The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-04-04

Not very long ago the Morning News
stated that one of the reasons, and perhaps
the chief reason. why there is complaint
of the scarcity of currency in the south is
that all of the south's surplus money is
sent to the north to pay for life and fire
insurance, interest on the bonds Of her
railroads and losses in cotton futures. II
the south could keep the greater part of
what her products bring her she would be
enormously rich within a very few years.
Our attention is drawn to this matter
again by the announcement that there is
to be a conference of southern insurance
men in Southern Pines, N. c., on April %,
the purpose of the conference being to
awaken an interest in southern insurance.
In the minds Of some, the first thought
may be that the purpose OF the conference
is a selfish one-that the insurance com
panies of the south desire to work on the
sympathies Of the southern people with
the view of getting control OF all the in
surance business Of the south. Assuming
that such is the purpose, would it not be
much better for the south if the money
she pays out for insurance were kept at
home? II is stated, on what appears to
be reliable authority, that North Carolina
pays out in insurance premiums 81 900 900
annually, and gets back only 81, 100000. In
other words, she is out 81, OO0,O a year on
the single item of insurance. That money
goes to the north and helps to Increase
the wealth Of the people of that section
It Is safe to say that the net profit Of the
insurance business which the south does
with the north amounts to fully S25, 100000
a year. This it not the amount of insur-
ance money which the south pays the
north, but the amount which the north
keeps.
The movement to have the southern peo-
pie insure in southern companies is a good
one. All the business which the south
can do with her own people ought to be
done with them. The south will be slow
In getting rich If she sends ali of her sur
plus earnings to New York and New Eng
land.
All the great guarantee companies and
nearly all the firms which deal in stocks
and cotton futures are in the north. These
institutions take away from the south
many millions of dollars every year. There
is no good reason why such institutions
should not be established in the SOUTH so
that their earnings would be invested in
the south.
The reason why the rate OF interest is
so much lower in New York and New Eng
land than in the south is chiefly because
the bulk Of the currency accumuiates
there, and it would continue to accumulate
there however many banks we might have
or whatever monetary system might be
adopted SO long as the north does all of
our life and fire insurance business, has
all the guarantee companies, and does all
the trading In stocks and cotton futures.
What we must do is this We must sup
port home Institutions. The millions of
dollars which we send north every year
must be kept in the south and invested in
southern enterprises 1t is for our ablest
men to say how this condition of affairs is
to be brought about. 1t must be brought
about, however. or we shall remain poor
and continue to complain of the scarcity
of money while the north will be rich and
have more money than she knows what
to do with.