El Paso daily herald. (El Paso, Tex.) 1881-1901, 1897-11-05

D a comprehensive ana SClonGluc syS. 81
0 of irrigation, including suitable an
adequate means for conserving the vas
= volume Of flood waters hitherto allO "
/ ed to flow unused down the Rio Grand
, to the Gulf of Mexico; End, a legiti
mate means of interesting capital il
) the development of the valleys unequal
, led agricultural possibility-so Ions
dormant.
Other sections of the arid belt in the
, California, Colorado, Arizona an(
Utah, less favored by Nature than the
Rio Grande valley, have, within a few
: years, been transformed by the good
, sense and energy of their citizens. from
, comparatively unproductive wilder
nesses, supporting but sparse pOpula
tions, into prosperous rapidly growing
vall~y, deservedly described as the
Nile valley of America, with all its
vast potentialities for the production
of wealth, with its perfect climate, fer
tile soil, and great fertilizing source OF
irrigation, has slumbered on year after
year in Irofitless lethargy, helplessly
awaiting the advent of state aid, or
some other form of extraneous assist
ance. From time to time certain pub
lie spirited local citizens, realizing the
vital Importance OF providing an 1rr1-
cation system upon sufficiently large
scale to suffice for the service OF the
Rincon, Meslla aud Ell Paso sub divis-
awaken the leading citizens and land
owners fr, IN their "Trip Van Winkle,
like repose; sacrificing time and money
In hope of forcing into some form of
concerted action the local ''moss back"
element, which, as usual with its pro-
totype the world over, only evinced
disposition to "wait for something 10
turn up.'
Ia vain scheme after scheme was
proposed, government after govern
ment at Washington impOrtuned. and
cooperation of the Mexican farmers on
The Mexican side of the river solicited.
Local iealousies, imperfect plans, and
conflicting interests invariably barred
the way. For a time the activity in
railway construction in western Texas
and southern New Mexico seemed to
promise permanent and prog ressive
prosperity, but the water question re-
naming unsettled, affairs soon drifted
back 10 the old dead level of passivity.
A few determined advocates of enter
prise and progress continued seeking
TO enlist the aid of capital, and, fually
after years of effort and repeated fail
ures, at home and abroad, to secure
the large amount of money required to
carry out an irrigation scheme that
waters of the Rio Grande and, after
C >ngress had again and again declined
to seriously entertain the problem of
the Rio Grande irrigation, the Rio |
Grande Dam & Irrigation Co. was in
cOrporated under the laws of New Mex |
leo. with the declared intention of i'm |
pounding and utilizing the waters of
the Rio Grande. Shortly after the in
corporation of the company, steps were
rob tn 10 a h.
iugton of the company's filings for a |
dam site at Elephant Butte in Sierra |
county, New Mexico, demonstrably the |
only feasible storage reservoir site in |
the Rio Grande in southern New Next |
co. Under the direction of the compa- |
ny's able chief engineer, Mr.. John L. |
Campbell, complete surveys were
and the requirements of the territor |
ial and federal laws having been fully |
complied with the company's rights and |
titles, as granted by its charter OF in |
corporation under the laws of New |
Mexico, were, in due course, confirmed |
in order, and failing sufficient |
local financial support, vigorous efforts |
were made to raise capital on the bonds
and shares of the company. Uufortn-
nately, owing to the widespread de-
preston, consequent upon the disas-
trous financial policy, or want of
policy, of the country, it was found
impossible to raise in America, at even
the most usuriOus rates, the large /
amount of capital necessary to carry |
out the proposed irrigation works;
while in England the discreditable his
tory of the Bear Valley California;
and certain Kansas irrigation compa-
MES, and the general publicity given |
to the attempt to invalidate the irriga-
ton bonds issued under the Wright |
law California; were too fresh in the |
public mind to admit of the placing in |
Europe of an American irrigation COM
p.ny's securities. Large sums were |
expended in properly presenting the |
enterprise, and every conceivable |
channel was tried in vain; the great |
financial houses in Europe protesting
that the investing public had lost al !
ready too largely through investments
in bonds of American companies; that
the finances of the United States were
too unsettled; that the laws in the |
United States protecting foreign bond
holders were much too laxi that diree- |
tors of American companies were not,
under American laws, sufficiently re-
sponsible for good management; that
the United States might declare for
silver and repudiate all obligations to
pay gold bonds in gold," and that, in
the event Of the bond holders having to
foreclose, the alien land law might
necessitate realization at q sacrifice.
Financial house after house raised the
same series of objections, one and all
pointing out that the history of foreign
investments in Texas, Kansas, MissOu-
ri, etc., &C., tended to show that ig-
norant and hostile legislation may. in
the future as in the past, depreciate,
or, possibly, even invalidate the for
eign bondholders' security. Although
all admitted the exceptional merit OF
the company's undertaking, none
would risk Investment. To such de-
plora BILE state has the asinine follies OF
American legislative bodies brought
American credit.
All new countries must: in the ma
tuye of things, depend upon monetary
assistance from without for the devel-
opment of their resources. Much of
Americas wonderful national progress
| would have been retarded half Genius
| NJ or N, ora mad IL not haen for the now.