The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1892-12-09
HE GOT THE MONEY.
j. Il. Mcdonald to Build a Big
Railroad System.
WILL DEVELOP RICH COUNTY,.
Olympia Country and Southwestern
Countries to Be Opened-Financial
Affairs In Europe.

James r. Macdonald, president Of the Wash
fngton Southern Railway Company, arrived in
the city yesterday from q European trip OF ten
month"; duration. He has succeeded in placing
bonds for the extension OF his lines into asys-
TEN which will develop the Olympic peninsula
and Southwestern Washington aud give them
connection with the great transcontirental sys-
TENS. He said last night:
The purpose Of my trip was to place the
bonds OF our company, and / succeeded alter
many delays in doing 30. l spent most OF my
time in England, but a good deal in Brussels,
Inc Hague and Amsterdam. Expected 10 sell
*l,0O,e0 of our bonds in about two months. l
took ten for the job. Everything was agaiust
me. The Barring failure was still in every ones
mind. aud its miscnieis were by no means ended
when | arrived. Other failures followed 1t. and
all did their share to postpone success, A big
financial concern in London. the Murietta com
pany, failed, and this made more trouble Tor
me. But l at last got through and disposed of
the bonds. slight formaiities only needing now
70 be attended TO.
The general opinion among business men
abroad was that the Barings should have been
allowed 70 fail. As 1t was, and is, every piece
OF Barings' paper in the world made a center OF
ancertainty and disturbance. Il they had sim,
ply failed, that would have ended 1t then and
there. As IL Is now, Amsterdam was actually
the worst hurt OF any of the great money cen
teis by that disaster. People say they can get
money IN Amsterdam when they can't any where
else; but that Is not so this time at least Tho
amount of money stored away III those little
countries OF Holland and Belgium Is something
surprising. When l went there i was told that
If our bonds were in smaller denominations
than $1,000, say $3.50 or $500, they could handle
them better. Ii is the people OF small savings
they reach. Every man in Holland with q
small pile to invest is known to those bankers.
Our road here will be extended from shelton,
It's present eastern terminus north and west TO
some point on the straits yet TO be determined
upon, to tap that magnificent timber and
mineral country. We will then ex-
tend eastward and will ultimately con-
meet with all the great transcontincntal
lines But little extension will be required
east to do this and then we can put the whole
country up there in touch with the world.
In dealing with business men abroad one finds
out three things, that London is the executive
office oi-the world At present; that America Will
rule the commercial world some day; and that
the interdependence between all parts of the
commercial world is steadily increasing. A IA
ton cann6t live to itself even II IL wanted to. A
nation Ahouldg get its currency upon q business
basis and leave 1t there. One of the obstacles to
my success abroad was this silver business. l
do not mean alone the danger that the time
might come when all our securities abroad
might be paid In dollars worth from 20 cents up.
i mean the danger involved in the Sherman sill
Yer purchase act and the chance that, whenever
it was repealed, jar and danger to business
would result. Abroad whenever one makes q
settlement in business it is common to say ~
will settle in Bank OF England notes" These
notes go everywhere, and why? Because Eng
land IL not perpetualiy tinkering with her
fnaneeg