The industrial boom in Russia in the late 19th century was not least owed to the economic opportunities in Turkestan, which became the basis for the development of cotton production in the empire. From the very beginning, private capital became interested in the potential benefi ts of the economic exploitation of Central Asia. The leading role in this process had to be played by land irrigation and the development of transport infrastructure in the region, which ensured an uninterrupted supply of raw material to the processing plants in the European part of Russia. Public funds were not enough for the purpose, and public opinion asked the question: could substantial private capital be attracted to Turkestan for common advantage, and what should be done? The subject of this research is public discussion in the periodicals on the attraction of private capital to the Turkestan region from the late 1880s through the early 1910s. The analysis reveals the most controversial aspects of the discussion. The author concludes that public thought, both liberal and conservative, was dominated by the idea that funds from private enterprises should be used in Turkestan. Its criticism was rather an exception, characteristic of reactionaries and conservatives who feared the interference of foreign (especially Jewish) capital. At the same time, some authors urged reliance on small and medium-sized capital, which they saw as more flexible, while big capital was regarded not only as a way to quickly resolve the problem of lack of funds, but also as a threat to the principles of public water management. For the first time, the article deals with the public discussion of the role of private capital both in Turkestan periodicals and in the central press. A number of previously unused publications of diff erent political orientation are employed.