The Grenada sentinel. [volume] (Grenada, Miss.) 1868-1955, 1895-03-16


VI the most prosperous States in the
American Union; and yet she is far
behind the other Southern States in
1er industrial development. When
ne consider how much God has done
or her, and how little we have utilized
;hese blessings and advantages, the
wonder each day grows and expands
into amazement. Such legislation
should be enacted as will persuade the
foreign, as we'll as the resident capital
lists to invest their money in factories,
where the raw material can be changed
into the articles for use and consump.
tion, and where skilled labor will be
compensated. No country
can ever become wealthy and prosper
Gus when its raw products are compel.
led to be sent abroad to be converted
into articles in a finished state and
then returned to the original producer
for consumption. A glance at the ma
tions will at once demonstrate the cor
rectness of this statement. The dearth
of industrial development can be
traced directly to two sources. First,
the want of proper legislation, en-
couraging the Investment Of capital in
this channel, and, second the liberal
treatment which the few factories al
ready located have received at the
hands of the transportation lines. The
freight on coal to these plants makes
the cost of fuel too high, while the
rate on the output of the factories is so
excessive as 10 consume the major
part Of the profits. Instead OF pursuing
liberal policy, the railroads turn the
screw all the machinery will bear.
They are naively eating the oyster and
complacently pitching the shells to
the factories. To correct these evils
and to bring about a true, genuine re-
form, the State needs her best business
talent to the front-those who can
point to the management OF their own
private business affairs as an earnest
Of their capacity for laboring for the
State and her people. Now as never
before is the time in her history, TO
call around her council boards, the
men Of push, energy, vim and pro-
gress.
The stockholders of New England
cotton mills, the proprietors Of North.
ern spoke, hub, wheel, furniture and
| other factories are realizing the
wonderful natural advantages of the
South; they are already on the move
the Sorth's eastern sky is even now
blushing with the advent of new day,
and we can hear the tramp of the
great industrial army marching upon
Southern soil.
Let the watchvord of the present
campaign be, industrial develop
ment," and let the people induct into
Office only those who are capable OF
managing a great industrial move
ment. And yet they must be men
whose private as we'll as public life is
impure or immoral should be permit
ted to fill any Office, from the highest
to the lowest.
It has recently been suggested by
some If the leading men OF the State to
exempt from taxation money loaned at
less rate of interest than 10 per cent
l have not been able to grasp the
wisdom of this suggestion; rather, let
the legal rate of interest be reduced.
Interest is the premium paid for the
use of money, and no one can borrow
money at the present legal rate, lO per
cent, and engage with profit in any
legitimate business. 1t requires all
the profits in the business to pay the
interest. Ten per cent. interest and
4 1-2 cent cotton is more exorbltant
than 20 per cent. interest and Scent
cotton; in fact, the people can better
afford to pay 20 per cent. interest Tor
money and receive cents per pound
for cotton than to pay the present
legal rate and accept present prices
for cotton. A study OF political
economy will accentuate the fact that
that period of country's greatest pros
perity is when the legal rate is lowest,
and the experience of all men has
taught the sad truth that the lender
always demands from the borrower the
highest legal rate. rhe former die
tates the terms and the latter is COM
PEELED to capitulate. The chief CON
sidera.ion which includes the capital
ist TO lower the rate of interest is the
safety and permanency OF his invest
ment; high interest travels with
''booms' and associates with panlcs;
low interest becomes the companion
to economy and the guide to. pros
perity. The only Southern States
which allow 10 per cent, interest are
Mississippi, Arkansas, Florida and
Texas, while in Alabama. South Caro-
lima. North Carolina, Georgia, virgin
ia. West Virginia and Tennessee the
highest legal rate is from 6 to s per
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