The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-02-16

TEXAS AND CAPITAL.

Mr.. Clarence N. Ousley, tho editor OF
the Galveston Tribune. is Just back ron
trip to Chicago and In an interview mn.
poarihg In Tuesdays Post, indicates iha,
one of the things that struck him mos,
forci5ly mp North was the contrast be-
tween the financial conditions there and
here.
In Chicago and st. Louis, for example
the banks no longer care for depositg So
iuii are their vaults. and the rate of in
terest on loans ranges from TO per
cent. Commenting on this condition asa
compared with conditions here Mr.. ousloy
says:
AT St Louis l heard n man as, . bant,or
a aor roam OF credit OF 5000 TO 100000 aud Tx
a,,,sw , was: There is no objection to team
money, J would have TO think II over
"a let mere IN Texas We are paying and
w per ge, cent ana consratulats ourselves II
wrong, and II would profit our law-msksrs
at austin TO try and lind out what Il Is II
anybody outside Of Austin or outside of a
l po'ie as EARNED circle suggests more lib
g g leslsiaton or a new constitution 40 that
Texas may stand alongeide of Missouri and
,liinois IN credit and industrial Development.
he Is howled down as a conspirator in league
with tho railroads and Wall street II lie posi
lively pitiful We are getting along = pretty pes.
well in Texas but with resources and OPP
portqnities sufpassinR those Of any stne in
the Union our development Is comparatively
far behind. There Is money enough n Chi
cago and st. Louis. not to 70 East to build
a hundred cotton mills and twenty pa ,kolies,
but 1t isn't looking this way. ] shan't at
tempt to give the cause, but tharo Is the
stubborn and sorrowlnl fact
The Post can not believe that it is
illiberality In our laws that keeps North
ern money out of Texas and maintains
high interest rate In this State. Too often
has The Post shown that money is plentl-
full in States where capital and invest
ments are far more rigidly regulated than
in Texas to Justify the inference that
such laws MS we have are standing In our
way In the premises. But 1t is, possibly,
undeniable that conviction, though
erroneous. actually exists throughout the
East that Texas has OF late years been
engaged In narrow fight against capital.
1t is not difficult to pick out the agencies
In this State that have encouraged, If they
did not. in fact originate this idea H.
spired by bitter opposition to the doml-
nant political forces in the State, these
ed by portion of the State press, have
sown broadcast the opinion that the State
administrations for six or eight years past
have been filling the statute books with
laws inimical to the outside investor.
The misfortune in this is that SANDER
is often more readily believed than the
truth, and the damage has been done the
n tn'
there exists no substantial basis for the
charges that have been so rocklessIy and
boldly made. The great question now is
TO fine some effective reans to remove
these erroneous opinions and CONVINCE
the country that Texas has been falsely
accused and maligned.
The Post has felt for sometime past
that aside from the necessity for new
constitution for the State, the adoption
% new organic law of up-to-dnte char
acter and with liberal provisions relating
TO the Industrial and business life of the
modern Texas, would 20 far toward i'm.
pressing the outside public more favorably
with the state as promising aud alb
iolutely safe field for Investments.
Mr. ouslcy Is right, however, when he I
says that there IS an intoerant and mar !
row element in the State that would howl
Town any suggestions OF constitutional
'oform or more liberal legislation.
But no power On earth can keep Texas
from advancing, and while now we may
rest under a cloud to large extent, in.
eliisent capitalists must soon see that
hey arc standing in their own light in
'oiling to come into Texas and assist ac.
lively in its development 4
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