Arizona republican., 1907-08-30
PHoENIX ARIz., AUGUST 30, 1907
D1sCoUNTING THE FUTURE.

In these da-s most successful un-
 dertakings. whether public or private,
 are made so by discounting the future'
 bv investing on faith and even more
 than that. by borrowing to invest.
 trusting on the future to meet the ob-
 ligations The cash business is the bet
 ter business and the safer one, but its
 Limitations in most instances preclude
 large operations. at least in the begin
 ming. It ma- be said the discounting
 of the future Is a risky thing and that
 too. must be admitted. but the success full operator is the one who knows how much he may safely risk; who. by
 reading of the future with more than ordinary discernment can feel safe in taking more than an ordinary chance. l The consideration of these ideas lin connection with the wonderful iprogress on the Pacific coast from San lDiego to the Canadian line, is the lprompting Of this observation and its purpose Is to arouse the same line of GnQuBTlt
 ple. While there has been wonderful progress on the coast it is true also That here have been some failures. even disastrous ones, of both public and d private nature. The- were the men or the municipalities who lacked in foresight, who were too venturesOme Or who suffered some of the unusual nlisfortunes with which all human en- sdeavor may be overtaken. The limit of | rsk is the point that each investor or sench municipality must settle for him. Self or itself. E But the moral is that nearly every ,prOsperous cit-, coast resort, or large icpast business project was undertaken iargely on borrowed capital in one way or another, after a careful considera- tion of tie natural resources and their Possibilities. It was necessary to of Ter something to the money spend Ing and amusement loving public. and @ set forth the developing possibilities of the country, before southern Califor- Din could entice a half million people fpm the east to make their homes there It was done gradually. but in eorlstantly increasing ratio, with tolndless faith in the future and ener- getic and persistent advertising. The tfesults are bustling cities. prosperous Villages. happy homes and thousands Sith a competence of this worlds gpods. In this valley the natural conditions ae even better and are too well known l ib heed recapitulation. The future has
 en discounted in the construction of ! De Roosevelt reservoir and its auXil- | i4ry institutions. The initiative was |
 o1Sen by the government followed by |
 e later cooperation of the people. | fhe point to emphasize is the slow |
 oss with which the people gave their | l&pperation, but that is now all in ! fei past, and having learned the great | Ason il Is u3 to the people of this | Euley to discount their future in every | He and conservative way. The nat
 't3I possibilities are at hand but even I lore must be offered to attract money | ;B people. There must be both util
 iins and amusements and above all | q fill advertising of what the country | to offer. Inducements must be
 T Hie for the investment of capital for
 lfer returns. There must be an i'm
 rvement of the city. improvements | | mivate properties even to the ex-
 tPit of financial obligations. with that
 fifth in the future that will insure l tl,Ar full discharge for by that obli-
 2 don and faith alone. can there be
 bTheht into being the lodestone that l attract the coin of the realm and | tf fpeople who have it, conditions nec-
 essor.y to perpetual prosperity.