Weekly national intelligencer., 1850-05-11
BUSINESS AFFAIRS IN CALIFORNIA.


California continues favorable as regards the pros
pect of finding gold, yet, so far as merchandise is
concerned, it is discouraging enough AhnOst all
descriptions of goods were selling at low prices
in many cases not paying the freight. Such
especially the case with building materials which
few months since were enormously high. Real
estate and rents in Francisco had fallen many de-
grees bat there was still room for further de-
cline. There appears to have been qnite panic
among capitalists and business men, some predict
ing grand crash, anarefusing to lend at any price.
The San Francisco Journal of Commerce of April
l says: @t
ssince the first laauary last trade ia afonia has IAN
guished the money market grown stringent; sales real
estate have dwindled so almost nothing and confidence be-
tween is in great measure anaihila.ed Tho
| of all this follows
| :" Tempests and floods.
"2 The dlsorgaazed Of aass that always in
country, and which renders any system in business abb
| soutely Impossible.
8. Il-adxised and enormous shipments Of merchandise
"4 The foolish operations OF few wild and extravagant
| SPECTATORS in real estate.
"5 Csoakers.
80 Tae wretched condition. Of our pcs.al arrangements
''7 The doubt that hangs relations with the
home government thus making it impossible for the newly
formed State to act with decision and prompude in pecunia
ry measures Of vital importance"
"As politics, the only feature of special interest TO the
Of the country the disposition manifested by portion
Among other things, would that the State authorities
had claimed tie revenue from Imports and ordered it be
paid into the State Treasury The Federal officers declined
a compliance"
We make room for extracts from some of the
business letters published in the New York papers
Correspondence ofhe Ne,c York Commercial Advertiser
EXCHANGE OFFICE OF JAMES KING VIM.
San Francisco, Upper California, March 81.
Business of every description has been dull this month
The ookedor crisis to have arrived Merchan
disc of every kind is unsaeabe any thing like fair
At auction, sacrifices have been made Lumber,
which three months ago brought $500 $3.50 easily, has
been sold ashore at $40 per M.
In the money market the of interest may be quoted still
10 per cent per month, for have yet got
tain less rate. Money, however, is heary Pery little
good paper offering, and the Of interest 60
down. The truth i there present business that will
ii justify paying the former rates.
Through the winter city becomes crowded with po
pulaon from the mines, well by immigration from
foreign countries and from the States The former
willing TO winter in the mines, fearing the scuIvy, c,cy
OF PROVISIONS and the unpeasantness OF working during the
rainy while the latter for the reason,
tented to remsin here and work for what they get until
fine weather sets The ngress of many strangers
ated demand for houses and carpenters and the price of
lumber was kept up, and with wages Eating houses sprung
up not at every corner but at every step Large hotels and
restaurants, furnished exavagany, got under
way, and for time fourshed Their day is past. For
week scarcely day passed That hotel frs, class
restaurant did not close, and the eating houses without
number, @.u ."
Competition among mechanics soon brought down tie price
of wages. The has destroyed the retail trade Of
merchants. A man cannot live here without money and
those who mechanics and without money suf
cient to enter business turned camen aboes Carng
has been contemplate business here during the winter. It
quite hing for team to clear S75 and SlOO
day. Cartng too has suffered, and $50 Fer day good
| average
As the rainy passed ", and the promise of er
weather seemed BETTER redundant population started for
the mines The river steamboats, reaped their harvest from
the dense crowds who packed their cabins and decks In
few weeks city has become depopuated Houses let
be wherever the turns every Land
lords stood awhile for rents but useless Rents
down. down. down; or, more properly speaking the prices
asked down. for comparatively few have been rerented
When change in business affairs may be looked for is
difficult to say. The accession the mining population
must later, the stock present in the
mines That OF course, will create demand but nothng
in opinion, but another immigration land and sea-
like that OF last year. produce any thing like approach
to the former state of things.
One OF Oldest and respectable firms have closed
doors and made assignment It is supposed they have
property amply sufficient all demands against them.
They highly respected here and have the sympahes of
the entire community Very respectfully,
".|~ JAS KISs, Of William.
Correspondence Of the " Y. Journal of Commerce.
SENATE CHAMBER, SAN JosE, March 20, 1850.
The Legislature of California is still in session, though
both branches have passed resolution adjourn the 10th
Of April The session will probably be protraced, Judge
from the amount of business yet be aced upon or
two beyond that period.
Nearly two hundred bills have been introduced during the
pres session, about wothds of which have already
laws. Some of them of very mpotan and very
vouminous character One reported from the Judiciary Com
mltee OF the Senate to regulate proceedings in criminal
numbers us sections and another reported by Mr..
Crosby, from the Judiciary Committee Of the Senate, tto
regulate practice in the Courts of Record numbers nearly
400 sections Several Others passed be passed. also
arIy equally voluminous.
Our loan bill for million Of dollars has proved availa-
ble bid having been made within the time prescribed aud
of the prescribed character bill has 10 consequence
been introduced into the Senate to-day by General Green
chairman of the Finance Committee, which will undoubed.
y become law, authorizing the Governor and Treasurer
to negotiate, at the earliest practicable PERIOD loan Of
OOO for twenty bearing per cent, interest,"
such place places such they may deem advsa
be the act to remain in full force until the object shall have
been attained This oan to capitalists in the Northern
States, would 10 be desirable investment, when
the fact is taken into consideration that ample provision
made in the revenue and bills passed and to be passed.
for the prompt payment of the interest thereon semi annual
y and the further important fact thai future Legislature
Con, by prohibition of the constitution, increase The amount
this Indebtedness except authority be given them To do SO
by direct vote of the people, State debt of Sl3oOOoO
with the which she and the brilliant
prospects before her. must be considered small matter for
California, the high salaries fixed for oil the important offices
Of the State, civil and judicial notwithstanding these high
salaries will he gradually, doubt reduced, as the popua
lion of the State increases and the price OF living and Of
labor comes down to its proper standard. ...
ESrEpparsE A small schooner, of five and half tons
Emf Of