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About Evening capital journal. (Salem, Or.) 1888-1893 | View Entire Issue (Jan. 3, 1891)
CAPITAL VOL. 3. "TILE PEOPLES' PAPEK." SALEM, OREGON, SATURDAY, JANUARY 3, 185)1. "TO-DAY'S NEWS TO-DAY." NO. 260 M-ll. EVENING JOURNAL, -:- FOR 1891 feaJib&vn s Standard Diaries, . . - . . -w-v -v -fcT-r- - -r-x a tt -r- Mrn nmr "t TVArvtr it riTT-nn r -r-.xmT-vTT-vTXTmn rOURNALS, LEDGERS, CASJdL $uujlls, JJ-&. i isuuivo, ouuv jbuuivo, DUJfJitiiiNXJiiiNiJjJiiNi o BOOKS, POCKET BOOKS, INKS and MUCILAGE, LEGAL PAPER, BLANK NOTES, DRAFTS and RECEIPTS, BILLS RECEIVABLE BOOKS, BILLS PAYABLE BOOKS, PRINTED CASfl BOOKS. Bubsoriptions Rcrxrd For all Periodicals, THE CAPITAL JOURNAL HOFER BROTHERS, PUBLISHED DAI tiY. EXCEPT BUND AY, BTTHK Canital Journal Publishing Company. (Incorporated. Onlce, Commercial Street, In P. O. Uulldlng Kutcrcd at the postoinco nt Balcm, Or.,nn socond-clasa tnnttcr. HON. T, T. GEER. His Address at McMimville Fanner's Institute ON THE MORTGAGE TAX LAW. IE OREGON NURSERY CO. Is Offering a Large, Well Grown. Stock ef EEblT: SHADE, ORNAMENTAL AND NUT TREES. Small Kru.it. 5VERGREENS, YINES, SHHUISS, 11USI2J, EIU. At Low Prices. tt Keening liter Apples a Specialty . Li Gome and See ! Catalogue and Price-List free. Address or call oh WIRT BROS., Oltlce 2!j2 Commercial street, Salem. riODBORN ITSEM. ylrgest Stock of Trees in the Northwest one and three-fourths millions. o 1100,000 Prune Trees. iiRijUuu ivoyai Ann unerry. uu,uvu juany urawiora reacn. 10,000 Moorpark and Royal Apricot. t j IE STOCK OF ALL OTHER FItEE FltOM INSECT -o 3.i,000 Eaopus Spitzenberg. 20,00(J GravensteiH Apple. 25,000 Yellow Newtown PIppeu. 15,000 Ben Davis Apple. s! PECIAL SALE Dissecting the Inconsistencies oft ho Fortlnnd Ore- gonian. -OF- YA1UET1ES PES IS. OF FRUITS CATALOGUE FREE. ADDRESS : HlH. SETTLEMIER. Woodburn, Oregon. HOME, SWEET HOME! flfjyou can get a good article manufactured at homo you should Jgive it H tue proicrence. we Keep a tun line ot tue reuaoiu iDreeomL Stove! Including the Dexter, Eureka and Sultana. tie Best for trie Money. IWgalso keep Eastern Stoves, and among them the "Banuer" lino. Give us a call and save money. teiner & Blosser, ON STATE STREET. IF! fPR W our our THEGROCERS Commercial Street. T he Best for the Money all the Time. A THEN. iyiusical Goods at Cost. Pianos, Organs, Violins, Guitars, Banjoes, Musi Boxes and Sheet Music. Wfl mffinn tn r1nc niif. nv flwi nrwl rP f1-n woni' entire line of small musical merchandise to confine selves to the wholesale trade only. Holiday Presents I Now is a golden opportunity to buy musical instru ments at prices never before heard of. U,Am,Ai, AT1 fllCirp liUU." n nciraiuGr a l wo i i verj wing VIOLINS for $ i 00 BANJOES for 4 00 GUITARS for 3 50 $75 ORGANS for 40 00 $125 ORGANS for 75 00 Our entire line of "Saalfield Series" of 10c music 5c 25 pieces, $1.00. FREE We give to every purchaser shoot music for Piano or Organ free. EASTON'S MUSIC. STORE, 360 Commercial St. Eldredge Block. Churchill Sash, Door & Manufacturing Co., Sash, Doors, Blinds & Mouldings, Turning & Scroll Sawing. New Dire -House Finishing made to order.- T-.i MlV:Py wh.'Pn we can always keep a full supply of seasoned stock ofaU kinds. Agricultural Works. Corner of Trade and Jllgu Btrcots, Salein, Oregon. 5B groceries and Produce . The Best Canned Goods toicest Fruits and Vegetables in Season. tne hut Khat-cUss Goods Handled. Everv article LMiitnintnwt tjjfryBenfed. If you would be well herved patronize The Grunge Store, v2& State Street Salem. Oregon. , , ,. JUST THE THING! we a can of our Baking Powder and present. You can take your NO JPRIZJS BUSINESS! give choice. you the Did ) ou try our UNION B RAND of TEA 1 The St lea 111 town for the money. A choice and well lected stock of family giocorios continually on hand. JOSEPH CLARK FIrt National Bank Building. Balem. Oregon. A. P. Akmstsoxo, Manager; w. I. Staxev, Principal. Business, Shorthand, Typewriting, Penmanship and English Departments. Pay and grtnlng Ssssloos. BtudenU admitted any time. Catalogue on application. Capital National Bank SALEM - - - OREGON. Capital Paid np, - - . $75,000 Surplus, 15,000 It. S. WAIJ.ACK, . . President. W, W. MAHTIN. VloMresldent. J. H. AUJKItT, .... Caablen DIRtCTORSl WlT'S?.' w- W- Martin J. II. Martin. iu a Wallace. Or. W. A.Culek. J. H. Albert, T. McF.Patton. LOANS MADE To terpen on wneat and other inarkni. able produce, consigned or in store cuuer in private trr publlo wareho raaarlMor oust. Stale and County Warrants Booght at Par. COMMERCIAL PAPER Discounted at reasonable ratei. DraOs drawn direct on New York, Chicago. Kan nclsco. Portland, London vSiSffiirSn Uong Kong and Calcutta. ." J. H. HAAS, TUB WATOIOLAJOJn. 2I5J4 Ccmmertlal St., ' alem, Oregon, (Next door to Klein'.) Hpeclalty of Bpectneles, and rcimlrlng Clocks. Wutcbes und Jewelry $1 WILL BUY A LOT or goods at our store! Wocarry a rullllne of gnxxtrleti, eed, crockery, glassware, ci gars, tobacco and confectionery. T. BURROWS, No.a2aCoinmerelal8t., Hulem IOO Court Street. Capital City Restaurant Jas. Batchelor, PropV. Warm MeaU at All Hoars ol the Day None but wuita labor em Joyed lu tuts esUbllstimcnt. A rood anbataniiat mula tullnnr.i. cUh styla Twenty-are cent per meal K tt D KRONT. Court street, bttween Journal Ofttce and Mlnto'a Livery, DHA IN TILING. Tbe undersigned are prepured to furnish Ibebettqualllortlling for under drain ing at lowest prices. MUHPHYfDKHAKT, Near Kalr Grouns, Salem, Oregon, lied FroDt .Iiop. BUCKSMiTiiixo i mini mmsn Iteparlng stock or springs, miim, etc. All work warranted. Old outotner and new ones InvlUd to call. H. POHLE, N, E, Corner Stato and Front Sts, Mr. Pkesidknt: It would not bo proper at this time to discuss a question of a politi cal nature, unless it bo ouo that effects fanners ns a class. I trust I will not bo regnrded as going be yond tlio latitude allowed mo if I consider briefly the mortgage tax law of our stato and Its effects on the farmers. A tremendous effort has been made during the last few months by several of our leading newspapers to influence public sentiment In favor of tho repeal of this law, urging as a reason that Its effect is to keep outsldo capital from coming among us aud that Washington and California, owing to their liberal laws on this subject aro reaping the benefit of an influx of capital that would otherwise coino to us. All of which T am inclined to doubt or if it bo partially true, then I question tho effect claimed by tho oppononts of tho law. During tho past live years western Washington and some parte of California havo ox pcrieticod an abnormal and feverish growth, which In some respects, has surpassed anything wo might claim in Oregon, but wo had bettor lo in our own shoes than in others'. There are at least two reasons for this aside from uny law in tho case. Washington is a much younger community in point of settlement than Oregon and this fact alone will accouut for her at taining a greater share of immigra tion from the East. Oregon has been comparatively thickly settled for thirty years, and has for thirty eight years been gorgeously arrayed in the habiliments of robust state hood, while Washington has been compelled to subsist on tho crumbs which have fallen from tho second table of Incomplete self-government. These retarding conditions have been recently changed, and taken in connection with the great era of rail road building of recent years, and in well known concentrated efforts of thoso roads to direct travel aud cap ital to that section, easily account for all tho unhealthy activity that has characterized our sister stato within tho past few years. It can bo truly said that if tho laws of tho two states had been exactly tho same during all these years. Washington, for the reasons I huvo given, could havo ex perienced tho same marvellous growth, and apparent excess of Im provement over us. 80 for California, It has already fallen, so far as Lob Angeles, Pas adena and ita many other boom cities are concerned, Into that "Innocuous desuotude" that will be fore many years surely overtako Ta coma, Seattle and many other cities of Washington, which aro notv en Joyltigu mushroom growth at tho ex pense ot men who are paying an ex orbitant rate of interest for tho use of millions of dollars that Lelong to Oregon capitalists. Tho allegation that under the op eration of our mortgage tux laws money Is being largely drawn from our stnto to Washington, while It muy be true, only serves to prove IDut our sister state Is a money lend tr's jmradlso mid therefore the money borrower's place of future punishment. If outside capital, as It is called, oh well as a lurgo share of our own, seeks investment In Washington, lu preference to Oregon, It only proves that It realizes a rule of In terest In excels of our legal Jlmlt. Indeed, I havo myself seen notes In tho possession of Salem bunkers given In Washington which plainly called for J7 per cent, per annum. Now, any farmer knows that ho cannot afford to pay any vuch sum for the use of borrowed money. Tho general tendency of the times Is In favor of a reduction of the rato of Interest, and If, us plainly shown by the facts thown, (ho ubueucti of u mortgage tux luw creule n tendency lu the oppoMtc direction, then the best interests of the state cull loudly for the retention of the luw. The general objection to the luw In quectlou is not well founded, be ing both superficial and artificial. If It uliould be repealed, tne law would still ruiulnt the taxation of ull promlsMury note, mid since every morigagu is nut a reprtbentutlvoof huoIi note, uvvry lender would still bo required by law tq pay exactly the sumo amount of tax on tho same loan, 60 where are you going to - Editors, locate tho unjust burdou on capital Inflicted by tbe mortgage tax law? Tho amount of tax exacted by law on every loan would be precisely the same with or without the law. The only possible difference in tho situa tion effected by tho repeal of the law would bo that without It, notes, not being a matter of record, could bo concealed, and thus made to escapo taxation, whlio mortgages, being cumbersomo artloles of mer chandise aro always where the assessor is qulto likely to stumble over thein. And I deny In the name of the farmers of Oregon, that we aro behind our sister stato In any tine of business which Is the legiti mate outgrowth of judicious effort. In every respect tho farmers of Oregon are decidedly moro prosper ous than thoso of Washington, and indeed, I believe It has never been claimed by tho most euthtislastlo supporters of the repeal of the m'ortJ gage tax law that the phendniciial growth of Washington has been felt anywhere than In her cities, but wo have the very bcBt testimony' tbaf our own Portland has had a steadier aud mora permanent growth than any city In Washington. At tho ceremonies attending tho laying of the corner stoud of the $600,000 city hall tho distinguished editor of the Oregonlau delivered a very able address In which Portland's' superior growth was shown In bril liant, but truthful colors. In thb courso of that address occur throe1 passages: A FIHM AND SOUND UASI8. "Tho city has a Arm aud sound basis lu the solid chaructor and con servative habits of tho people. Per haps at times wo havo not moved fast enough. But this has had its advantages in preventing us at othe.r times from moving too fast, as new cities aro wont to do. Whllo Port land cannot bo carried off her feet by any speculative excitement, yet shu is keeping timo with tho growth of tho country, and perhaps in solid aehlovemont exceeding it. Her progress is steady; It does not pro coed by fits and starts. "If ono wishes to got an estimate of tho strength of Portland, of tho position of Portland amontr tho cities of thePaclflc coast, let him go abroad Into other cities aud Into tho country at largo, hundreds of miles from Portland. Ho will find that tho esteem lu which Portland is held surprises himself. All truo aud loyalPortlanders beliovo In their city; but Portland's neighbors as a rulo, believo In Portland more than wo do ourselves; have a higher estimate of Portland than some of us in our fits of Impatience entertain. Wo have no uncertainties hero, no shams; in tho makeup of the city thero is no pinchbeck material. Of pretension, of mere display there Is nothing. Hut of things solid and substaneial, without ostentation, this city pre sents an examplo that Is "prouder than rustling in unpaid for silk." NO SPECULATIVE HASIINEES. "Thero Is a diflerenco between tho energy of Judgment and tho energy of speculative rashuess. Portland Is her own proprietor. Bhe has never mortgaged her future for a temporary advantage Bhe has not erected buildings that were not wauled. Sho has kept her monoy in trade and Industry, Instead of trying to get up "booms" with It. Opportunities, no doubt, have beon lost or overlooked, that u more ven turcsomo spirit would huvo sol zed, but, on tbe wholo, tho results havo been ample aud safe. Our peoplo havo created a suro basis of uninter rupted prosperity. "Of tho future of Porilaud, thero is small duuger tiow of Indulging anti cipations too greut to bo fulfilled. A basis has bicu laid for extraordi nary growth, tho era of which is Just opening upon us. Ail that has been achloved thus far Is small, lu comparison with results soon to ap pear. Portland doubled her popula tion from 1800 to 1870, moro than doubted it again from 1870 to 1880; trebled It und, including the sub urbs, much more than trebled It from 1880 to 1890. Ten yeurs hence we muy expect hero a population f 200,000; and this, no extravagant ex pectation, may easily be exceeded, Publlo spirit begins to second and sustain prlvute enterprise as uover Irtsfore," Now could anything more power ful thnrj these eontencca be written, to show that Instead of tho mort gage tax law working to retard the country, haa been really a steadlfy Ing force to prevent, as this editor says, "an extraordinary overgrowth In short periods 0f booming," und the authority I have quouted Ik tho very beat Micro Is In tho state. Tills "extraordinary overgrowth In short periods of booming" Is al ways the direct result of an unusual flow of capital Into a country. Our mortgage tax luw Is said to be a principal factor In causing such a flow Into Washington," hence Is di rectly reepmifclbltt for the "short period of booming" that now uflllctM that state, aud for the escaping of which Portland Is so heartily con gratulated by the chief editor of tho state. Our mortgage tax law Is no barrier to the comlug of any capitalist, who really wants to pay his than of taxes on his property; and If ho wants to escape taxation, we do not want him; therefore I shall vote to retain It on our statute books. TlffiffllfTI SI! BeSure' and See It, II MM m t K .'I.I u . tl. 1 A GIimpHB;df Fairylan d ! Aporoprate m FoV all kinds of folks Littlo or Lip;, at nil kinds of prices Gredt or small. We are pleasing them all. A. large and Varied assortment of Toys, Novelties, Fancy Goods, Notions, Glassware, Chinawnre,' Ivory and Plated ware, Jjamps,! Etc. Tho newest designs and finest goods of tho so so . Our low prices make those' beautiful goods all bargains. Cojno to Headquartors, whoro your monoy will go tho farthest and where youarosurotojfind justwh tyou want. J. & WRIGHT. 2&X- and 229 Com'l St. ' f n GUNS XPJH .! 1 1 W , I) ,1 UK J,Jtl ...riT mJh l. ikm -- tni Made f t-A T i ON STEEL ENGRAVINGS AND FRAMED PIOTiS FOR THIS WEEK. ' i. UL'lTs wsaas, ., I , u I I, ....f smith, IQiCoBfnerciilSl '; Ml