Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-11-25
xnnruERN CAHITAL.

TO press the contention that the fact
that the South practically cast her cleo
toral vote soldly for Bryan = going TO
work disaster to this section in the way
of stopping the flow hithc.waiI OF
northern capital. borrower. some o.
these papers bol advise northern In
yestors not T. seek the South, and ac-
centuate thel advice by stlgmatIzng our
people as d honest and as reputation
lists. and b, warning their readers that
we are not ) be trusted
When one reviews the history of Viz
ginia's exper nee since the war with the
northern capi u that was to do so much
for US. he hlIs in the contention and
warning above erred to a good deal %
amuse him. The nth is that v We
exclude furnace Interest. which lOr the
most part have been feeders 10 The rail-
ways on which they are located. there Is
vast deal OF the mythical and vast
deal of fiction about the part northern
money has played in developing our
state. and that our northern contempt
raries are threshing out old straw. That
Virginia would gladly welcome the CO.
operation Of northern investors in de-
veloping her great natural resources,
and building up industrial enterprises,
hardly calls for assurance. She has been
bidding for such cooperation ever c.nce
the close Of the war. But, as compared
with the seed sown in the way of ad-
vertislng our advantages, Offering Induce
ments 10 investors etc, and the promises
that have been held out TO US the general
harvest has been disappointing. IL Is not
10 be denied that there are some excep-
lions to this rule-notably the case OF
Newport News-and We would not ignore
the benefits our people have derived from
these ventures. But there was no senti-
ment connected with these exceptions.
They represent cold, business calcula-
ton. as 90 all such enterprises.
To bring the matter nearer home take
Riohmond's experience as a commentary
on the help northern capital has given
the southern people. 1t Is doubtful II
there is an Industrial enterprise In Rich
mond that has been built up or been
aided to any marked extent In its de-
velopment by northern money. Unques-
tionably. as a general thing, our indus
trial plants are owned by our own peo-
pie. Most Of them started in a modest
way, and their increase Of capital has
been accomplished by adding TO it accrc-
lions from their own earnings. Then
look at our banks. Have they been
helped by northern capital? Not as much
as many persons suppose by "A long sight.
There are occasions when the Richmond
banks. in order to accommodate certain
trade movements. negotiate call loans al
the North. out at other seasons o.
the year our banks are creditors Of the
northern banks, in the sense that they
have balances at the North. Our bank
ing capital is our own, and it has been
made almost entirely. if not entirely, by
our own people.
In short Richmond and Virginia have
largely worked out their own salvation
since the war, and must continue to do
so. If capital comes to US from the
outside, 50 well and so good. II not, We
can. we reckon. manage to survive with
out it, If our merchants, manufac-
turers. hnanc.ers, ana capitalists will
stand together helping one another over
rough places, and cooperating in eX-
tending our trade and in assisting the
country merchants and farming commu-
nifty, they can 10 more in five years IN
the matter of building up Richmond and
the State at large than will be accom-
pIished through all the northern capita
that will come into Virginia in the next
quarter Of a century. II our people viii
keep their money at home, and not be
tempted 10 invest in outside enterprises,
they can afford TO laugh at such threats
and comments as are alluded 20 in the
opening Of this article. In fact, the policy
we have suggested would do more than
anything else to bring northern capital
into the State Capital helps those who
help themselves, because that course ar
fords the best assurance OF large profits.
We would not discourage efforts 20
bring northern capital into Virginia, ana
we iterate that we would not ignore
the benefits We have derived from such
northern capital as has been invested
here But We would impress upon GU
people the great disparity between what
has been expected and what has been
promised in that direction from time TO
time, and the realization. We would
have them appreciate the great disparity
between what outside capital has done
for the State at large and what they
have themselves done along that line.
We would stimulate them 10 continued
self-dependence.