The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1903-07-20
The Prosperous South!


Whether the bear talk" that is
heard in certain financial centers is
genuine, or only part of the play to
affect speculative markets. we are
not prepared to say. While We would
deplore a fresh era of hard times, we
would not be surprised to see it hap
pen to those who have manufactured
out of paper and water the great wads
of "undigested securities that are now
choking the exchanges in the east.
But let what will come to those gam
blers in trusts and boom companies,
We are sure that no financial panic,
big or little. can affect seriously the
business of the south. Our people are
a simple people as to speculative en-
terprises and do not venture upon
those treacherous waters. Almost all
the business done in the south is bot
toned on conservative investments
and for purposes of substantial indus
try and certain profits. A case now
and then may occur where some enthu-
siast attempts a corner or a trust in
imitation of the eastern plungers, but
the failure of such an EFFORT does not
disturb business except in very linn
tied circles.
The prospect of the growing cotton
crop are such as to give assurance that
we are to have at least two more years
of financial ease in this section. The
farmer can now sell his average yield
of cotton months ahead in the market
around 10 cents per pound. That fact
alone means a gain of millions Of dol
lars over last years returns and is an
insurance that our great staple indus
try cannot suffer greatly, if at all, by
anything the speculative industrial
centers may do. With a large cotton
crop at such figures the south will be
able TO support her people and indus
tries largely by her own capital
We have natural resources and man
ufacuuring advantages which readily
discount the offerings of any other sec
tion of the union. Conservative, far
seeing men known these things and
are showing a disposition to transfer
capital and operations to the south
rather than keep them subject to pre-
curious money and labor conditions
elsewhere.
In the financial panics of 1873 and
1898 the southern people suffered less
than those OF any other section. Few
er of our banks failed and fewer bank
ruptcies in legitimate business were
recorded against us. Our people do
business on close and safe credits, as
a rule
And each panic that has come since
the civil war has served to attract wild
er and more serious attention to the
security and profit of doing business
in these southern states. After each
of them our fields of raw materials
have been more closely inspected and
larger volumes OF capital seeking sta
BILE conditions of employment and
earning power have been invested in
southern fields, forests and factories.
The people of the south have only
to maintain the integrity of their cred
it. be conservative in operations and
keep within the limits OF wise economy
TO find themselves Independent of pan
les and the supporting power OF for
eign help.
With our fields whitening to the har-
vest of a crop second only to the out
put of a gold mine, our people largely
out of debt, our enterprises supported
by unfailing markets and our social
and industrial conditions undisturbed
bv warfares between the terribly rich
and the terribly poor, the southern
people should smile at their prospects
and laugh the lugubrious prophets Of
evil days to scorn and silence. The
south is all right