The Portland daily press., 1869-02-08
Capital and Kn.crprise OF Portland.

Capital and Enterprise Of Portland.
The stranger in looking around through the
various avenues Of our city often wonders at
the energy aud perseverance manifested by
our people in placing Portland on the highway
to progress and improvement in SO short
time after the great confagration. 1t is only
about thirty months since our city was laid in
ashes, and the prediction was made by some Of
her people, and by many strangers, that a CEN
tury would pass and Portland hardly recover
from the blow. But to-day many of the marks
of that dreadful night have disappeared, and in
thirty months more all traces of the fire in our
streets will have passed away under the march
of improvement.
Portland needs capital; struggling as she
has for the past few years with hardly bank
capital for one third of the demand, inviting as
she has the past six months every man to put
his shoulder to the wheel and carry forward
the lines to the Great West, always ready as
our people are to move in those enterprises
which win help their business, and il helping
themselves, they must help our city.
In looking over the doings of the Mayor and
Aldermen at their last meeting we find an Or
der introduced restricting the building loan to
a million dollars, and asking authority from
the Legislature for the same. Are our people
aware how much our fair city and its present
improvements are indebted to the building
loan? The original act authorized loan OF
| two million dollars. Eight hundred thousand
dollars has been used, and for the past two
years there has hardly been a dwelling, store
or hotel erected, which has not been aided by
Iaov tho unon,a 1nt xuao o1oor md I,,-
| incumbered his application was always re-
csived, SO that every one-the mechanic, the
merchant, or the man of wealth-has had its
| advantages.
Our Commissioners, who are men that have
made their own fortunes, have always acted
| very judiciously with the loan, as for instance
| when the semi annual interest fell due in No.
vember, the interest was all promptly paid
| notwithstanding harder money market wa.
never experienced in Portland than the one o.
last fall The loan has always been very
| popular one on the market, selling in Boston al
per sentage above our own municipal bonds
We say that if the building loan is restricted
to $1,0O0,O00, as our present Mayor wants it
the decline in building for the next few year.
will be great and our mechanics will be oblig
ed to look elsewhere for business. If our in
dustrial population are obliged to go,what will
become of our business people? Trade is dull
now, and must be quie. as long az the fnan-
cial interests Of our country are unsettled, and
until we get down to specie value. The cur.
failing ofthe loan to 81 900 900 stops building il
Portland unless man has his money to d.
| with. Every man who does business in ou
| citv NO uattar what his Or her occunation ia
identified with the growth and future increase
Of Portland. If necessary, let our bushes!
men demonstrate against this restriction, leav.
ing this matter to the good judgment of oul
/ four Commissioners and the future require
ments of our city. 1 a TAX PAYER