The times. [volume] (Richmond, Va.) 1890-1903, 1892-07-24
avHY THE SOUTH IS BEHIND"
The Question Strongly stated by Lead
ing Southern journal.

The Question Strongly stated by Lead
ing Southern Journal.
Perhaps there is not land on earth with
more varied and abundant natural resources
than the South. No country on earth has
greater geographical advantages or such
wonderful commercial possibilities. There
is no legitimate reason why Norfolk. VIII
mington. Charleston. Savannah. Mobile.
New Orleans and Galveston should not be
maritime marts equal in population and
trade 10 the greatest cities on the cont-
nent There is no legitimate reason, but
there are reasons OF the other sort
One of these IL that the people Of the
South. through their political agita-
tions, their legislatures and their
courts, have alarmed capital and alienated
the confidence of enterprislng investors.
That capitalists from other portions of the
United States and from abroad have been
eager TO come to the South there IS none TO
deny. They have come in spite Of untayor-
able conditions in many cases. The enter
prising spirit Of capital is eager b. seek OPP
portunites and identify itself with the de-
velOpment Of boundless resources III the
South. but the conservative caution OF capt.
tai puts its veto on that spirit when IT sees
along the Southern borders yellow flags adj
vertisng an epidemic of vast, complicated
pestilence Of political, legislative aud indus
trial distempers.
The situation must be retrieved. or the
South will be in danger Of lapsing out OF
touch with the great progressive agencies
of investment seeking capital and eco
nOmic organization and subsldlng into
sort OF Africa of isolation. stagnation and
retrogression. Naturally the first heavy
investments Of capital in the South were
used in building railroads. These were
IL It frrrh a. on
ment of the resources of the country
After such Investments had been encour-
aged and fair start had been made
the demagogue's campaign OF peryerslOn
and deluson began throughout the land.
"Souiiess corporations" were denounced
with the vigorous emphasis of profanity;
"bloated bondhOlders" were rhetoucally
drawn and chartered by tho ambitious and
unscrupulous leaders; the imaginary water
was squeezed out of the stock, and by thus
panderlng to the prejudice OF the people
the false teachers were kept in places which
gave them great influence tor evil.
This perncous education resulted IN
public sentiment, in legislation and even
in decisions of some OF the courts inimical
TO the interests and rights of the enter
prising investors of capital in the South.
1t ran finally into rigid regulation by arbl-
trary COMMISSIONS virtual conhscatlou
under the forms If unlawful law Such
seizures OF the rights of property were fol-
lowed by one failure after another until
Southern investments became drug on
the market. Almost all the railroads IN the
South dropped into the hands OF receivers.
Even in enterprlsing Georgia. with her
model railroad commission, thirteen Of
her best railroads are now IN receivers
hands. Railroads in Virginia are breaking
down and going 20 pieces the same way.
Most of these receiverships are IN the
Federal courts.
In Texas a further step on the line Of en-
ergetie confscation was taken IN railroads
run 10 earth and atterward hauled into
the State courts to be- operated IN the in
terest Of political favorites, regardless OF
the rights of the capitalists who paid for
them. The South. including Texas, has
about lost her credit. Money is scarce
aud high in Texas and throughout the
south. while it is abundant and cheap in
the East and other portions of the coun-
try. Our politics, our legislation, our
judgments steud up 70 condemn US, aud we
must pay the penalty. With the refusal of
the people. OF the legislatures, of the courts
TO protect investments IN Southern rail-
roads, in Southern coal mines. IN Southern
lands there comes want of confidence,
scarcity OF money. high interest. hard
times. We must pay well for our own folly.
That is a debt from which no politician or
court can protect us.-Galyeston News.