The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1898-01-12
Southern Money DID it,.


publican organism the Northsto remiod
the Sonth Chat If Northern capital sis
desired In, 10 this section we
must get more in accord with Rspubli-
can policies and show less disposition TO
kick against them. And even some of
the so-called Democratic gold organs
are indulging more er less in the same
kind Of talk as far. as it applies to the
money question. They both assume
that Northern capital is absolutely
necessary to Southern progress aud de
velopmept and that without it the
wheels Of enterprise and industry would
cease to revolve. Perhaps some OF them
really thiok SO, for they do not seem to
be- aware Of the fast that as great as
Southern development and Industrial
prc .ress have been. especially within
the past two decades i. is the result
mainly Of Southern effort aud Of South.
ern money. They think it is strange.
perhaps, that in section which bad
given its attention 80 largely to agricul.
ture, that manufacturing spirit aod
talent should so soon be developed, and
perhaps they think it strange, too. that
in section where the facilities for pro-
curipg money through banks are SO lin
tied, SO much capital could be COM
mauded to put into manufacturing en-
teriprrises, but till Southern men have
shown their ability to successfully mao-
ufacsure aud that. too, without North
ern instruction., and they have shown
TIE ability to command good deal Of
money to pu. into them.
Ina recent Communication OF Mr.
W. w. Watt. Of Charlotte. published
in the Observer, he showed what q
small figure Northern capital invested
10 Southern enterprises cuts compared
With the Southern money invested. and
be took much care to secure the facts
and figures. He did this for the COM
me0dable purpose of,sbowing the people
who believe that the South is entirely
dependent upon the North for capital to
build up industries that they are mis-
taken.
70 North Carolina 80 per cent. Of
home capital is employed to 10 per cent.
of Northern capital 10 South Carolina,
so per sent. of home capital to 20 of
Northern capital; in Georgia, IS Of
home money to IS of Northern, aud 10
Alabama.S rs Of Southern to Is Of
Northern. He gave special attention
20 the cotton manufacturing States, for
10 10 these ehe greatest manufacturing
progress has been made. but says the
per ,ceusage 10 other States which APP
have not so much attracted ontc-
side attention the per centage 10 favor
Of home capital is still more favor
able ::
According to him tbe cotton manu-
faeturiDg industry in the South repre-
sesls $50 .00o. 900. only II per cent. Of
Which has been invested by Northero
capitalists, asd most Of this he's been in
sith Southern capital aud
has been under- the management OF
Southern men. and be says sbe mooey
thus invested and thus managed has
brcueb, more satisfactory results than
the money separately invested and man.
aced bv Northern agents.
This will be interesting Information
TO The northern organs which have an
idea, OF at least talk as if the South
was utterly dependent upon Northern
help 10 build mills. .uro their wheels.
open mines aud smelt iroo. &C.. aud
perhaps it may be agreeable news 10 q
good macy Southern people who bad
ittle idea that their own section bad
Gone so veil
Bot this suggests another line OF
thought. If the South with her limit
ed capital and inadequate meana for
procuring aud distributing money has
done 80 we'll What might she not haye
done if money we're as readily supplied
as Il Is in some sections Of the country.
We have millions Of assets compared 10
thousands Of money Within reach, aDd
Il. these assets could be made available
10 supplying the money needed there
would be DO occasion to 60 from home
,os.bofrow or to look to the banks Of other
sections to supply the currency to tide
over emergencies. The South Hants
State banks; it needs them /; they are
the only kind Of banks that wili fully
nee. the requirements OF this section
heir opponents io the sections Twbere'
bauks are numerous enough aud money
more than abundant enough talk about
wild cat'' currency, about unsafe
banks and all that kind Of thing. but
what is it their business if sbe people
who want these banks and desire the
l:j of rota~ thav unnld iasne are