The daily intelligencer. [volume] (Seattle, Wash. Territory [i.e. Wash.]) 1876-1881, 1876-06-08
Seattle, Thursday, June s. rs.
A DISPARITY.

by the joint-stock
banks is still lower and money |
1t call receives only one per
cent. These rates are the lowest !
that have ever prevailed. There are
several causes for this decline. The |
first il the enormous accumulation |
Of capital in Great Britain beyond
The. possibility Of its investment at
high rates at home. Another is the
bankruptcy Of several Of the effete ma
tions of Europe, which have been i'm
Fortunate borrowers as long as their
credit could be bolstered up BY the
offer of extraordinary rates. A third
10 the recoil of capital which has
hitherto found profitable investment
in America in vast. amounts. The
last il due to two things first, the
shaking Of foreign financial conf
dencs in American investments
through the swindlss that have been
perpetrated by some Of our proni-
nent mine and railroad operators,
thus bringing disgrace and loss upon
the entire people; and second, the
general depression Of business and
slackening of enterprise throughout
the Eastern States in consequence Of
the reaction from the over.specula-
ton md extravaganza following the
war, and the approaching retirement
Of the currency.
The most melancholy attendant Of
this condition Of the money market
in England is general stagnation
in every branch Of industry, involy-
ing diminutien Of production and
contraction of sales, whereby thou
sands must be deprived Of the means
Of earning their bread.
In vivid contrast with this order
of things is the status Of our Pacific
coast. Money is in active demand
at twelve to twenty-four per cent,
averaging eighteen per cent, which
rates have been steadily maintained
for years. Iaboring men can read
ily make two or three dollars day,
y "a acres 81 GhGga RqgaaaEsA end .s sl5:
ly BY occupying it, and all the nee
essaries and many Of the Injuries
ID life in abundance are within the
easy reach Of all who can work. There
u abundant scope here Tor the safe
and profitable employment both of
much Of the surplus British capital
and o. the surplus British muscle.
u would be a felicitous manifes-
tAtion Of that sentiment Of philan-
thropy which is 30 strong on both
sides Of the Atlantic II some Of the
idle money might b. utilized in
transferring some Of the idle hands
70 our idle fields which 30 urgently
invite them with their fallow fruit
fulness. The British Government
in other years has expended vast
sums in tho transportation to for
eign shores Of its dangerous class
es," and it still spends thousands to
maintain its paupers and criminals.
II it would spend fraction of this
amount in helping its starving poor
TO reach homes and work. before
poverty has forced them into the
vortex OF crime, it would greatly re-
duce that bill besides adding heavy
score to the credit side of its human
ity. Crime is an offspring Of pow
crty. We might dcprecate the
bringing to us of the incapable
classes, yet in old countries pecuni-
AIRY and personal incapacity are by
no means interdependent We
stand in need here both Of European
capital and OF European labor. Chi
nese enterprise is more far-seeing
and provident in this matter. The
class Of respectable men and women
who are enured to work and hard
ship. but who cannot move them
selves 20 far. is the very one which
10 least represented here at present
and which We stand most in need
Of. The poor, whose faculties are
trained to their kecnest edge by the
bitter struggle for existence, ara the
class best qualified TO sustain pa
ticntly the tolls requisite to the con-
quest Of new State from the Wild
erness. AZ for them, they would
psrhaps part reluctantly from their
home tea and the conyeniences