The record-union., 1892-06-21
a HOPEFUL SIGN-THE PROPOSED
NEW RAILWAY.


NEW RAILWAY.
The community which assumes COM
mercial importance, but declines to look
beyond its immediate vicinity for trade,
and refuses to venture its capital in in
yestment beyond its borders, cannot have
business health or wholesome growth.
The production and industries of Cali
fornia, and the development of its pro-
ductive area have generated immense
surplus capital, which has been reser-
voired in the commercial and financial
metropolis, San Francisco. The con-
servatism of that city or the selfshness of
its money eontrollers-to use no harsher
terms-has withheld this surplus of cap
ital from industrial investment in the in
terror. AS a result interior California has
taken Unreasonable harm, and the whole
State has been very greatly retarded in
its growth.
When, therefore, there is developed
disposition on the part of the merchants
and representatives of confined capital in
San Francisco to broaden operations to
the extent of engaging in the construction
OF competing line of railroad from the
Pacific Coast to Salt Lake City, it is
very hopeful sign, provided always. that
this disposition extends beyond the
building of the road upon paper, than
which nothing is easier.
But the proposition of the merchants
and capitalists of San Francisco must be
assumed to be as genuine as it purports
to be. What, then, must follow this break
ing through the shell of conservatism
which has so long contributed and most
largely to the serious injury of the whole
State? Many of the merchants and CAPT.
talists referred to are large land-holders
in the San Joaquin and other valleys,
and these holdings are not under cultiva-
ton. When they propose to invest their
garnered means il the construction of in
dependent lines of communication. local
or overland, the next and natural step
will be to use their capital, and induce
others TO do likewise with theirs, to de-
velopment of industries and the prosecu-
ton of various enterprises in the interior,
that will contribute to transportation, in
Guiding the utilization of the lands that
represent now only the dollars thew cost.
1t is entirely within bounds to say that
there is capital enough in San Francisco
to-day that is free to be so used to set in
motion industries all over the State that
will be profit-yielding, and call for i'm
mensely increased production and aug
mented consumption of products. What
these mean it is not necessary to point out
to any intelligence.
There is, perhaps. lin San Francisco to-
day idle surplus capital aggregating S2O,-
100000. If this money, or large part of
Il, is called into activity and along with it
other large capital from speculative in
yestment in inside property, and is put
into the building of railroads, the floating
of irrigation bonds, the construction of
needed canals, the projection of manu-
featuring enterprises, and incidental to
the latter the utilization of water powers.
we shall have an industrial and a pro-
ductive revolution in California that will
realize the highest hopes had of the State,
far in advance of the period the present
outlook justifies
Ii the merchants and capitalists of San
Francisco, by the projection of the pro-
posed new line of railway, mean adhesion
TO their purpose it will warrant the con-
clusion that San Francisco's reserved
capital will at last find employment in
true development of the mineral re-
sources of the State; in experiments in
agriculture; in buying up large land
holdings for subdivision, and encourage
ment of settlement by home builders
such terms being granted, such assistance
given to the latter as Will result in peo-
ping the now vacant lordly estates
Then lands now merely and mainly
non-productive viii have upon them
thousands upon thousands of new homes
where industry and all the incentives tc
it will result in cultivation and produc.
ton that will make the hillsides and
valleys yield beyond the most extrava.
giant hopes of the present. and insure tc
such production the reward of fair profit
and of handsome savings.
1t may be assumed that San Francisco
capital, ever cautious and conservative
will not engage in railroad building
either local or overland, from mere senti
mental considerations. 1t viii see its
way with reasonable clearness to reward
it will take on so much of risk only a.
business wisdom and experience justify
1t is, therefore, reasonable to suppose
that the present proposition to build ;
competing railway line. since it has gone
so far as to state definite plans, aggregate