The Bozeman weekly chronicle. (Bozeman, Mont.) 1883-1889, 1883-08-01
SOlidlty vs.. BO0ms.

UcGu lOOAIllS OSC1 Vic ACiAsSoAASo VI A@ss
kota and Montana with view to MAX
ing an investment of half million dol
lars or more, and who, by the way, has
already invested the greater portion of
this amount in Montana, was recently
interviewed by the CHRONICLE, with q
view of ascertaining the reasons that led
him to select Montana instead Of Dakota.
His statement will be read with interest,
especially as tits backed up by long and
successful experience in the Western
States.
He says: II arrived in Fargo, the
gateway to the future grain fields of the
world, and I was prepossessed in her
favor at once. A city of 10000 inhabit-
ants, where ten years ago was an unin-
habited wilderness, naturally excited
surprise and admiration. Trips into the
surrounding country, still more strongly
confirmed my favorable opinion, and I
concluded that l should make some in
vestments, if a closer inspection of the
finances of this enterprising people were
of satisfactory nature. Taking a map
of the county 1 proceeded to the record
ers Office. A days investigation reveal
ed the fact that seven-eights Of all the
government and railroal land occupied
by settlers was mortgaged in sums rang
ing from 500 to 81 800, on each quarter
section. Examining the assessment roll
I found the assessed valuation less than
the mortgaged Indebtedness. My next
day was spent on the chattel mortgage
record. Surely wonders never cease.
Such an array I had not dreamed of.
From the millionaire bonanza farmer,
down to the inpecunious farm hand, all
appeared in this great book. Crops, farm
machinery, horses, cattle, household
goods, and in one instance l found q
mortgage on twenty hens. Next I ex'
amined the cities NEUTRALITY-SUSPICIOUS.
and worse-not a dollar in the treasury
bonded indebtedness of one-third the as
sessed valuation of real and personal pro-
perty together, and nothing to show fol
it but streets, that in a wet season would
be unfathomable mud. Meanwhile the
police force and other city employees arr
paid in orders on the city treasurer, which
the banks buy for IS cents on the dollar
and which draw interest at the rate of II
per cent. per annum. next visited the
banks. They do an enormous business
as one might well suppose. As soon as
bundle of notes are secured aggregatinf
$4,000 or more they are re-discounted
with the banks, endorsement through
eastern banks at lower rate of interest
and the money thus obtained re-loaned
Here my investigations terminated.
had only seen the side of affairs that wa:
on public record. What would an ex
animation of private books reveal? Thu
Indebtedness is held entirely in the east
Men of capital have been attracted tt
this new field of loans, by large rates o
interest, and by the persistent and un
tagging "booming," done by the loca
papers and citizens in general. Taking
the total Indebtedness as shown by re
cord, at ~ per cent interest and comput
ing the expenses of each family Of fiv'
persons at $500 per year. l found tina
the entire wheat crop of the territory q
fifteen bushels to the acre and IS cents
bushel would hardly balance the &C
counts Now this state of affairs is not
local one, but extends over the entir
territory, or rather that portion wher
farming is carried on. 1t is country o
magnificent resources, and of wide-awake
energetic people. But in their effort t
grow suddenly rich and prosperous the.
have built their fortunes on the quicl
sands of indebtedness. The mighty oak
that unincumberd, withstands the storm
of centuries, dies under the insidiou
ceilings of the ivy. like Dakota, lik
her people, but the system of business
all wrong, and time will demonstrate tn
truth of what say. And now about Nor
tana.
It is in every way unlike Dakota. You
primary natural resources are minin
and stock raising I have made the sam
systematic inquiry into your financis
standing. l find not more than 1-l6
your farm lands mortgaged, and not IL
of your stock. The territory is out
debt. your cities and towns are in tn
! same enviable condition, your system
licensing furnishes enough money to pa
all your city expenses, I find your me-
chants doing a cash business, NJ
through any particular resolution, bt
because money is plenty. find one
your cities, not quite as large as Farg
with a banking capital of six million do
, lars, and find that not one dollar leave
! your territory to pay interest. All yor
, Indebtedness, where there Is any, beir
held at home? Your territorial CONNIE
cial records show a net increase of % pt
cent in the individual wealth of 70,
people for the year ending. You hay
millions of acres of fine farming land III
; developed. You have mineral wealt
equal, if not superior to Colorado, and f
stock raising, personal experien'
.<<lo IL 1,otfor m, w,