The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-06-03
SEATTLE, THURSDAY, JUNE 3.


MONEY - OUT OF WORK.
IT Ii reported that the production OF gold
Sn the United States alone last year was
about So ooo.oo0 The banks are overbur-
dened with gold. and IL 1t were not for the
fact that Austria, Japan and Russia re-
4uire gold for purposes unconnected with
ordinary finance. there would be no in
ducement TO draw 1T from this country.
In Europe generally the outlets for large
amounts OF floating capital has been d.
minishing rather than increasing OF late
years. Between 1856 and 1896 the national
debt OF England has decreased over Si0o,-
900. In the same time the amount of it
in private hands has decreased by about
$500, 10000. There was held on account OF
the savings banks soss 900 of English
consols last year. against SAIL. coo 900 ten
years before. This shows that the savings
banks are driven to take the lowest inter-
est-bearing security In the world. the In
terest on consols now being less than 2n
per cent. French rentes are less than 5.
and the Per cent. bonds OF the German
empire are quoted at 9s. those of Russia
at ~. With these, the only solvent states
whose funds invite the European investor
are Austria and Egypt. Greece. Portugal.
servla and the Argentine Republic have
defaaltec on their obligations, and Italy,
Spain. Turkey and Brazil are approach
Ing so rapidly to the same condition OF In
solvency that they have To borrow. when
they can borrow at all, at ruinous rates.
which are helping them stil more rapidly
in their downward course
There ara many forms of safe invest
ment In the United States at per cent.
and higher rate can be easily obtained
even with a very good security. But even
In this country the returns upon safe in
vestments have fallen so low that the
Philadelphia Inquirer says It has become
serious matter to persons relying for
their income upon invested capital. 1t is
certainly true that all the great railroads
which have re-issued bonds are now able
10 rerew them at much lower rates. TIL.
first mortgage per cent. bonds of the
Northern Pennsylvania Railroad Com
pany. for instance. which is a perfectly
safe investment. are being extended at
per cent This is serious reduction In the
income OF people who have had all their
money invested in such securities. Every
where interest Is being reduced. which
means that there is decrease in demand
fcr money.
Either investors must he content with
the minimum OF return or they viii DO
tnfnpGflsi IN tsr~ thzsa
men, In lands ia no longer an ATTRACTIVE
business. because the best lands have all
been taken Up. and there IL no par, of the
country which has act been subjected to
some sort Of boom which has raised the
price OF real estate peyond the point of
profitable speculation. Matthew Marshall.
ia a recent article N the New York sun.
replied TO the Richmond Times which had
been descaat.ng upon the inoapacity OF
New Workers to comprehend the needs OF
she farmers OF virginia. II asked;
'of what avail is it fer farmer owning
q superb James river bottom farm 10 go
- ore Of The New York banks that are
now bursting with money that can fad
10 borrowers. ard tell that bank that II
he could only set the Use Of s. 10 for a
year he could raise crors on hi@ farm that
would make him return of 81 lo or 81 gsae
TIE bark VIII not even let him state his
case. IL VIII have him shown Ia the door
as soon az he opens his mouth Bnt IL
there were bank az scoftsvilie, whose
manager knew This farmer IN he an In
cnstr5c0s. honest solNsr. thrifty man. v-f,h
rne land 80 farm. he woula lend him the
money. the farmer would make Els f,rer,,
snd the bank wollls gst its money hack
VIII interest. Nct enty tffs hut q. the
Cher honest Hnt thirty farmers IN AT the
r0kion around w0tffi b. a h5a - On tse
SAME and tisus a barren ar.1 unproauct-
I've, thogga fertf}e rerfea would become a
prosperous ans producing region"
Marshall replies that the fact that there
= ~ bank ar scottsville proves that there
IS 10 money tn secttsville or - its neigh
haraoef with which 60 establish ore. II
theve were. re SAYS. TIRE farmer owning
: saaeFe james river eetfcrs farm" am
ahie 10 serncnstgaie that With the use OF
s. 40 BE couid xst "a retuyn - s. 80 or
ga year w.oas3 have ~ tialculsy
~ eerscw !ng tse usc~sy On thc srot, WITH
CT waiting for tAs establishment af
bark
We Ia nc Wuss know that &here IS not
rnt-.h likelihood of Enfueisw Investors -
iead money aa agricultural lara We csa-
rot Nlsrse the hanks because tne money
heienss rct &c sasu,. ssg e tassr deposit
ars Trey vrouxs rot hs Justified 81 lead
ins money where there was veTy uytse
prospect ~ e~stsng IL back again. o. evea
CO gesffas tss infcress Gpea q pA1a
rroeApssy, Tns Thir5 Natta1si mark y
New York. has returned a. n1oaey - fss
terosssorx ard retired fvem egs1sess ss-
Cause It tss sEafsig 20 carr 3sst8eras.
Mercy Is rot seeklas s0sns place - So,
merely: 4 IL seeking ersr1nynent ~ whs.a
n esa earn interest. On every xa9E TIE