The herald., 1897-10-17
THE WOOLLY AGE
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The recent decision Of our supreme
court in the case Of the Central Irriga-
ton district, declaring the owner Of
town lot is not proper signer of the
original petition so as to make valid the
action of the board of supervisors in
granting the petition, has led to the more
critical examination of the petition in
several other districts which have here
tofore been passed upon by many
lawyers, and which have been
universally considered sound. In sew
eral of them it is found that the number
of town lot owners married women in
whose name the community property
happened to be standing but whose hus-
bands, under the law. had the DISPOSE
ton of it during the marriage, people
signing by power of attorney and. presi-
dents Of corporations without the proper
resolution of authority, persons not
bora fide owners but placed on the land
for the purpose of voting, with many
other loose ENDS, are sufficient to over
turn the original jurisdiction Of the su-
pervisors In hearing the petition. If
the statute of limitations is not bar
on a question of original jurisdiction
almost every irrigation district in the
state will be dissolved after having
been passed on by numbers of lawyers,
bankers and business men of various
kinds and quite universally accepted az
sound.
This is exactly in line with consider
able previous legislation, and many other
issues of bonds, and has been a COM
mon complaint about the west as long
as people now living can remember. AS
long ago as there was west 1t was
said in the east:
"It don't seem to make any difference
how many lawyers decide on it, or what
engineers or experts say about it. The
first thing we know our money is gone"
The complaint has been too well
founded. And there is still too much
foundation for it, We have passed the
wild stage, but are not yet out of the
wooliy period. For woolly is but an.-
other name for careless, and when it
comes to questions OF money, there is
rao worse fault than that head over heels.
slap-dash way OF doing things which is
characteristic of the young and ebu,-
lient west, and which fingers too long
after the time has come to be more care
full.
If one could figure what our wool has
cost us one would be quite amazed. In
the first place, it is a positive bar or
many investments. The east is full of
people who, under no circumstances, will
place a dollar in. the west. We may say
they get that money from the west in
fret p1a a lSa al
| talk we please about our being the pro-
ducer and the east the consumer, but al
| the same that dollar that we earn don't
come back to us, but stays where thf
owner will not be- troubled with the in.
stability Of investments. 1t stay:
where years have proved 1t safe whef
a good, lawyer gives his opinion on ii
1t stays where municipal bonds of al
kinds are generally so safe from the
start they they don't have to go through
the routine of the supreme court, an6
where legislatures do not tinker laws II
such haste tiaat the man who drew then
is the last one who knows what they
mean.
doc Kfriff pl.rawsmkwillcoun lykal!
When under such circums tarces w
do fin0 some flea who Is willing to rur
the risk of ENHANCEMENT in western
wool he wants nearly double tf1'
amount of blood for his chances. In
terest in the west has always been abou'
double what it is in the east. 1t does
not always so appear in the papers. but
when we count the commissions
bonuses, premiums, stock and Other
sugar" necessary to induce capital, We
! find that for the money that has de
veloped the west we have paid abou;
double what any of the old eastern
states would have paid. 1t is nothing
but the price.we pay for indulging in the
luxury Of wool. Interest is governs q al
most entirely by its safety, as is seen by
the price of government bones and good
municipal bonds in the east, like those
of New York City. Whenever we car
make interest sure we will have it cheap
and can also get enough home capital
for home capital has quite as wholesome
horror Of wool as the foreign capital
When the west was new. officials
young, verdant or badly paid, with not
demand enough for good lawyers or bus
iness enough to make good ores out OF
! young men, there was some excuse 70,
all this carelessness. Investors of all
kinds expected it and set their prices ac
cordingly. But in most parts Of th5
west that day is now past. and there is
hardly a shadow of excuse left in the
greater part of it and especially in pros
porous California. We have passed tbs
stage of "roughing it, and have as many
comforts and conveniences as the peo-
pie of the older states We protect lift
and limb quite as well as most of the
civilized parts of the world. Even if
We were lacking in these respects il
would make little difference in our "a e
of progress if capital could only feel
that it was safe. 1t is not our honesty
that is in doubt. In fact it is question
If there is not in the west more of the
honesty that comes from generous feel
ing instead of business necessity than
there is in older states. There are prob