The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-09-27
HOUSTON, THURSDAY. SEPT. ~, 1900
IL PAGES TO-DAY.
Gun DFoRnleN INvnsrMRNrs.Y

Only short while ago the Eastern cap
halists of this country eagerly subscribed
to per cent short time British gov
ernnent loan. Then a Swedish govern
ment loan was 1oated here and now
$40. 900 200 German 4 per cent loan is be-
ing oversubscribed in New York. Pre-
yinus to all this the Russian and Next
can governments borrowed goodly sums
OF American money.
There is tendency now in American
investments to seek government securi-
ties foreign ms well as American, and
the fact IS TO a large degree discouras-
Ing so long as such a large part Of the
Upited states remains undeveloped Tde
peculiar methods and opportunities OF ac-
cumulating huge fortunes in this coun
try during the past ten years and more,
have given great corporations and syndi-
Gates immense SURPRISES which unfortu-
nateiy for the country they are not dis
posed to put back into new material en-
terprises, but rather seek TO lock up in
government bonds This kind OF security
is regarded as particularly safe. is easily
b ndled and can be kept out of the way
o. he tax assessor to q large extent,
Tho syaiab!e surplus therefore for legi-
innate ordinary business investments at
h 'me is being constantly reduced and we
con not expect the same progress here
ier in the Development of our broad
fels for physical effort that wo have
heretofore witnessed. # this hunt for
government bonds is to continue.
iH serious matter and the most
Encouraging feature about it is the
seeming impossibility OF preventing OF
chsckng This new style OF investment
The taxing power might afford us on,
means Of partially curhing the evil, but
it would need to he considerably enlarged
snd more impartialy and fearlessly ex
ercised II 1t were to be made effective
in the premises. Personally OF any an,
all descriptions might not only be taxed
to the limit. but an income tax impose,
and vigorously collected. The laws coul,
be made iexible and comprehensiy,
enough to reach every case OF attempte,
lodging. discriminative tax could b!
constitutional amendments. be made t
bear especially heavy on foreign securi
ties held or incomes from such securi
ties.
Then again the government could b
made to cease that favoritism that hal
been building up great combines wit
big surplus which naturally goes int
these government securities. as it is n
longer needed in the development of tn
trust or syndicate properties.
When We contemplate the spectacle O
our surplus money going into foreign Sc
curities that bear a low rate of Interest
while the greater portion OF the countr
wants capital for Its development and OF
fers innumerable opportunities for BIZ
profits as well as absolutely safe invest
ments. We might feel justified In adopt
ing any measures. however extreme, I
stop such an outflow. and to compel
patriotism and an American spirit anon
the multi mlllionaires and multi million
sire corporations and syndicates whic
they seem TO be so rapidly losing, II, In
deed. they ever were inspired by sue
lofty sentiment. AS a matter OF fact
begins to look as II the wealth OF tn
country were caring less and less for tn
welfare OF the country