The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-07-26
AbOUJm011s
("THE QUEEN OF TABLE WATERS")
BEWARE or SUBS TITUTIONS

not stop to consider that nothing has
ever come 10 them by reason of false
promises and false hopes buHt upon these
promises. The negro builds his hopes to-
day upon forty acres of land and a mule,
and he white man tomorrow upon the
sub treasury plan of free silver, and yet
in all the long bitter years of poverty Of
both, nothing has ever come to either
through either plan. on the contrary, all
the laws that have been passed with the
promise that they were to benefit the poo
Pile and all the agitations with which we
have been afflicted, ostensib.y for the
same purpose, have reacted disastrOusly
upon those for whose benefit the agita-
tons We're inaUguarated."
twenty-five years ago we were poor
in all the elements that go to make up a
prosperous people. Comparing the South
now with the South then, we have gained
much but the universal demand for great
er development that is taking place goes
to show that we have never filled the
measure of our opportunities, if our adj
Vantages are what we believe them to be.
During this period the idea seems to have
prevailed that the great revolution in con-
dluons in the South, anticipated by those
who were more enthusiastic with reference
to her advantages, was to come through
the agency of foreign capital, and perhaps
of foreign enterprise. That we have been,
and are yet, deficient in capital is GER
talnly true. In this respect however,
many of our people have fallen into error
for during the past ten years, and even
for a longer period, gilt-edge securities
bearing low rate of interest have been
largely invested in by Southern men. What
these investments amount to in the aggre-
gate we cannot tell, but they certainly
amount TO an enormous sum, which, if in
vested in active business, would give en-
ployment to very large number of people
and would consume vast amount of raw
material.
Need Combined Capital.
I'VE have reached the point, not only in
the South, but everywhere, where all in
teiHGent men must recognize that in every
progressive country great aggregattons of
capital will be necessary for the future
It will be impossible for us to keep pace
with the spirit of progress if we are TO
rely upon individuals or firms to raise
money for the great enterprises demanded
by our present and future necessities. This
work must be done through corporations.
This is necessary, because in this Wav
alone can adequate capital be acquired,
while under other conditions il vvould he
impossible to perpetuale organizations cap
able of this work. Wherever this fact is
recognized public sentiment will see to it
tHdh Nol l'Oi dtlOIlS are ilOL oppressed, but
on the contrary, that people at home and
people abroad are encouraged TO invest in
them, and that the law shah throw every
possible safeguard around investments of
this character that are extended to private
investments.
I'VE must set our faces against control
of this sort by any political party that at
this or any other time would disturb bus
mess and values by reinjecting the silver
int
paign. We must compel every man who
makes an obligation to meet it according
to agreement and to do so quickly. if he
| is worth enough money to satisfy it, and
have principal and interest fixed by
agreement settled accordingly. We should
make mortgages n-taxable, because two
men should not be compelled TO pay taxes
upon the same property. This would
cheaper money to all real estate owners
especially land owners. who constitute a
a large proportion Of our population and
who need cheap money more than any
other class. We should teach our people
respect for the rights of all men and to be
| just to all interests calling upon them; at
all times 10 remember that fortune will re-
ward those who are persistently indus
| trious frugal and honest; and that pros
! perity and cheap money come to none save
| by the practice of simple virtues"
Tonight the delegates viii be entertain
/ ed at the theater. One of the features of
| to-morrows session will be a paper by
! Hon. S. G.. McLendon of Townsville.
/