Baxter Springs news. [volume] (Baxter Springs, Kan.) 1882-1919, 1890-05-17
PLENTY OF MONEY.

In recent issue of the New Yorf
World, replying to an inquiry from 9
party in Tombstone, Arizona, as lt
why money is SO scarce there and
interest so high, we find the following
concise and sensible statement Of thu
real facts as they exist:
There are hundreds aud thousands
of persons in this city ready and will.
ing 10 lend sums ranging from $1,000
to 100000 at rates ranging from 31s
to 5 per cent interest. Not one OF them
would lend you cent even II you
should offer them 20 per cent interest
You have no security 10 offer them
such as they require. The rate OF in,
terest depends upon the security, and
as thoy do not desire high rate OF in
terest they do require high rate OF
security. 1t is not the scarcity OF
money" in your section Of the country
that causes the high rate of interest.
1t is the scarcity OF good security that
causes the high rate of interest. Ii
Mr. Gould or Mr.. Vanderbilt or Mr..
Astor should come out and board
with you for little while, not bring
ing one cent of money with them, you
would find that neither Of them would
have any difficulty whatever, in OBJ
tanning $50,000,000 If they wanted IL,
and they would have to pay interest in
exact proportion TO the security they
offered for it. On their personal notes
they could get 1t for 6per cent, though
YOU pay u. On New York mortgages
they could get it for per cent; ON
land in Arizona they must pay II.
On Government bonds they need pay
only 3, and on your county bonds they
must pay 7. They would have no
more difficulty in obtaining the money
in the most remote hamlet of the Unit
ed States than they would fthey were
TO stand on the corner Of Broad street
and Wall. Wherever there is "secu-
rity" there is money" Money is
scarce only where security is scarce.
You have stumbled into the bog
where the people who talk about
abundant money and scarce money are
1orndering. There is no such thing as
abundant money, or scarce money, III
the sense of location. Money-which
may he defined as the potentially Of
be abundant in New
York and scarce in Buffalo. Security
may be abundant or scarce. money
never. Money is just as abundant in
the wilds OF Arizona as it is in the
wilds of Wall steet. II every gold and
silver coin, every greenback and every
bank-note should be destroyed to-
night, only | per cent of the currency
of the country, the money Of the coun-
try would disappear. And even that
would only disappear for an hour.
Within sixty minutes its place would
lie supplied by the private money now
being used for 80 per cent of all tram
sactiOns and trade. Our money, our
currency is limited now 10 our trans
frrable wealth. Show your security,
and if il is real and not imaginary
security, ali the money You want will
be furnished by any banker. What
YOU may consider security others may
not. You may think your word
or your note AZ good as Mr.. Astors;
lie may not. That is his business, and
he is as willing TO lend 10 you as TO lend
to Mr.. Aston. You can get no better
rates of interest here in New York
on wild cat securities than YOU can
in Tombstone. You can get just as
low rate of interest in Tombstone as
you can get here in New York OH the
same securities. II would take you
not one hour longer TO raise 100000
in1Tombsl0ne than it would here in
New York. Take your securities 10
any bank or banker and if lac has
not the ''money" in his pocket lie will
get it in thirty minutes by telegraph
from New York at the same rate Of
interest that You would get llele.