The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1906-08-10
THE OPPORTUNITY
AND RESPONSIBILITY
OF SOUTHERN BANKERS
An Address by EDMoNDs Editor Manufacturers Rec
Annual Convention of the Virginia Bankers Aso
caon Point Va, June 18th, 1906

to advance the interests of the South
than Southern bankers. The position
of the bankers of Virginia in this re-
spect is second to none. Though Vir-
ginia long Jagged behind its neighbor-
ing States in the material development,
which is commanding the serious at
tention of the world, it is now moving
forward at a rate which gives assur-
ance that it will soon take rank as one
of the foremost leaders in the mighty
advance which is destined to make the
South the richest part of America.
Looking over the whole field it is
seen that from the Potomac to the Rio
Grande, from the Atlantic to the noun
tain peaks of the Blue Ridge, from the
Gulf to the distant prairies of Okla
homa, optimism, rampant optimism,
rules the day. The pessimist has
passed away, or else his cry falls on
deaf ears. In all the South prosperity
reigns The man who looked in vain
for employment few years ago now
finds the employer hunting for him;
the man whose farm could not be sold
for taxes now finds it rapidly increas-
ing in value; he who was wise enough
to buy timber lands at a dollar or two
an acre refuses according to the char
acter of his timber, offers of $50 Or $40
per acre. the coal and the iron-ore
owners are daily getting richer; mil
lionaires are becoming SO common that
they no longer excite attention.
Some of our people wonder If We
have not reached the climax. They
have heard of the South's great posi-
bilities, but they are beginning to be-
lieve that surely we have attained un-
to the limit of advancement Hence
they are anxiously looking ahead fear
ing some great reaction It is not
necessary to say to you that our devel-
opment has hardly begun, that our
boosted wealth of today is poverty in
contrast with what we shall own
twenty-five years hence. Before the
end of quarter of ceneurty our rail-
road traffic, now burdening every
Southern road beyond its ability to
handle, will have doubled and quad
rupled, our bank deposits will have
been multiplied many times, and our
coal output of 10000, 900 tons will like
ly be several hundred million, our iron
and steel will have won dominating
of the world, while our cotton mills
will ere then have proved our right
to the claim that here is the future
situs of cotton manufacturing to sup
plement our monopoly of cotton pro-
duction.
Largely in connection with cotton
mill interests water-powers are under
development for electrical transmits
sion to an extent that will exceed the
working power of 100000 men, and
indications point to the probability that
within a few years every available
water-power in the South will be uti-
lized for electrical transmission. 1t
is not a rash venture to assert that
the general advancement of the South
in the next FIVE years will exceed the
progress of the last fifteen. Does any
skeptic ask, upon what are these state
ments or forecasts based? In answer
ing such question it is difficult with
out an appearance of exaggeration to
state facts which are beyond dispute.
The great lever which has moved the
world since the development of the
steam engine, since 1t has moved the
engine itself, has been coal. Within
the one hundred years in which the
steam engine and coal have been real
factors in human affairs the worlds
wealth has more than doubled. The
measure of a nations advancement
and civilization, 1t has been said, is
its production or consumption of coal,
and a study of coal-consuming coun-
tries shows the truth of this state
ment. The wealth and commerce of
Great Britain are largely founded on
its vast coal production. Without this
it, could never have become great
manufacturing country and the leader
in commerce. nor could it ever have
attained its position as the worlds
financial center Germany's rise in in
dustrial arts, in commerce and in
wealth has likely been largely based
on coal. The wealth of Pennsylvania,
typified in the fact that in 1900 that
State had invested in manufacturing
$400,000,0O0 more than the aggregate
manufacturing capital of the entire
South, has likewise been the out
growth of it's coal, and, connected
Herewith and dependent upon coal,
its coal and steel. The aggregate coal
area OF Great Britain, Germany and
ponnevlvania "a Ok 400 SQUARE miles