation and per capita than any other states oi
the Union. In most ~ the southern states OK
cent Iexas there wns a marked decrease m
county debts from 1850 10 1890. The county
iebts OF llinoi. and Kansas amount 10 moro
tuau the com hined county iebts a. All the south
ern states inciuiing Texas. II the Nest can be-
r,-.s nerou4. and can claim aud rc .ciye credit,
certainly, Mr. Williams urgci. the south has
abundant reason for confidence.
TIE s0UTHs PROSPERITY.
The third branch of the address was on the
increase Of the wealth and Prosperity Oi the
south, increasing her claims tOcretit. The c"n-
-us returns aro eloquent on this subject, TIE
'Thia section has $4,000 miles Of railroad
against 10000 .u 1851. aud the improvement in
quality and facilities bad been enormous. Inc
average decline in passenger rates on solthefl
roads NJ ten years uIs bccu 81 per cent against
: rar cent de limo Iu tie North and Do per cent,
in The Vest. Freight rates had declined % per
cent. IN thc South against II per cent. M th1
North. aud 81 per cent n lie Nest. ....
ia 1850 southern railroads carried f,3DO.OuU
passengers: M 1889 they carried 3J.1OO.OJu.
They moved 2p,3OO.0OO tons Of freight M 1850,
and 20, ,OOO.0OO M 1859. Passenger tfanspor-
ration had increased 3s2 per cent. IN the Nouth
against l2B Der cent. IN the rest Of the country.
Fre.ght tonnage i the South had increased
IA per cont. agains. - per Gems. IN the Norm
and West
TIE RiCHHOSD TERhlSAf-
He touched On the Richmond Terminal mat
ter and contendei that the condition OF that
system il caused by faults In its management,
not Dy any failure OF the sections IN which 10
operates 20 support 10 adequately
Mr.. Williams briefly reviewed the eiucational
and criminal statistics 20 show that IN number
of enrolled pupils ~ the schools the south has
r.inel mach faster tnau any other section (;
that her percentages OF crimes ana padpefsin
are by tar tho smallest IN the country.
BUSINESS GROwTH.
The business concerns Of the South, ne showed,
mad increased from g6,297, IN 1873. 10 40. ,1a
m 1890. In 1873 this section had ono ianufe
fOr every Gs establishments: III lo"V 'he Tor
everv 70 while there was reduction oi 30 per
r.nr in me average liabilities. The reports OF
Btadstreet showed that southern laiiufes nave
been less serious than IN other parts oi inc
country.
per cent al liabilities against 81 t0r The rrs- OL
Inc country. Despite the iall IN TIE price ot
cotton the failures ami Liabilities IN the south ia
1892 are less than ln 1891, although tne easI-
ern and middle states show an Increase
From 1881 10 1891 nerc was an increase OF
poo ner cent. in national banks In the South
against an increase 81 Z per cent III tho N'n
England States, AM the capital OF our Hlalr
banks and trust companies has doubled IN tue
decade.
The census OF 1890 shows, said Nr. Williams,
that the increase Of population Ia me sodth was
practically all in the titles ana towns. Inc same
mum Der oi people who in 1850 grew 3'iOO,OOO
bales Of cotton and 25O,OOO.oOO bushels oi corn
Ia 1891 made nearly 9,uOO,OUO bales ot colt 1n
and 100000 900 bushels oi corn, besides re-
ceiying tens Of millions Oi dollars Tor truck ana
fruits, which made but a small item IN losU.
Another interesting fact Is that the average
price OF corn ia the South IN lo9i was 80 cents
against 81 in tho West. while wheat here ave
RACED 30 cents against -, oats % cents against
-, ana potatoes 20 cents against b.
NEED or IMMIGRATION.
The speaker here pointed out tue fact that the
greatest neei OF the South to-day - Immigration
OF me better class. Tho intelligent farmers
from oyefcrow!e1 Europe, he SAID, VIII nnd here
a soil that will quickly and bonnteousy respond
10 their Intelligent care and an atmosphere
which knows no extremes OF neat OF colu.
Mr. Williams showed that tno advance which
the South has made has been accomplished
almost entirely by her white people. ani although
50 heavily handicapped by ',OoO'o1O negroes
the relative Increase Of wealth since icoV il the
south has been far greater than In the North
Ihe average percentage of increase of per
capita wealth made IN 1850 10 1870 was 100
per cent more than IN the New England states
or IN the Central West
Iug NEGRO PROBLEM.
ihe greatest and Only evil with which the
soufn Is now 10 wrestle Il the negro The one
thing ne declared. On which the nnire people OF
the South OF all creeis. CLASSES, and parties are
united IL tho determination that no matter what
pretext OF proyocatlon may be offered, no matter
what argument or threat may be used against
them the negro will never again be trusted
with political power In the South or any con-
siderable part OF II. They viii accept any other
solution OF the negro problem than negro rule
COTTON aASUFACrURNG.
Mr. Williams brought out some highly IN
terssting facts In connection with the cotton
manufacturing in the South. The increase in
me numper oil looms ana spindles since 1850
mas been more Than 800 per cent And the
south Il now consuming nearly as much raw
cotton In her manufactures as was consumed BY
the whole country IN 1856.
The development OF cotton-manufacturing IN
this country IN the future, Mr. Williams insisted,
must la the natural course of things take place
ia the south.
The average saving In freight Of three quarters
of a cent per pound OF the raw cotton often
repres snts the entire profit Of the northern mill.
Tho numerous advantages possessed by the
South. the gentleman said, proclaimed 10 the
thinking mind where will be the future centre
Of cotton manufacturing industry of The world
Tne development OF the cottop-seed industry
hiss given 10 formerly waste product value