Year: 1877

The extraordinary stringency of the


money markets of the world, but more
especially of the United States since


the panic of 1873. has worked fearful
injury TO the south. We have felt il
more severely than any other section
OF the country, because we had only
just emerged from a long and devasta-
ting war, the principal thester of which
was located in our fields. Impoverished
and spirit-brokeu, with q tremendous
cash balance against US in trade, credit,
under these circumstances became a
vital necessity, and that the panic of
the year named totally destroyed.
Since then the south has struggled
along, bearing her onerous burdens
with rather more than the orthodox
amount Of patience. At times the out
look was dark enough, hardly single
ray OF light or promise appeared. The
property-holders were not of class
Injured to hartlships or seif-denials, but
one good quality they did have, and
that. fortunately, was the one of all
Others most needed--they had an ia
vincible repugnance TO debt And now
that an abundant harvest is promised,
and n Femunerative market a certainty,
the people begin TO see light breaking,
and TO feel that their past struggles and
future efforts are both destined to meet
An early and satisfactory reward.


Money, which sought the strong
boxes OF capitalists at the first note of
alarm, is now being brought out and
embarked in trade or in farming opers-
tions, and all the busy workers in all
the departments of legitimate industry
IN Texas feel, and that very sensibly,
the quickening influences of l.. In our
own state we find, every few days, par
ties of capitalists from other and less
favored communities seeking invest
ments which promise remuneration,
and which they cannot find at home.
Railroads are pushing ahead, mills and
manufactures are springing up, and
added to this we have very heavy in,
fux Of farmers who are coming here
from the grain>growing districts of the
north, attracted by our rich and easily
cultivated lands, They all bring money,
and every dollar so brought goes to pro
duce its own proper effect in the bright
ening.prospects which have Just begun TO
exert healthful influence in trade.
Many Of our own capitalists are also
seeking investments and we are glad
to see so many of them opening up and
improving farms. Acknowledgements is
the only sure indicator of general inn
provement. and judged by that, Texas
is now passing swiftly into the lead
among our western and southern states.


Notwithstanding the exceeding hard
ships she has passed through within the
last four years, yet the balance sheet
shows decided advantage to the
credit side of tie account. She is now
IN condition 10 reaiize all the good there
is in the changed situation A little
more rigid economy and energetic
action, together with a few years of
steady effort and her general population
will be the richest. if not the happiest
on earth Should the European war
continue FIVE years, and become or
promise to become general, the demand
for all our productions will be very
great, and the prices correspondingly
so. If the food of money which will
surely flow into this state from this
source is cared for and saved, poverty,
hardship and financial distress will be
banisbed from the land.