The daily union. [volume] (Washington [D.C.]) 1845-1857, 1850-10-27

California papers, including the following the Alta
California. the Daily Pacific News. Evening Picayune
the Herald, and the California Weekly Courier.
We have glanced over these papers. and extracted a
considerable number OF the most important items. They
will be found to possess much interest In addition 10
what we give below. we may state that we learn
from them that murders. robberes. Sc, SC, are OF
daily occurrence and have been in many instances per-
perated under circumstances OF fearful arocy. This
Il not to be wondered at in country situated Caor
fornia this time We ought, perhaps, to be aston
ished that there are not more.
Mayor Bgeow. recently wounded in the riot at Sacra
mento. is recovering.
tremendous panic has ragged among the business con-
munty, which has sprung from occasioned the failure
OF several large establishments, and shaken and nearly
Frustrated them all II has abated. and confidence is
restored.
The political world is as deeply agated there as il is
the Atlantic frontier The papers are tart, spirited,
and occasionally and vehement in their mutual
assaults They follow the example Of their elders towards
the rising sun The lines of party--of democrat and
whig-are drawn there here. although some papers
manifest good deal OF unwllngness to sanction such
proceeding Il cannot be helped they form portion Of
us, and their party distinctions must follow
All kinds Of improvements are hourshng. and the
country is fast "going ahead"
Gold is abundant as ever. and the people a tina,
modern Ophir have no doubt OF the fact that they have
found the true Aaddins lamp, We hope and trust the
castles they build will be more permanent and subsan.
a than those erected by the m, serious geni who trim
med that wondrous paent burner" The people OF San
Francisco are in ecstalies at the patlerng OF little
shower of rain. Il has been long time since they wit
messed that phenomenon They evidently do not live in
the age the region of Noas food or they would have
learned, this iRe that the "ran fell alike on the
just and the unjust" They seem TO belong to neither
class The only refreshing showers that have gladdened
their fantng hearts for long period have been such as
were vouchsafed to Danse-sho,Oers Of gold,
The RECENT FAILUREs-THE PANIc.-The business
community has been Tor the last few days thrown into
unusual state OF alarm and excitement consequence of
floating rumors OF the insolvency OF several OF the strong
est houses IN the city, well BY the failures that
have really taken place. On Saturday morning il
announced that Mr. Naxlees banking establishment had
n M ana Inc dsy run was kep
James King OF William. These houses, however, me,
the demands upon them with great prempttude and The
Saturday, the usual business hours for the accom-
mediation OF the public. similar was made on
Mr. Nagee on Friday and, having had his funds dis
Obliged TO suspend business We are glad to learn that
Mr. Nagee will be able TO meet all his Liabilities after
short period.
apprehension in the public mind the especially
they are regarded by many the precursors Of
other failures OF greater magnitude and extended
alarm is groundless We believe the other failures are
very nearly, not altogether. end, and that even
already healthy reaction has taken pace-the lapse of
the various houses that have already fallen contributing
in no small degree TO restoration OF confidence. which is
wholly incompatible with condition OF suspense, and
which could not return while they were shaking. An
other feature which is observable in these occurrences,
and which is calculated 10 restore confidence. s the
that most OF those failing possess properly sufficient
liqudaie all claims against them, and that their inso
vency merely from The scarcity OF money in the
ket Most of those houses can after lapse OF time su
hcent TO permit judicous disposal OF their properly,
sumo business, after meeting all claims against them
The causes oil these failures are manifold The back.
wardness OF the business has contributed largely
to the result. Those building after the late tres
obliged to meet the expenses OF materials and labor with
of thirty, sixty. and ninety days and these notes
they expected to be enabled to meet BY the
ment oil the business season. What should have been
the business came, and no business Their
fell due, and they unable TO meet them Ii
pected that the gold would from the mines be-
fore this time, and our merchants looked for the CON-
mencement OF the regular business before the mid
die OF August The high state OF the waters has pre-.
vented the realization OF this expectation and the cacu
lations based upon have been disappointed The very
expensive improvements OF property in the city have also
swallowed up much money that would otherwise have
been kept ah0at But than all-and we stale Il
fact winch every business man IN the community feels 10
be irue-the execrable encouragement OF the city gov
eminent has tended destroy all confidence. and 10 de-
range all the machinery OF business operations. The
taxes are such ordinary business sustain and
even tine extra expenses OF grading and filling, rendered
necessary by the grading oil The Streets such 10
render the burden very difficult to bear That there is
exsggerston this statement will appear the fact
that there many ityvaa lots in the city, the expense
OF filling which up the level OF The street will not be
less than hiriy-hve hundred dollars All these
combined have contributed 10 produce the scarcity Of
money and consequently less remotely the fail
ures recently witnessed eU
We believe there Is for apprehension as to
the future. The various preparations for active business
operations are complete, and the bullion must
flow in from the mines. The worst crisis has passed
over and without the very fatal results first anticipated
business transactions for few days, but il must be
remembered that San Francisco must either do business
or FALL That there few who, II pressed bard,
would be somewhat embarrassed 10 meet their engage
menss al once, not prepared TO deny at the
time we very much doubt il there many doubtful
business men whose insolvency would materially affect
the community. The rents will now soon come in TO
the payment OF heavy eghts have stripped OF funds for
the present the opening OF the tall trade will soon afford
an opportunity to realize on their cobsgnments.
On the wboe we no just cause AT present Tor panic
and 10 create needless would be most fatal mis-
take. We trust there will be no more rumors There
could be nothing at present mischcvous than the
vague reports which have for days past been 6oa
thor ShouId business proceed ts, ordinsry channel
every thing will 20 on well alter few days To the
bodne-s and temerty that characterized the Transaction
OF business here last water have succeeded
sve nidy and caution, which have caused all bust
operations to be contracted The one extreme Is as