The Dalles times-mountaineer. [volume] (The Dalles, Or.) 1882-1904, 1897-07-03
1T is a LACK OF MONEY.

More than half year has elapsed
since the locks at Cascades were COM
pleted, and that dream of The Dalles,
which was expected would bring thrift
and prosperity, was realized: but none
of the hopes of those who had looked
forward in their Imagination expect
ing to see this grow into great man
ufacturing city, have been realized.
Scarcely a beneficial result from this
vast mprovement-an open river to
the sea-that cost the government
millions of dollars, is noticeable. True,
we have competitive freight rates, and
in this respect are somewhat benefited,
but not single new industry has been
established or new enterprise launched
since this advantage was gained. The
factories we hoped to see erected have
not materialized, the new enterprises
we looked forward to are not even in
their incipiency. No new trade has
been secured from abroad. This,
though, is not the fault of those repre-
senting the mercantile business or
other enterprises of the city, for they
have offered most liberal inducements
to invite foreign trade. While we
have probably lost none of the trade
heretofore enjoyed, we have secured
nothing new from the advantages
which an open river was supposed
would give US.
There must be reasons for this lack
of expected benefits, and it devolves
upon US to discover the cause. Had
such advantages been attainable
twenty years ago, when money was
seeking investment in favored locali-
ties, dozens of new enterprises would
have sprung into existance within half
a year; hence does not the cause lie in
the fact that money is more valuable
for loaning than for investment in.
manufacturing or like industries?
Money is gradually increasing in value;
that is, its purchasing power is con-
tinually growing greater, and the
owner thereof is assured that the in.
terest accruing from the use of money
loaned today will purchase more of the
ordinary products of labor year hence
than now. On the other hand, he
sees the value of real estate, buildings
and manufacturing plants decreasing.
Therefore, so long as he can loan his
money on good security at present
rates of interest, he will not seek other
investments. How then, can this be
remedied? Would not the adoption of
a system that would result in making
the value of money less certain ac-
complish the desired end? If the
owner of money knows that a year or
ten years hence his money will be less
valuable than it is today, that its
purchasing power will fuctuate or de-
preciate, instead of loaning or hoard
ing, he will invest in property that is
appreciating.
In casting about for investments he
would select places favorably located
IKE Inc DalleS, and would soon set
the wheels of enterprise in motion.
Instead of being droan, living off the
earnings of others, he would become
an employer of men and producer of
wealth. His enterprise would supply
a market for the products of the farm,
and would thus enable those engaged
in agricultural pursuits to become
greater consumers. We believe the
prime reason why The Dalles has not
derived anticipated benefits from the
opening OF the locks lies in the fact
that money is too scarce, or rather is
too valuable for loaning, and that our
hope of seing this become a manufacs
uring center will not be realized un-
til there is a change il the money
system.