The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-09-27

Seattle, Sept. "a, 1885.
To the Editor: I have read carefully
your article in Sundays issue on 'Prejii-
dice Against Bonds" and hope that every
property owner and voter in this city has
done likewise, as ii is surely self-evident TO
every intelligent person that IL we as indi-
viduals or collectively as a community. in
cur debt, whether that debt be direct or
implied. we must not talk reputation but
show the security holder that we are hon
est, and If granted time will pay; but we
must not think that he will be satisfied
with mere verbal promise that every
thing with the name OF Seattle attached
TO ii will eventually be paid in full. What
the investor wants is a new obligation
stating some time at which he may expect
his money. / refer now to the old street
Improvement warrants.
I do not think that the council and prop
erty owners of this city realize 10 what
an extent these old Improvement warrants
are affecting new capital from coming here
for investment. IF they did some decided
steps would be taken 10 put these matters
In a satisfactory shape Some years aso
the city by ordinance guaranteed interest
on certain Improvement warrants. Has
she fulfilled her guarantee? I think not.
What does the Eastern investor think of a
city that will deliberately repudiate such
an obligation? Is ii any wonder that the
majority of suits filed in our courts are
foreclosure ones. and Instituted by these
very same investors? Why is II that they
appear so eager to force property owners
TO the wall? Haven't they the same Sc
curity they always had? Yes; but thes
haven't the same confidence, as they have
learned by actual experience in a great
many instances that this country is full
OF people who viii pay if they positively
have to- but not till they have exhausted
the last technical point in the statute book
and see that there is no escape.
we all realize that this state will be de-
pendent upon the East for years for money
with which 70 carry on our different enter
prises. Every apparent inducement is held
out 10 the capitalist, the bright side is pre-
scented, but not a word derogatory to the
states or the municipalities interest, as
the case might be, is spoken of. Has there
been any consIderab BILE amount of capital
sent here for investment during the past
year. with the exception of one or two
fair-sized investments? I think not nor
will there be till the different municipal
tiles throughout this state take steps 10
put their finances in some satisfactory
shape To bear me out in this assertion
beg TO quote from a recent letter the
writer received from an institution con-
trolling over 900. 1t speaks for it.
self:
II realize the force Of all you say about
natural resources; hut the first and most
important thing for Washington and its
counties ana municipalities 10 GO - 10
straighten out its credit. Don't look for
capital 10 come there for any purpose till
this is done. It is not necessary 70 call
the attention OF a mar of your business
experience TO the fact that nothing in the
world is so sensitive or so timid as money;
nothing will run faster az the first sugges-
ton Of danger. II is now three or four
years since your state has. In respect TO
it's municipal and county warrants, full
filed its obligations. Believe me, this must
be done before you can hope for permanent
Improvement. / believe In your state. par
ticularly In your city, and expect 10 see il
one Of the prominent cities of the coun-
try"
with views ike the above held by expe-
rienced and farseeing business men how
ran we expect 10 have the small investor,
who has been holding our securities for
four and five years without principal or
interest, entertain any idea of placing 9TH
er moneys in this state? Yours truly.
NCORT.