Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1849-11-22
CALIFORNIA.

We give the following extract from cores
nondent of the Baltimore American. Its gener-
al averments are strikingy coroborated by let,
tiers which we have lately seen from some OF
our own townsmen, who were induced 10 enigra.e
to California by way of the plains. That gold
continues to be found there, IN great abundance,
is admitted by ALL whilst the difficulty, labor and
privation attendant on its gathering, are not less
I'm ,nimousy insisted upon. The fact that Sc
MANY who have reached the mines, and tried the
work for few DAYS, and then abandoned 1t, IS
conclusive upon the subject. For agricultural
purposes, the land is, generally, worthless. No
one scarcely turns his attention to the cultivation
of the soil. What. then, are the inducements to
migrate thither' They must be based chiefly
upon the prospects held out by commerce, and
we may ask are these such as to justify the enor-
nous prices to which real estate has been ralsed'
II is manifest to our minds that the initiation must
soon terminate in wide spread ruin. 1t is anoth-
er multicaulis bubble. Every one knows it must
soon burst, but hopes the catastrophe may not
take place while he holds it. Viewed in the
light of common sense, is there any thing in the
geographical position, or the commercial prospects
of San Francisco which would justify sales of
building-lo there at prices which no area OF SIM
liar extent, in London or Paris, would command.
If San Francisco occupied the only site and al
forded the only harbor, such prices would be alb
surd; but such is not the case. The bay affords
other sites and harbors more favorable in every
respect for building up great commercial en-
porium. Speculation has done its work, and the
next news we have will tell the catastrophe.-
Banks have always been blamed for the extrava-
gance of speculation into which our people are
periodically seduced. The example of San Fran
cisco shows thai, even in hard money country,
the same initiation may be artfully brought about.
We repeat that we have full confidence in the
statements made in the following extract and
commend them to the attention of our readers.
.San Francisco has increased rapidly within the last
three months. owing to perfectly natural and eas
" accounted for; hut at The time those
as temporary in their nature they will he in ther ef
f'cts All Of The three hundred The three hundred
and 80 ships here gned t. San Fran
cisco. Shippers and Engrans AT home know of no
other place of commercial importance. consequently the
greater part Of hem felt p'ed SIP there. and if
by chance they heard of better place after arriving u
po the hundreds If specnatnrs San Francisco would
throw dust in fher eyes in order t,inlnre prup'e 10
stop aud purchase lots Or course real e,,fe to a
great he ght. 81 that many who came out with the IN
snon Of dung hnsiness. frightened al the eno-
nous rae of property aud rsnis and sud "t heir gonds
at auction. many Of them moi reatzug first cnsl them
The greater part If these no had the nerve 10 start bu
siness leased lots and put up temporary clio h
HOUSES showing evidently that they were convG ced
that day OF reckoning must come sooner or later
Some however, who brought houses with Them bad them
erected for their use, that while San Francs-
9" may with grea, propneiy be called the cloth city al
The Pacific there nevertheless quite good nunn r
of good and snbsian al buildings 1t is quite au. babe
10 see the atrrs in the Alta California; written for
the home market. landing the would be city. One
would suppose that there magnificent churches and
elegant buildings II all descriptions Merchants Elk
change is talked If in style that would give the
mprt ssl"n Of something worthy Of the name. Rents
are INV from four hundred To Two thuus nd dollars per
mouth. The best wal, house for thirty Thousand
dollars PEI year, cash paid in advance. This warehouse
was built year ago, she work cosug by cntact four
thousand dollars, and presume The materials did not
COST less Than the work. lumber then eighty dol
lars per thousand.
These enormous expenses come very heavy upon per-
sons If small capital and ruin them later
as there Is moi business Ia warrant such expenses. Mer
chants generally hard pushed. borrowing money
at enormous rates of interest sufficient to ruin the best
business in the rid have heard Of one instance ii
merchant paying fifteen per cent. per month. From
five TO ten per cent per month very common. IL is
thought by people Of sober and good judgment thai
there must be tremendous crashing among business
men before spring. Gamblers have been The prin
cpa cause of rents being 50 high in San Francisco
They would give any price. than any else could
afford 10 pay. One high rent precedent f'r annh-
until they have reached the present enormous rates
gamblers stranger remarked to me that as he walked
through the streets. il appeared t. him that every third
house was grogshop or den of gamblers. Certain il
Is that il carried fearful extent and many young
who stood fair home have been carried away by
this prevailing vice II had time would speak Of The
growth of The Sacramento City and other places. The
gold mines less productive than last year The EN-
grans nearly all sadly disappointed in their expec
tailons.