Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1875-12-25
OUR RAILROAD PROSPECTS.

land few days ago, conversed with
Mr.. Reid, the Agent of the Scotch Loan
Association, and Mr.. Macleay, a men,
Der Of the board authorized by the COM
pany to manage its interests on this
Coast, and both of these gentlemen ap-
pear to believe that a loan could be
effected on the bonds and assets of the
Olympia Railroad Union, if a proper
interest was manifested by our people
in the enterprise. Foreign capitalists
have been deferred from investing in
the bonds, by the course of moneyed
men here. who have kept the project
under wet blanket ever since it orig
mated. They very naturally inquire,
Why do not your local capitalists fur
nish the means to build the road, if it
is, as represented, safe and legitimate
undertaking? This question is diff
cult to answer to the satisfaction of
those used to small rates of interest,
and accustomed to the rules which gov
ern ordinary monetary transactions.
They can scarcely be made to believe
that from twenty-four to thirty per
cent. have been the ruling rates of inter-
est here, for the past twenty years, and
that our money changers have amassed
wealth upon this basis of computation.
If they could be made to believe this,
or to realize the fact that in new coun-
tries small capitalists double up the
amounts invested in terms of three or
four years, they could understand why
the present opportunity for Investment
finds no hackers at home. 1t can very
readily be seen that such men would
hesitate to place the money where it
would earn but six or eight per cent.
per annum, or why scheme which in
vitss competing capital and whose ten
dency is to equalize money rates, should
receive cold comfort from them, a
course only the more effective in OBJ
structing all progress because clothed
in the garb of assumed friendship.
The difficulty we labor under is that
the precise situation of. affairs is not
known or understood abroad. There
are millions of dollars awaiting just such
opportunities for investment, and mill
lious more to develop just such resour-
ces as would soon make Olympia q thriv-
ing and populous city. The statements
made regarding advantages we really
possess are believed to be overdrawn,
and even facts and figures. which arc
said to never lie, possess but little force
with shrewd business men, unless sup
parted by some tangible evidence of
their truth. The best indication is
in faith, as shown and exempli6ed by
works. If our people will now begin
in earnest; if they will persistently urge
the claims of the Olympia Tenino Rail-
road, and present all the facts connect
ell with its history; direct attention to
the rich deposits of coal, iron and min
eral wealth, which will find market
soon as it is completed, and to the gar
den-spot of Western Washington, which
will be tapped by short branch very
soon after the necessity exists; and it
will not be long until the attention of
some level-headed man of business will
be attracted, who will gladly build the
road and wonder that it was not built
before!
We have already begun. to realize how
difficult it is to arrest the momentum of
body rolling down hill. Just now
there seems to be pause; the down
ward course appears to have ceased; our
prospects are brighter; but the change
will only be temporary without the
railroad. We cannot keep the ocean
steamship service, if we h ace a deep
water wharf, unless business is Great
ed to make it for the interest of the
company to continue it, and that can
only be done by developing and mass
ing the resources of the whole country
which is tributary to Olympia. We
cannot hope to maintain even our pres
ent trade, if We afford an opportunity
for superior facilities to be brought in
competition with us. -
The question is, What are we going
to Do about It? Let us have sugges-
tons and a hearty cooperation when
We are able to agree upon q given pol
icy. eaE nv
The FArR.-The fair and festival held