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The Dallas Daily Herald
Dallas, Dallas County, Texas
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R. O. Baker of Selma, Alabama, criticizes speculation in cotton and stocks as the South's great curse, estimating $20-50 million annual losses to Northern brokers, totaling $300 million in ten years that could have built factories and railroads.
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R. O. Baker, of Selma, Alabama, who has been north for the summer, recently said: "I have studied the situation pretty thoroughly, and do you know what the great curse of the south is? It is speculation! I am satisfied that the southern people, by speculating in cotton and stocks, send to the north from $20,000,000 to $50,000,000 every year--perhaps more than the larger figure. In return for this they get nothing but experience, and the experience don't seem to do them any good. Now suppose this enormous sum had been invested in improvements here instead of going north to keep brokers in riotous living? In the ten years it would have stocked every farm in the south with the best implements, the best cattle and the best improvements; or it would have built fifty cotton factories of 40,000 spindles each in every southern state. It would have built and equipped five times as many miles of railroad as are in Georgia and Alabama. Think of it--a people that have wasted $300,000,000 in ten years by betting with outsiders on a hand that the outsiders stacked against us."
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Domestic News Details
Primary Location
Selma, Alabama
Key Persons
Outcome
southern people send $20,000,000 to $50,000,000 every year to the north through speculation in cotton and stocks, potentially more than the larger figure; in ten years, $300,000,000 wasted that could have funded farm improvements, cotton factories, or railroads.
Event Details
R. O. Baker of Selma, Alabama, who has been north for the summer, states that speculation is the great curse of the south, with southern people losing vast sums annually to northern brokers, and suggests investing those funds in southern improvements instead.