, 1876-04-06
TRY AGAIN. .

TRY AGAIN.
Mr.. Jesse W. George is engaged in
soliciting subscriptions to the loan
proposed by the Seattle and walla Walls
Railroad Company, for the completion
Of the first section of their road. As
mere money investment none could be
safer or more certain in its results.
The loan is abundantly secured. not
only by the present real assets of the
Company, but by the road and its
equipments when completed. Abund-
ant paying freights are secured beyond
peradvonture or doubt. The cost of
completing and equipping the fifteen
miles of road cannot certainly exceed
$4,000. The moment it is in running
condition not less than 1000 tons of
coal day will be ready for Transports
ton over it. This. at the low figure of
so cents q ton, would amount to $780,
600 ,year'5e 800 working dlys. The
running expenses would not exceed 500
a day, or one-tlird of the earnings;
which would leave Il net income of
$50, 900 year, all of which is pledged
for the payment of interest and the final
redemption of the bonds. $4,000
wear net income to secure the interest
on $120, 900. while the property upon
which the loan is based remains intact.
Can any money investment command
better or more certain security? Why,
then, We are asked, will not such in
ducements command foreign capital!
That is the very point which we would
urge upon our citizens. Capital is SEN
sitive and suspicious. The greater the
inducement offered the greater the sds-
picion created on the outside so long as
those most directly interested fail to
embrace the opportunities. The people
of Seattle must themselves show their
faith by their works before they can in
duce outsiders to invest on any terms
which they may offer. This has been
tried for nearly three years past without
any favorable results.
It is profitless to discuss what might
have been; but it is always the part of
wisdom to profit by experience. Had
the amount of money and lands sub
scribed to secure the terminus of N. P.
Railroad at this place been Immediately
applied to the construction of this road,
it would now have been advanced into
the mountains and its completion as
sured at an early day, and the popula-
ton and real values of this city more
than doubled. But selfish considera-
tons stepped in; the inducements were
regarded as sufficient to command for
eign capital and the property-holders
thought they could profit on the capital
of others without contributing anything
The result has been what
any sensible man nigh: have foreseen.
No disinterested capitalist is going to
advance money for their exclusive bene-
fit under any inducements they can
offer: and now, after delaying the pro-
ject for rearly three years. the only
hope is to commence de nouo. When
ever the people of Seattle build Is miles
of railroad by their own means aue that
road shows net earnings Of SSO,OOO a
year, then they will have basis for all
the credit and means necessary to con-
f1nue the construction 10 the Columbia
river. Without that the road will not
be built during the present generation.
No one can fail to see the impense
advantage. if not the absolute necessity
of this road to the future prosperity OF
this city. Already the project is on foot.
backed by large capital to tap our coal
mines by branch road to Tacoma.
While that scheme wolld cever make
commercial metropolis Of Tacoma. it
would damage Seattle to an amount ise
times as. much as the cost OF building
this section of road. In view of these
potent facts, the property holder who
refuses to bear his share of project SO
manifestly for his own ss well as for
the public interests. lacks both public
spirit and common honesty. He should
be regarded and treated as a public
enemy.