The semi-weekly messenger., 1907-10-11

has Deen gwen Governor "arGelu 5
addresses at the jamestown exposition
on September 18th. Governor War
field is not politician. but a business
man and financier, and when le
speaks of the souths needs, OF the ie-
uelopment and resources and future ~
this great section, of the perils which
beset the south at this time, he knows
what he is talking about, and those
who are vitality interested in the wei
fare of this great territory stretching
from Maryland TO the Gulf should
give heed and lend an attentive ear
to what he has to say. The gfst OF
Governor Warfields speech is TO be
found in these few paragraphs:
Baltimore has contributed of her
capital and her enterprising men to
this great development OF the south,
and has invested over $20O,000,0 900 ia
southern railroads, southern cotton
mills, southern stret railways, south
ern coal mines, timber lands and fac
tories. Her financiers and capitalists
have had faith in the integrity and
IL.
fronting us today is shall that conf
dence be restored? Has it been shak-
en- by the recent attitude of some or
the people of the south toward cor
DOrate interests? If the south is sure
of herself, and will need in the future
no outside capital-f she has re-
sources Of her own sufficient for her
further Instrumentation the course
these people are pursuing may prove
all right, though it seems to me that
your local capita needs exactly the
same protection that outside capital
requires. and that without this it
will not seek investment in the de-
velopment of your matchless resources
But if she does need outside financial
aid. then they are doing their pest
to kill the goose that has been lay
ire the golden eggs.
ACTUAL VALUE THERE.
Don't forget that the bonds and
MORTGAGE securities of the south today
represent actual money. There is very
little fictitious valuation. l can Say
from personal knowledge and eXper-
ience in connection with these invest
ments. and on the testimony OF our
most conservative financiers, that the
water has been squeezed out and we
have now the substance. And tnese
bonds and securities are held by your
institutions and by our lnstltutlons'
and by capitalists who have suppneo
to the south the means by which IL
has wrought it's new prosperity. 80 1t
follows that you cannot touch the Sc
curities without at once aKecc4E
YOUR own people and your own pest
interests, and the favor and steadtast-
ness of those who have helped you
through all the years.
"It happens that belong to the po-
litical party which is dominant
throughout the south, and that | be
lieve firmly in its tenets, but [ do not
believe in the antagonism which mas
arisen in some sections to assall ana
harass capital, and to make harder
the future of our beautiful south IN
it's efforts to realize the destiny that
belongs to its people, and it's exhaust
less natural wealth. n
AVOID EXTREMES.
There is a wealth of suggestion and
advice in these few paragraphs tnat
should be taken to heart, read and
marked and learned and inwardly dl-
.gested. the facts being thoroughly
chewed and masticated. Truth Is
truth, and it is always we'll to look
truth in the face; and, therefore, with
all due respect to the south for whose
welfare we have the most loyal con-
Germ, we think it only right to say this
There is something in southern blood
and southern temperament that makes
for extremes, whether in politics, or
social movements of patriotic instinct.
or what not The wave Of prohibition
sentiment, which has swept over the
land has possibly found it's extreme in
the south: sectional feeling is I'M
doubtedly stronger in the south than
elsewhere; Bourbonism, it's hard to
say it, but it's the truth, finds Its ex-
treme in many parts of the south,
and IN the same way, dntlColpol dIo
hostility, which, doubtless, had its
origin elsewhere, has been carried
to extremes in the south until, as Gov
ernor Warfield we'll says, there Is
danger of killing the goose that lays
the golden eggs. Say what one will,
develop and progress in any country
or section of a country is in proper
ton to the amount of new outside
capital expended; no country or sec
tion of a country can ever wholly
finance all of it's development, all OF
its progress: and when the tide OF
new capital is diverted from any Sec
ton for any purpose that section Will
inevitably feel its loss in the keenest
possible way. It is we'll enough to