The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1905-04-23

the maker of the bond in selling it.
Yet they have grown rich on the re-
suit of there being an asset behind
the bond that finds a purchaser, Great
ing the money on which, by handling
and with their fees, they have grown
rich.
These old trust companies were
formed in the early days along print
tive lines and methods as were all of
our early institutions. and they were
extremely profitable then, even in the
early days of crude formation and
when by the fortunes of war, New
York became after the fall of New
Orleans the only central place
Of operation for the great
money changers who consti-
tuted the highways over which the
money passed and repassed between
the borrower and the loaner. The
East saw at the close of the war the
advantage of keeping closed as long
as possible that great Southern har-
hor of America at the mouth of toe
greatest artery of commerce i'll
those days in the American
body, the Mississippi river, and for
forty years they have practically
kept all the Gulf harbors closed
though q number of the Gulf
harbOrs are nearly a thousand miles
closer to the center of American popu-
latiOn, than any of the Eastern har-
bors on the American coast. All sane
thoughtful men know that when the
Isthmian canal is open, the South
with her Gulf harbors will again re-
sumo her prestige as the mistress of
American commerce. The West is
as close to her in it's relation to the
Gulf harbors as q true husband is to
his wife. !.
The East forced the war on the
South to break the very chain that is
now being revealed not with slavery
but with the young brains and energy
not only of the South, but of the lib
eral minded Of the nation, to reclaim
again her legitimate commerce. If
there is any sane, sound business
reason that this great Southland, pay
ing over one-third the cost for the
support of the national government,
should any longer submit to antedi-
luvian trust company or insurance
company methods, that use the new
appliances Of science to collect the
same Old fees, that have multiplied
to a million times a year more than
they We're say 35 years ago, let
us have it. If modern progress and
science has not shown them a more
economical way to serve the South
than they were doing twenty-five
years ago, then some of the men in
the South believe the time has come
to avail themselves of some of the
benefits that are revealed by the
progress in finance / don't blame
them for not changing to less profit
able method to them as long as the
people of the nation are willing to
submit to these old methods.
The water power in New England
revealed to them how by Harvesting
n "
sell the negroes they first brought to
this country, let the South have them
and they in New England could use
their water power and convey the la
Dor of the negro in the cotton and to-
bacco fields in the South into great
profit by manufacturing cotton and
tobacco with which to use them, into
commodities of commerce, more than
keeping tho negro and letting the Wa
ter power run idle. But the world
do move" The era of steamships came
around. then the railroads supple
mented them, and then came the won
der of the age, electricity. This is
the purifier and equalizer of CON-
MERGE, just as the thunderstorm is the
purifier of the atmosphere.
SO along the Southern mountain
sides, overlooking the cotton fields
there comes rushing down the mighty
\
the negro our Eastern friends solo
to the South, necessity, that grand and
true mother of invention is harness.
ing these rushing streams, similar to
those that once made New England
the master of American manufacture
ing industries, and is now falling III
the lap of the South with power to
generate electric power, the cleanest
the cheapest and most perfect power
IF lon ic- I1n ,11r OH
to the cotton field but the bread and
meat producing fields, and the iron
fields. and the coal fields and the
great harbors And above all, when the
isthmian canal is open, these harbOr5
will handle the chief commodity of
commerce of the South, it's cotton, af-
ter it has been manufactured in its
home factories into fabrics that
are consumed nj the great
countries South of us and
on the nearest route around the world
by water to the Eastern possession
we have lately taken in hand, whose
climate is warm and whose people
want to wear our cotton when put into
cloth. And they want to buy it less the
double freight to the east and back,
less the higher cost for labor because
of distance from base of food and fdeI
supply, less the cost of short number
y
climatic conditions in
which to live.
These are reasons why we need a bond
insurance and trust company in each
State in the South to help our young
men of energy, brains and enterprise
to market their securities TO build
the railroads, to harness rivers to gen
crate electricity, to open mines ana
timber lands, to build towns and cities
and pleasure resorts, and utilize the
lands as they grow up by insuring the
of the bonds they will have
to place on them to begin the work,
the interest being insured in the in
creased value from year to year of
the growing industries they establish.
Each Southern State should do as
North Carolina is getting ready to DO,
form a strong bond insurance and
trust company, making our industrial
paper good as the best in the world.
Then somewhere in the South, all OF
them unite and establish a great CEN
trail clearing house bond insurance
and trust company, whose credit ard
name can be made good in all the
great business centers of the world,
and good as the best house New York
has produced or will ever produce.
I have by long and careful study
worked ont a method that zach elA-