The daily intelligencer. [volume] (Seattle, Wash. Territory [i.e. Wash.]) 1876-1881, 1878-08-16
Official Press of King County,
Friday, August l6. 1878.
A RETROSPECT.

our city, at the food Of a flush specula-
tive prosperity, began as it never had
before to attract attention from every
part of the Pacific Coast We sudden
ly found our metropolis released from
its usual rate Of progress and booming
ahead at giddy speed, without a cloud
upon the horizon of its dazzling pros
poets. Money was plentiful, and every
department Of business was stimulated
Immediately. We were not long In
distancing the old familiar land marks
of former times. New buildings shot
up in every direction like mushrooms,
and the dense forest which circumscrib-
ed our city to the east and north began
to fade away like mirage before the
strides of progress. There was no lack
of confidence anywhere, every descrip-
ton of real estate came suddenly into
demand at fictitious prices There was
q tendency all around to rush headlong
into all sorts of speculations and bust
ness ventures. No one appeared eau
tious of over reaching, and large num-
bers consequently incurred ruinous OBJ
legations. Many substantial improve
ments withal we're undertaken and
pushed ahead on credit. Hundreds in
vested in real estate by paying part of
the purchase price and mortgaging
the property for the balance. Scores
of buildings were put up and mort
gagged for the material used in their
construction.
Our city was then the terminus of
two competing lines of ocean steamers
engaged in bringing freight and pas
sengers from San Francisco at the low
est competition rates. They arrived
each time crowded with fresh additions
TO our population from the
ranks of tho unsettled masses who
always crowd the California metropolis
at this season Of the year-frugal i'm
migrants and restless adventurous, IN
GLIDING all grades and classes, from
every part of the Union, and who, for
the most part, from necessity had de-
ternined To strike out from that OBJ
jective point in some direction. and
were induced to come this way either
directly or indirectly because fare was
cheap. A few of them came "broRe."
A greater number brought capital of
q few hundred dollars or more with
them. and a majority came with very
little money. Those of the former and
latter class were soon put to the neces-
sity of finding employment in some
form and all departments OF labor were
never so crowded here as then. Our
streets were thronged with men. day
after day, earnestly begging for work.
There was plenty of work, of course !;
but there were plenty to do it. Those
who had means were, as q general
thing. at once taken up with our city.
and were easily induced to invest their
capital: generally in real estate and
building Improvements, and it was this
class that contributed more than any
other to keep the ball rolling" and
the tide of prosperity M.
During this time. business of all
kinds was quite as much depressed as
now all over the coast. and we were
frequently reminded that ours was the
most lively little city on the Pacific
slope. Walla Walla and the whole
country east of the mountains was I'M
usually depressed In Portland, also,
every department of business wus I'M
usually dull From whence then came
our prosperity and the impetus which
sent our city ahead with such bound {?
Two of our business men were discuss
ing the matter the other day. when one
expressed curiosity as to the cause
of the unusual prosperity which
marked the fall of rs and the winter
and summer of &c. why replied
the other. every steamer that arrived
here then. land there were two lines of
ocean steamers), came crowded with
passengers they were all obliged TO
spend more OF less money"
But to such prosperity as this there
is always q reaction. However, had
We put in then and built our railroad
across tbs mountains SO as 10 afford an
outlet for this immense tide of immi-
grafton setting in upon Us. we should
have held this stiff breeze which favor
ing circumstances bad brought upon
our course. But this we did not do.
the tide of immigration was summarily
cut off and directed into another chan
mel, and our city left like an inverted
pyramid. We soon found that we had
gone in debt beyond our means as a
people that pay day was at the door
that our population had far outgrown
the resources of our city; that our city
itself had outgrown its resources; that
there were third more business estab-
lishments here of all kinds than the
demands of the surrounding country, to
which they must look for support,