Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1893-04-23
IN nErrNsr on rrNAs

Mr. John v Furwcll Of the Capitol
Syndicate " of tho opinion. expressed
Ia lcttrr which we publish elsewhere
Ia todey's issue that the hin 60 regulate
the issue Of railroad securities should
BE- entitled. "a law ta prevent foreign
Or home capital from building railronds
.n the stutc of Texas" The reasons
FOR conclusion ~ harsh arr not given.
except that the law Is assumed 10 say,
on behalf of the people of Texas, TO the
foreign railroad Investor, eve want
none OF your money in our country
II Mr. Farwcli can lind amy basis
IN the bll Tor thus representing its spirit
aud intent he should have pointed d
out The critic who ussus the control.
ing motive of state, os represented by
iis mw-makiug body, should go least
resort 10 on analysis though h mny not
be- a wholly impartial ONE.
The affect of thp snrnllcd "houd.
bill" upon railroad building IA Texas
Is set % Doe determined II may prove
20 be- huriful, ns Mr. Fnrwcll predicts.
but we are persuaded that II such should
boz the insult u viii br because th, hill
Itself anil the people Of Texas are mis-.
understood by che foreign investor. aud
not because Of ANY inherent cyil in the
measure.
We have recently had occasion 10 con-
rndIct q telegram sent from New Norl,
20 journal so conservative uud usually
accurate 49, the baltimore sun, which
Hat,l that this measure prohibited the
Issue Of railroad securities To The extent
II more than 80 per cent Of the asscsscd
value Of lhc rad. or au average Of about
$1,000 per milo There have becn other
signs 20 show very plainly that the hin
II bcng used ON Wall street aud nt other
money ocuter 10 frIsltcn. through mis-
representation, those who may have In
clinatiou 90 AID Texas railroad conslruc-
ton. 10 is well known thar powerful in-
forests are opposed 10 che increase uf thc
railroad mileage of Texas. and are us.
Ing every arihce 90 ihWau the effort,
Of local enterprise m This direction Mr..
lmwells experience viii attest we are
SURF. that these willy strntrgists are
adopts Dos rhr creation ~ "punicky"
feeling aud that II it suited thclr purpose
10 mlsrgpresent Texas sentiment O. would
be done though the entlre body of tho
people were ol heudcd knees to them In
dire humility AZ ono Of the largest
land ownris m Tcxns Mr.. Far
well b. as deeply interested ns perhaps
any other Individual In or out of tho
state Ia cslopplng unjust criticism which
tends TO iniure the credit and TO deprc.
ciato rho property values Of Texas lie
aud his associates have, without osten-
tatiou, but none The less effectively, giy-
en- an camcst .n the past Of the interest
they feel ia the Development OF the state.
aud the memory VI lhis fact broadens
the surprise accustomed 10y the somewhat
canstic comments 10 be found IN The
letter we print today.
Turning 10 the bin itself. The Gazette
states, not what It eoniecwrcs, but what
Il knows when II says that II was the
belief Of those who passed Il, a belief
largely instrumental ia Ia passage, that
it would give stability and value TO Tex.
as railroad securities That such Is
the natural result OF measure restrict
Ing their issue aud enlarging their ba.
sis, we do not think Mr. Farwel viii
deny. We are not discussing now the
wisdom Of the law, but Us probable Of.
feot upon the buyers OF railroad seeurl.
ties. Mr. Farwen says 70 Texans,
"casch your fox before you attempt 10
skin HIM" But Texans are kinder to
the foreign investor than the author OF
this advice. They say ho shall not be
skinned az ALI that before railYad se-
curties shah even DO ofered-to him for
sale, II aust " Officially ascer.alned that