The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1899-09-06
SkrHERE is more money in the banks

SSTHERE is more money in the banks
of Washington. and. may cay.
all the Pacific coast, than there
has been In twenty-five years." sad JACOB
Furth. president OF the Puget Sound Ma
tional. yesterday afternoon. IA discussing
this matter. I'VE do not need any outside
assistance in handling the crops this year.
but can take care OF them ourselves. be-
sides ioaning money. The West id not
borrow 80 much N usual last year. and
the continued good crops and general
thrift Of business have placed this part Of
the country sauareiy On It's feet. The
country In rapidly getting rich. and IL be-
gins to look a. though we shall never
again have TO call on the East for money.
unless In extreme emergencies. The re-
ports OF everyday husiness show this 10
be true"
In an elaborate treatise On this subject.
the New York Financ.err one OF the most
authoritative financial journals In the
country. says:
Large banking houses both In New
York and Chicago. In response to inquiries
forwarded TO their correspondents. have
received assurances that the Western
banks have funds In sufficient volume TO
meet ali demands. and that 20 far from
requiring additional supplies. many OF the
institutions have money to loan In the
East
Remarkable state 81 Affairs.
This. II r. unnecessary to repeat, II
remarkable state of affairs, one quito un-
precedsnfed in the history Of the country.
IL goes TO prove what interior bankers OF
discsrnment have been saying for nearly a
year past-thAt the West has accomplished
Its financial Independence. and heEcefortn
IL To be regarded a. center OF surplus
possibilities, rather than section which
II dependent on outside assistance. A; this
period two years ago. the New York banks
were sending currency West In large
volume. Up TO tho present writing thcir
1sB shipments have been very small, and
there r. nothing 10 Indicate that the de-
mand viii increase.
ut Is not strange, when the situation Is
carefully reviewed. that the West IL now
able To furnish capital for all local needs
The bounteouH crops f/r two years back
have enabled people TO Pay their outsfand-
Ing debts ard to place a surplus In bank
But II Is no; the money from the crops
alone that has gore to swell this surplus.
The feeling OF cnnfidencs engendered by
tbs liquidation ~ mortgages has led 10
trade revival IN nearly every section west
OF the Mississippi. and a great deal os capt
tai has flowed INTO the state that ofhef-
wise would have been boarded closely a,
home. THE result IN that the West has en-
toyed tina advantage Of a business noonr
induced primarily because Of abundant
crops. has independent Of crop money In
liz growth. IN other words. whIe the
West has been aeuding money East in pay.
ment az old obligations. a great deal 81
cash has returned ia various channels and
has helped To ssell the surplus that the
West found Itself possessed Of after fiqui-
dating those debts.
Important Effect ON Money
The result. gratifying IA II may -.
promises 10 have quite ar important ef-
feet on International monetary operations
this fan. II The West does NOT nsei Fast
ern money the fcgtcsi Inference - that
money rates here viii not he ~ high as
otherwise might Re expected. and II rates
remain At icw figure. there will be less
er pressure In tire market fer gold TIM
ports. We are approaching very closely
at preser, the season when the outward
now Of products will aid IN creating "A
large trade balance In favor Of shi. cpun~
try. and We have already reached the peri
Cd when the flow 81 money westward
should ind;ace sharp decline IN foreign
exchange hn, the latter result IL out Of
the question. Tor reasons already given
What vii happen when the erons& 20
ouf II another matter II money Is ta re-
main low because ~ an evident flI, sup
ply, there vii hs uttle iafnceInept - i'm
port gold. unless rates abroad should be
esef lower. Ne ere expects fsis ngd II
VIII net be surprising II tina familiar opev.
alton OF accommodating sterling IL net Ait
nesse. again this winter This n,aaas 81
Course. thai the United States viii loan
money abroad. We have done that t~faFr
AM the circumstances are favorable nov
Ter \ feS-Nsftoft OF tire operation. Nff
after the Import season opens business
activity creates demand fnr funds great.
er than has been anticipated. snarorts must
fellow. 81 necessity
All this magnificent condition means thar
the farmers VII pay tas balance ~ ,h,.tr
mortgage Gehf@. where yszca balance ex-
tsfs, That Eastern money NIL aaxe % seek
other hsis 81 investments: Tat H. ,he I'm
vws'snsn, market is Viii have 60 ss,ee, r.,r,.
retitiasi ef Western carssat Il means mar
tire farmers ef The We a. p, tsrxe,
consumers Il manufactured ,sfsyss1es=. ,as
thsy viii have nsur,e money sa- ~ - 4sttfsa
ana mueh soT sVea laxsTsre Il means
that mase liberal sxrstf5 ssss4s aygs -
nazse BY THE ctts.zs an3 sa@ ss e sfs IVES,
fer public improvements. tbas gsers mercy
viii Re spent On raastx, tss.1 isnks sr1 otAer
permanent extensions TIE sfract = ire
grcstA % hank 9sfoslss. whiea IA tse
wess III the last s~o years ns~ ass..rs,tss
immense proportions. VII r. Immense -.
Nfiealiy ard socially.
Low Rate OF lnt~resf.
Farmers are row ah3e 20 GET raassey On
their wheat az Per cert. interest from t-s
hsnks and m she case e large amounts
being ss'isa 80 al evra isser. rafe No.
~ Is - Fs.utissst thaf Il Is practically srss
.tas a EssFses ana e = freely Isiaee.s ca
gcSs' secarstte- 81 sas Tztsz OF fasaxwss
FoT-szsriy the Eastern tsnks soasa come
into shfS Western asfa ard .nsa ssy
sssaaat a. rssosssy ~ p~F c~at ca realty
and ether sas.s forms - saenFssy bsss row
SAsAF eosn L. rs.nw h-eg xfng az e.
A further evidence 90 tie g~ceyAJ prns-
fserfty - see~a n ,hs fse. that tie West
srn railroads. misunderstanding that tAsv
have AL made extensive stti.aon. ~ -asf.
tng stork. ere raas having rv~se9ses n.
hssA 80 '.sS rsw cars ss~e re se~a ze4e
10 tsozS thar ss~r wr With rAe ordinary
hsatze~s, sDs ns~ thsf re As-wssf and
esA4ssnsssS - cTaps h2s N1uss on .&sgw are
Hos aAxs ezsuxA 80 krcp up vita TIE Be-