It is the largest state capitol building in the country. The capitol building in Austin opened to the public on San Jacinto Day, April 21, 1888. He issued bonds at 7% interest for the rest.Ī trail driver named Ab Blocker created the ranch’s XIT brand. Farwell planned to raise $15 million and successfully raised $10 million. ![]() The enterprise sold debentures yielding 5% interest. Farwell created the Capitol Freehold Land and Investment Company, Ltd. But the company still needed to build the ranch. They had initially committed to $5 million to build the capitol, likely raised from the Chicago syndicate. Taylor Babcock began running out of money as they worked on the capitol and started the ranch. Degradation of the herd would require $2 million. He expected an investment of $3 million to yield 30% or $1 million annually, less drought costs. Babcock planned to buy 150,000 head of cattle at $20 per head. It takes capital to start a ranch, build houses and barns, purchase stock, and provide water. ![]() Four years of appeals later, the Labor Board reduced the amount to $8,000. The Labor Board fined Taylor Babcock $64,000 for using illegal immigrant labor. The local union objected, and Taylor Babcock brought in 64 Scottish stonecutters. Replacing it extended the completion date and increased costs as Taylor Babcock carted granite from Marble Falls to the Austin-bound train.Īs costs escalated, the State of Texas supplied prison labor, and Taylor Babcock housed the prisoners. The original plan was to build the capitol out of limestone, but when it arrived, it was discolored. The poor land value made the trade less attractive to Taylor Babcock and amounted to overpayment for the land. At the same time, watered land was going for $.55 an acre and unwatered land for $.25 per acre. The estimate for construction on the new capitol was $3.2 million in materials and labor, but costs began to escalate. The project became more urgent because the original capitol burned during the design process. Farwell was a principal and company representative. ![]() Meyers of Detroit drew up the plans for $12,000, and by May, Schnell had assigned his interest to Taylor, Babcock, and Company. Mathias Schnell of Rock Island, Florida, was the first to post a $250,000 bond to build the capitol in January 1882. Cattle was the investment bubble of the day, and money-making ranches appealed to investors from Chicago, which was the center of the meat-packing industry. Farwell of Chicago to trade three million acres in the Panhandle Permian Basin for building the capitol. The legislature made a deal with Charles B. It also had little cash but wanted to build a big, bodacious capitol building 11 feet taller than the nation’s capitol. In 1875, Texas had a generous homestead policy that enabled ranchers to secure massive holdings. When the Republic of Texas joined the United States in 1846, Texas, the only state that was a nation first, retained all public lands under the statehood agreement. Texas State Captol Building in Austin, Texasĭid you know that Texas built the seventh-largest building in the world (at the time) with no money down? This tale is the quintessential Texas story of how the deal went down with big hats, big egos, no cash, and no cattle.
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