The Yakima herald. [volume] (North Yakima, W.T. [Wash.]) 1889-1914, 1895-11-28
New YoRK, Nov. 81, ]

NEW YoRK, Nov. 81, 1896.
Editor Herald: During the past four
months I have covered a good deal OF
country and talked with hundreds Of peo-
pie regarding the Yakima country and
our state. 1t is mistaken idea that some
OF our western people have that folks
here In the east have no confidence In the
west. That 10 all wrong. There is here
general confidence In our country, in its
resources, its stability and it's final COM
mercial solidity. The principal obstacle
in cur path At present are the facts that
We had boom and the east furnished
the cash to build our cities, our electric
and cable street railways, loaned vast
amounts Of money on our real estate, ap-
praised at boom prices. One and all
honestly believed we were right, and did
business on that basis. Well, the col.
lapse came and we all made the sad dis
covery that our foundations were sand
instead Of rock. The people who had
furnished the cash "a q matter Of course
held the sack. Default was made on
principal and interest and to aggravate
matters d great panic began which shook
the financial world creating destruction
Of confidence in everything movable and
immovable. Beginning with the failure
Of Barring Bros, Of England, extending
to Australia, South America, and our own
country, causing for the past four years
endless embarrassments especially in the
younger portions Of the United States,
mainly the west. We are all only too
familiar with what has happened to us.
Now bed rock has been struck hard. One
and all realize that we've got to do bust
ness on sound basis or not at all. am
delighted to hear on every hand express
sions Of confidence and good will for
Washington and the northwest and this
means that money follows confidence.
That creates prosperity, and on the new
basis on which our western business will
be done all will be well. The mineral
bearing western states will have their
mines very closely scrutinized and feel
justified In saying that within two years
all the good mines will be capitalized,
operated and conducted as legitimate
business enterprises. There is bound to
be mining boom west; you can feel it
in the air in the east The only good I
can see that will result will be to divide
the sheep from the goats. Good mines
will remain good mines and fakes and
takers 20 out Of sight, but the public will
find out that the west has mineral rich
ness that is to-day little dreamed of. One
thing our western men can depend on,
that is this, II they want eastern money
with which to develop the west they must
give vslusfor it and that's best for sll
concerned. The -followingis an editorial
from the New York World:
''The revival OF speculation in Denver
indicates that the west has recovered its
abounding confidence in its future. The
confidence 10 fully justified. The future
will come and it will be as glorious IA the
most energetic boomer expects.
| 1t cannot be hurried, however. The
town-lot speculation which ravaged the
country from the Mississippi westward
eight years ago brought on reaction
from which the-west has not yet wholly
recovered. Tins same results must follow
the Ksffis trading now going on in Col
orado mining properties.
The west has had booms enough and
mere than enough speculation. What it
most needs now 10 patience, conservative
business methods, wider and sounder
view Of the money question and better
and cheaper means Of communication
With the New York markets"
Confidence In the ultimate prosperity OF
my own state has never been as firm as 1t
is now. I have studied the situation care
fully and Washington will soon be in a
position to command the commercial
respect Of the whole world for they are
beginning to want what we have, and
we've got plenty to give them. II west
ern people think for minute that they
are the only people who have suffered let
them come east and see for themselves,
and they win be content with their lot.
shall be home shortly for the winter and
later, for It takes long time to do bust
ness here, enough money will come into
Yakima county to handle all legitimate
enterprises. FRED r. REED.