OCR Text |
Show Good Times East and West In San Francisco money can be obtained ob-tained for S per cent, per annum, and in New York City plenty of money can be borrowed at from 4 to 5 per cent, interest per annum; yet in SaU Lake the rate of interest is 2 per cent, per month. While finan-i finan-i cial sailing ou either side of us is very fair, in this city the out look is far from being a pleasing one. ' Two or three years ago the banking bank-ing rate of interest in Salt Lake was only one and a half per cent, per month, and certain it is that Utah has improved, financially, since that time. More furnaces are running, a larger amount of bullion is being produced, the number of mines opened open-ed and beiog worked is greater, more ore is being shipped, arid everyone says and what everyone says must be believed 'we-are in a better condition con-dition to'day, taking all things into consideration, than ever before." Then wny is currency seemingly so senrce and the rate of interest so high ? The only reason for it is that the untruthful, sensational telegrams sent abroad have frightened business men and capitalists into a belief thut a very unsettled state of affairs exists in the Territory, and this flse scare has also had the effect of bringing a trembling to the kneas of our home money owners. Not thit there is a word of truth in the reports, but see ing others afraid hivi a tendency to rouse their fears. There is plenty of money in the city. The banks are full, and capitalists capi-talists do not complain o a scarcity; but no one will let it go out of his possession except on the best security and at exorbitant rates of interest rates which no business can pay and succeed. To remedy this we suggest that money be brought here from abroad and loaned at fair rates of interest. Nevada, California and other sections have a large surplus of money more than .can be profitably employed at home. Then let some of the capitalists capi-talists from those places bring a few thousands to Utah, where there will be no trouble in" renting it for remunerative remu-nerative interest, and at much higher rates thaa can bo obtained elsewhere. Such a movement might also have a tendency to loosen the purse strings of some of our own moneyed men, and the hundreds and thousands of dollars which are now tied up in stockings or reposing in bank vaults, would be put in circulation, for the reasonable aggrandiznient of the owners, and the general benefit of the community. |