, 1873-02-13
Financial and Commercial.
SEATTLE, Feb. 13, 19'

report gold In New York la, currency
buying, 81; Sight Exchange on portland
and San Francisco. "a per cent. pre-
mum. on New York l per cent. pre-
MUM for Currency, ~ per cent. pre-
MUM for Gold. Sterling Sight Drafts
en- Jay Cooke, Mccullough & Co., Lon
don, England, So 10 per c. These
drafts are cashed by special agreement
all over Ireland, Scotland and the Con-
tinent free of charge.
Money is is good supply at per cent.
per month. The high rate OF interest
paid is attracting the attention of small
capitalists who come here to place their
surplus on real estate mortgages. We
hear of number of persons that have
money that they wish to loan on long
time mortgages at the present rates OF
interest. This country needs capital
and enterprise; but whether business
mon and real estate owners can afford to
nav these high rates of interest is very
doubtful. A merchant can afford to
nav high interest for short loans to
bridge him over hard times; but to bor-
row money at these rates permanently.
eventually places the borrower in the
hands of the loaner. 1t is not new
pro blem that we are solving. but one
that has been settled before our time.
that no business will warrant the bor-
rowing of money for long periods .and
the paying of over 10 per cent. per an
mum.
1t is estimated that during the year
1872 California, Oregon and Washing
ton Territory, paid out as freight mon
ev the amount of some $4,000, GEO.
All of this money or nearly all went
to foreign or Eastern owners and was
withdrawn from our circulation and 1t
is great burden on our people. An
exchange says:
Suppose that the ships to whose own
ers this large aggregate of money was
maid. had belonged to owners resident
on this coast, is it not clear that lie
greater part Of it would have been saved
to the local circulation :? 1t is getting
TO be trite to say that no country offers
better timber and lumber for shi p-build
lug that this. Why, Puget SoHnd now
ships spars. knees and lumber for very
important share of the ship-building ot
the world, at cost of shipment fal
crerter than would be the expense o.
shipping out here the tackle and othel
articles for supplies of which we woult
have to look to the East. If the ship
builders would move out to PuSe
Sound. use our timbers on the grouno
and ship out everything else wanted
their transportation bills would be les
than now. There would be an actua
saving in the cost of vessels. WheI
tonnage is SO much wanted and pays sc
large profits as now, and as seems mus
be the case for long time to come, Il
appears strange that our monied mer
do net more readily turn the attention
to ship-buAat home"
The wealth of our Territory IS IN oul
lumber, coal and ship building; and TIT
class of men we want Are those that arr
able TO bring out this wealth.
Regarding the Northern Pacific Hall
road. we clip from the New York Sun
The New York Herald reports tha
the Northern Pacific Railroad is IN EN-
barrassment, and is not able to pay 1t
current debts. Without having mad
any special inq diry into the accuracy o
these reports We do not hesitate to sa.
that there must be mistake about IL
The Northern Pacific means Mr.. Ja.
Cooke. That great banker has brough
the enterprise before the public and
morally responsible for its success. Ii
this case. too. moral and financial re
snonsibilities are equivalent. He cal
not afford to allow the Northern Pa
cific to fail, or what is the same thing
to remain under pecuniary embarrass
ment. Whatever may have been hi
ORIGINAL intention, he must put hi
whole private fortune--and this Is be
Heved to be many millions of dollars
into the undertaking sooner than suite
II 70 stop or languish and fall into dis
credit. For this reason the Herald re
mort must be inaccurate; and we al
confident that Mr.. Jay Cooke Will
once reassure the public by recognizing
and meeting the obligation that rest
upon him.
Tt is also stated that Congress IS t.
be called upon to guarantee the bond
of the Northern Pacific. This mus
likewise be an error. 1t has been tn
boast and glory of that great under
taking that it was to be carried through
without pecuniary assistance from Con
gress; and we are not prepared to De
lieve that the boast is to be changed int
an application for aid. Besides, suci
an application must be fruitless.
In the midst of the Credit Mobilier in
vestigation, and after the experience o
the country in the construction of th'
Union Pacific and Central Pacific rail
roads, the member of Congress who
should seriously endeavor to obtain sucl
a guarantee for the Northern Paci6,
would pretty soon learn that he had in
CURED the displeasure of his constitu
ents. The thing cannot be done, ano
we do not believe it will be attempted.
Bogus half-dollars and quarters have
been found in circulation. The dates
,ro 1893 1870 and 1871