The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1900-01-17
PROSPERITY Is GENERAL.
w. r. BAKER, OF CHICAGO, TALKS
ON FINANCIAL CONDITIONS.
Farmers Especially Have Little
Cause for Complaint - Country
Banks Are No Longer borrowers
Defends Secretary Gages's Action.

william T. Baker ex-president OF the
Chicago board OF trade, bank director
and prominent citizen of that city, arriv-
ed In Seattle yesterday and is stopping at
the Butler hotel. He is owner OF the
Snouuaimie Falls Power Company ana the
father of Charles H. Baker, president OK
that corporation. He will remain here
week.
In speaking Of conditions now obtaining
In the East Mr. Baker said yesterday:
s'Chicago Is doing bigger business tnan
ever before. The West and the whole
country are prosperous. The financial con-
dition of the farmers. the backbone of the
country, is good-much better than 1t has
been in a number of years. Yes, 1t is true
that wheat is not high now. but the farm
ers in general do not now depend upon
their wheat for their prosperity. There is
now more of diversified farming. Money Is
in stock raising also and they are now get
ting good prices for cattle and hogs. Five
or six years ago only about one farmer In
fifty had a bank account. Now the farm
er who has rot bank account is the ex-
ception.
II know Mr.. Gage, secretary OF the
treasury, personally. He is an intimate
friend of mine. Any one who says that
Lyman ]. Gage used the money of the
treasury to advance the interests of any
private corporation, does not know the
man." said Mr.. Baker, referring to the
Sulzer resolution recently introduced in
congress and replied to by the secretary.
'"The last thing Mr.. Gage would be guilty
of Is favoritsm. He would not favor his
own son. The -Sulzer resolution IL bun-
combe. Money going into the sub-treas-
ury is not paid out again except to pay
government bills. 1t was found that the
receipts from internal revenue We're IN ex,
that to deposit 1t In the treasury Woul!
result in contraction OF the volume OF
currency with danger to existing financial
and CONNER cial conditions. In accordance
with law and precedent Mr.. Gage desig-
rated the bank 10 receive the receipts from
internal revenue and pay them out again.
sThe National City bank of New York
had the DO IDS to deposit as security--se-
curities sufficient to cover three OF four
days of government receipts, and 1t was
chosen. The bank makes nothing out OF
the handling Of the money
THE recent financial crisis and money
stringency In Wall street." continued Mr..
Baker, was caused by the buying Of
banks the panic might have become 4
commercial one. spread all over. the coun-
try and serious. The country banks had
money to spare. Their money relieved
1t is only few years ago that the cour-
try banks were in Chicago and New York
borrowing money. This time they had
money to loan. Country bankers came to
Chicago from Kansas and Nebraska to buy
paper.
II have found" said Mr.. Baker. in con-
clusion, that considerable capital is lo5k
ing to Seattle and Puget sound for ir-
vestment and II the people who have it
are treated right, a good deal OF money
will come here. A few years ago people
asked where Seattle was. Now everybody
knows about Seattle great deal Of
Eastern money has been put In here in
fisheries, and l know. of another large In
yestment which may be made here. though
I am not at liberty to say what 1t is
Mr. Baker Is said to be one of the largest
II not the largest individual investor OF
capital on Puget sound.