Tazewell Republican. [volume] (Tazewell, Va.) 1892-1919, 1898-03-17
Too Optimistic.
philadelphin Record. lpeml !

Philadelphia Record, Dem)l
Commenting on a recent article in "The
Record OH the export trade Of the South,
the Atlanta GA Constitution says:
The only need of the South at this time
is capital; everything else she possesses IN
abundance. When capital begins to pour
into our borders, as it must begin to pour
ere long in response to the appeals of our
undeyeloped resources, twill perform such
miracles OF progress in this section as the
world has never before witnessed. So
''The Philadelphia Record can safely pre-
dict, without putting in any proyiso, that
the day Is not far distant when our Gulf
ports will monopolize the bulk Of Western
export trade.
The richness of the undeveloped re-
sources and the splendid opportunities of
the Southern country are generally recog-
nized and duly appreciated at home and
abroad, and the greatest abundance Of
capital, which The Constitution thinks is
the South's only need, will be ready to
seek investment in that section whenever
it shall be offered terms which its owners
consider fair and equitable. But does The
Constitution suggest such terms, and does
it honestly believe that capital will pour
into that part of the country so long as. a
majority Of the Southern people hold to
the financial theories which that journal
so earnestly and persistently advocates ?
The editorial page OF the issue from which
the above extract vas taken is chiefly de-
voted to the advocacy of monetary falla-
cies which the owners Of capital believe to
be delusive and dishonest. We make no
argument here as to the correctness Of this
view, but merely state the blunt fact.
Gold is the present measure Of value, and
Southern stocks, bonds, mortgages and
other investment are reckoned and offered
on that basis. 1t is probable that capital
lists will he in such hurry to seize these
alluring offerings that they will soon pour
money into that section, in face Of the fact
that the people who have them to sell de
liberately avow the purpose of dischargng
all obligations with silver dollarso on a silver
basis if they can only get control of the
financial machinery at Washington
The people of Georgia, by a majority
of something like $4,000, are supposed to
favor the payment of gold obligations in
silver The Legislature Of that State some
months ago went so far as to declare silver
to be the lawful money Of Georgia, and to
empower the State authorities to contest
any Federal law that might conflict with
its will. 1t is deplored that section of
the country which, as The Constitution
Justly claims, is so rich in undeveloped re-
sources, should blindly and vigorously
repel the capital which it so greatly needs.
The East has no jealous misgivings of the
growth and development Of the Southern
country. 0nthe contrary, it would will
ingly promote, to tie extent of a great
part OF IFS lap,e surplus resources, all
promising Southern enterprises. But
Eastern capital will not go South in con-
siderable volume SO long as our Southern
friends shall be beset with the disquieting
folly Of Free Silver. This cannot be too
forcibly nor too often stated. If all the
silver that the Western mines have ever
produced had been dumped into the sea
the South would have lost less titan it
has lost from the distracting and alarm
ing financial heresies which have prevailed
in that section.
Free coinage Of silver would not add
anything to the South's available money
supply, because it has no silver mines nor
silver bullion. But if its people should
abandon their financial follies, and offer
fair and honest terms to capital, the cur
rency supply would then increase, because
outside money would come in freely for
investment. There are many intelligent
men in the South who fully recognize the
simple truths which we state; but they
are as yet, in most Southern States, a
small minority. Until their wise counsels
shall prevail we shall not hope to see that
part of the country enjoy its full measure
of prosperity. The broad optimism of our
Southern contemporary is hardly war;
ranted.