Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-06-02
is THE. SOUTH HOSTILE TO
CAPITAL1

In recent interview in Atlanta, Gen.
Trust Company of Baltimore, took q
rosy view of the industrial prospects of
| the South. lie continued:
THE greatest present drawback that
I see to the South's deveLppment is Il
certain hostile attitude of legislation to-
ward capital. Capital is naturally timid.
and Will not so where 1t is intimidated
am not an advocate of trusts in the
general acccptation of the term, but I
believe, as every sensible business man
must. that the cooperation of interests
is of mutual benefit alike to investor
and the section Offering chances of in
vestmcnt. This is; the principal draw
back
The hostility is much more fancied
true: but it is not so violent nor is it
shared by a sufficient number of people
to cndanger capital invested in any le-
climate enterprise. 1t was much
greater n few yeares ago, when Populism
was in flower. than at present. 1t has
never been so formidable as it has been
represented to be.
The cry of hostility to capital in the
South was finst raised by Northern
newspapers and for a purpose that was
easy to understand. The South was
showing signs of n great industrial re-
vival, particularly in manufactures. It's
resources were enormous. All that was
needed was capital to develop them.
Their development meant contest for
supremacy with the older manufacture
ing communities Of the North. The OBJ
viously natural thing for the press OF
such communities to do was to keep
capital from coming to the South. It's
hostility to capital was mainly invent
ed to this end.
For reasons too occult for the ord-
nary understanding, certain Southern
newspapers and politicians not only
took up this cry, but outdid all North
ern competitions ia misrepresentation
These ill-omened birds oefouled their
own nests most industrously. Had half
their accusations been accredited at the
North, the opinion of capitalists in that
section would have been that to invest
Ill COutneTH enterprises WIS " run the
risk of confisca,ton, If not of destruc-
ton, of property by mobs. The truth. of
course, was that in every community OF
the South, capital was most welcome
and free sites and exemption from tax
alton for a period Of years could al
ways be had by the capitalist who
would establish n now industry.
Some hostility to capital there has
been In the South. Some. indeed, was
natural and eXcusablc. 1t has sprung
from the fact that capital has sought
and has obtained unfair advantages by
meddling in politics. For years the
South has been taxed to pay bonuses to
Northern industries under the guise of
protective tariff. Capital, in the
North. was the South's worst enemy
On the other hand, certain enterprises
have peNistently dabbled in politics in
Southern States, instead of attending
to business. They have made them
selves obnoxious in consequence, and
have IN some instances provoked I'M
friendly legislation. Then this perfectly
natural result Of their own msdeeds
has been attributed to hostility to capt.
tai. 1t were easy to give names and in
stances.
Wherever and whenever capital has
confined itself to legitimate enterprise,
it has found nothing but friendllness
among Southern people. 1t has not been
hampered by legislation. save only
and even these cases have been few.