The Cheyenne daily leader. [volume] (Cheyenne, Wyo.) 1870-1884, 1879-04-02
DEVELOPMENT OF WYOMING.

within. 1t is said that s'God helps
those who help themselves, " and Ibis is
true in the case of oar territory. There
are two methods by which further
| development can be quickened: by
building the railroad north from Chey-
enne; and by prospecting the many
metal-ribbed hills which stud this vast
region. The first is the surer way, and
1t offers no hazard. 1t is well, by the
way, that companies are already organ
lied to carry out these plans. 1t shows
that our citizens know the need of the
hour, and, knowing 1t, have the cour-
age and energy to invest and labor. 1t
shows another thing-that foreign cap
ital is lot laid at our feet to aid us in
gaining wealth and population; and, at
the same time, secure big dividends for
the capital itself. From this fact we
may fairly infer that some cause or
causes exist to operate thus against
the interests of the territory. While
we would not pretend to answer the
question as to what the causes are,
fully and satisfactorily, we have our
theory, and as a matter of course will
give it expression.
The d~esirability of foreign capital
being invested in railroads, for instance,
SO long as it continues to represent the
minority of stock, is granted. 1t adds
IN fha una1fh IF thn farrifarv md Of
fords a greater taxable valuation. BY
its aid enterprises can be made the
sooner successful. 1t represents, as it
were, the amount between what can be
raised nicely at home, and the sum
total required to complete the enter
prise. 1t therefore Is an apparent fact
that foreign capital is a most useful
thing.
Capital may be said to be continually
on the lookout for good investment,
1t is true that it rather leans towards
those investments which are remuner-
alive beyond any contingency, such as
bonds. But then, a lower rate Of in
terest is obtained from bonds than rail.
road stocks, as a general thing; and as
all the available capital in the country
cannot be put into bonds, it finds its
way into railroad stocks. Why, then,
the question arises, does not outside
capital subscribe more largely to our
own Cheyenne and Black Hills railroad
stockP If it prove a paying investment,
capital is losing a good chance; but il it
turn out disastrous, our W business
men are not justified in putting in their
thousand each, To our thinking it is
| clear that capital is missing a fine point,
| while home investors arc not only
safe but are also in good prospects, of
| earning dividends.
To answer the question, then. we
| think that the action of the Union
Pacific railroad company relative to
our northern railroad, has prejudiced
capital against it. Mr.. Gould caused
the word to 60 forth widely that the
Union Pacific company, or a new COM
pany composed of Union Pacific stock
holders, would build an extension from
Cheyenne north. Then the Utah
Northern road showed up rather largely
On the wrong side Of the ledger, owing
to the rapid construction Of this road
through Idaho and toward Mon
tana, which territory will afford
it a resting place at an adj
vanced point. More money was prob
ably required for this work than was
at first supposed, 50 the Cheyenne
project was dropped for want of means,
and Gould ct al. were too proud to go
into the market with a subscription
book. Hence the necessity OF q home
company to build the road, which 1t is
acknowledged on all hands, is a public
need.
Outside capital does not seek invest
ment in this road, because 1t believes
that if it were a paying venture, Jay
Gould would not have dropped it; but
as we have shown, the question of
profit did not determine Gould's course,
so capital and our business men need
not be alarmed on that account. 1t is
will to bear in mind, too, that Mr..
Gould did not entirely relinquish the
idea of building the road until after
our people had long and earnestly petit
toned him to proceed, which was fol-
lowed by assurances that, If he would