, 1876-04-20

but it is q monster which destroys its
own progeny.
ANOTHER CHANCE FOR THE RAILROAD.
A responsible gentleman has formally
proposed to the s. & W. w. Railroad
Company to invest $50, 900 in gold coin
in stock of the company. upon condi-
ton that the citizens of Seattle will ad-
vance $4,000 more upon the same
terms. This would be sufficient to COM
plete the first fifteen miles of the road
without Issuing any bonds or leaving a
dollar of Indebtedness upon the compa-
ny. The great advantage of this plan
over any other that has been practical
" suggested. will strike every intelligent
business man. With Is miles of the
road completed, the Company would be
out of debt, with available assets of not
less than $500. 900, and net income
from freight, at the lowest estimate. of
500, ,0G0 year-30 per cent. upon the
capital. With ttis amount of assets and
the results of the investment demon
s.rated, they would establish basis OF
credi. which would certainly command
outside capital, at low rates Of interest,
sufficient to continue the road until the
whole line is completed; when, if they
build the first section by the issue OF
bonds, they will have exhausted their
credit upon its completion, without any
thing upon which TO guarantee contin-
uance of the work.
Nearly three years ago the property
holders of Seattle guaranteed to the
Northern Pacific r. r. Company as
condition for the location OF the termin-
US of the road, as a bonus, $50. 900.
three miles OF water front on Duwamish
Bay, with riparian rights; 4.s00 feet of
water front in the present business
centre of the city; $50 town lots, with
5000 acres of adjoining land, Land $780,
600 in city bonds; the whole estimated
at the time at $4,000. When the
news was received that this offer waste
iected and the terminus located at Taco-
ma. we said tt the people:
"Seattle has lost nothing by this de-
cision. Tho people have but to act
promptly to secure more valuable and
direct connections. With the capital
pledged tor terminus let them organ
ize q company at once and strike for
railroad to Walla Walla, which would
Immediately command the rich traffic
of section which has given Portland
its chief trade aud the o. 5. n. Compa-
ny its sole carrying business. From
that point connections could be made
with the Union and Central Pacific in
less time than it would take to comp!ets
the Northern Pacific and by much
shorter route to the East than by way of
Kalama and the Columbia river"
The people of Seattle responded to
this suggestion with an unanimity and
enthusiasm never before witnessed
upon any subject. At the first puolic
meeting called to organize a company
to carry out the project, il was generally
agreed and understood that the sub
scrip,ions made to the bonus should be
transferred to this organization, the
subscribers taking stock for their sub
scriptions, instead of making them a
gift as in the other case. Had this pro-
ject then been carried out in good fifth,
and the capital stock then pledged been
managed with ordinary business sagaci-
ty, the railroad would by this time have
been built across the mountains, the
and business of Seattle more
than double what they are present,
and every subscriber to the stock
would have more tsan doubled the
amount of his subscription in the in
creased value of his property. But the
very feasibility and brilliant promise of
the project defeated it. 1t melted the
selfish greed and personal jealousy of
many who became seized with the idea
that the road would be built any way,
and that they could hold on to their pos
sessions and .eep all the advantages of
the enterprise and labors of others,
without making any sacrifices them
selves, and they were at the same time
fearful that some others would profit by
it more than they. These selfish con-
siderations have delayed this work for
nearly three years and will delay it as
much longer as they continue to prevail
in the community. The people Of Sc
attic must first show their own faith by
their works before capitalists on the
outside will ever invest dollar in the
project on any terms which can be Of
fered. When bonds bearing 18 per
cent. interest are offered in the money
markets. where ten per cent. upon un-
questionable secnrity is the maximum
rate, no man of any business reputation
would hazard his standing by buying
at such rates.
With the experiences Of the past
it would be folly and madness for the
property holders of the Seattle to hesi-
tate to embrace the opportunity now Of
ferred of building the road upon which
so much of the present and future pros
perity of the town depends. In the
n.o.axf ,raar q railroad will ha hnilt