The Sun.
London, England, 1869-08-05 00:00:00

A CRISIS IN SAN FRANCISCO.

San Francisco is experiencing the checks the
most successful of new towns cannot escape, or in-
deed old ones either. Those who know the pro-
cess of development in new settlements are aware
that prosperity itself invariably leads to a calami-
tous crisis. Phlegmatic, as an Anglo• Saxon may
be considered, he is one of the most sanguine of
animals, and there are no bounds to the expan-
sion of his ideas when the affairs of his new settle-
ment take a very prosperous turn. We may as-
sert that, without exception, San Francisco is the
most prosperous city in the world. Circumstances
rarely s 'en in conjunction have combined to mark
out for it a grand des'iny. The present harvest

is so large that many farmers have hal the
choice of employing Clkint&e labour to the utter
annihiLtion of all their protests, speeches, and pro-
ceedings, or to lose their crops. The half-yearly
review of the commerce of San Francisco shows

that 554,000 tonnage has entered the port, of
which 279,000 tons were engaged on Pacific trade.
The v:tlue of foreign goods received approximates
to $7,000,000, while the estimated currency value
of free goods via Panama was $23,500,000. The
duties collected on imports during the past six
months were $3,741,000, and for the fiscal year,
$8,273,000. The merchandise exports for that
time aggregate $8,745,000. The coin and bullion
exported amounted to $21,016,000. During har-
vest year the merchandise shipped was valued at
$21,844,000, the following being the principal
articles :—Flour and wheat, $10,636,000 ; wine,
$BOO,OOO ; wool, $2,378,000 ; hides, $357,000 ; lea-
ther, $268,000; skins and furs, mostly from Alaska,
reshipped toEnglands9B7,ooo;quicksilver,s92l,ooo.
Cheap labour is pouring into the country through
the new channels of trade opened with China and
Japan, and a spur has been given to the cultivation
of silk and tea. The completion of the trans-con-

tinental railroad has not only made a way through
the Great Basin, but has brought the city to within a
few days of the Atlantic sea bowd. Yet the first
fruit of these extraordinary material advantages is
a panic. Such a panic as that now felt in San
F

'raucisco is produced there as in other young and
rapidly-rising cities, by men doing what is known
on Stock Exchanges as " discounting" events.
Thus the Californians discounting the opening of
the trans-continental railroad, exaggerated the im-
mediate effect it was likely to produce, and ran up
real estate to a fictitious price. Some lots doubled,
trebled, quadrupled within a few months, and land
outside the town was snapped up at fancy prices.
Wherever the ground begins thus to rise in value, as
a rule it will run into extravagance,and end in leaving
in the hands of speculators unsaleable lots, to buy
which heavy liabilities have been incurred. The
land will not sell, the speculators cannot pay, the
lenders are hit, and many becoming insolvent
spread the losses to others, till a portion reaches even
the cautious, loss extending to those who had been
the least bitten by the mania. San Francisco now
suffers from some such proceedings, and it has made
its effect felt in a stringency which has forced the
Bank of California to hurry in its call loans. That
Bank is to the Pacific slope a great deal more than
the Bank of England is to Great Britain. It has
been considered injudicious in the business com-
munity of San Francisco to allow 'one bank to
attain a position of so much influence, for in the
event of any bad banking business or extravagance
in its management the State becomes injuriously
affected throughout. This small check, which
will prove but a slight interruption to the pro-
gress of San Francisco, can only be called a
stringency. Indeed the citizens of San Fran-
cisco have but miscalculated the time ; imagm-

ing, that all the world knew as well as them-
selves about California and its wonderful advan-

Sages, and knowing this they would hurry on the
railway opening to San Francisco. The world is a
heavy mass to move, requiring much writing and
talking to impress. Those who can hold on may
find that land for which even an extravagant price
has been paid will yet realize for its possessor a profit ;
but as the speculator only bought with the money
of others to secure the difference between the pur-
ehz.,s 2 and the sale, there will be for a time more land
than buyers in the market, and loss not only to him,
but to all who aided or trusted him.

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A. MORNING and EVENING DRAUGHT of
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THEATRE - ROYAL DRURY- L A NE.
sole Lessee and Manager, Mr. F. B. Chatterton.
THIS EVENING. at 7, BELLES OF THE KITCHEN. At S
FORMOSA : Messrs. Barrett, H. Irving, David Fisher, Brittain
Wright, John Rouse; Mrs Billington, Misses M. Brennan, Mac
donald. and Katharine Rodgers. Conclude with BORROWED
PLUMES.