The southern press. [volume] (Washington [D.C.]) 1850-1852, 1850-10-21
MATTERS ON THE PACIFIC SIDE.

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MATTERS ON THE PACIFIC SIDE.
From the Pacific .Ns,cs, Of September AL
Since the sailing Of the last steamer for the
States, our city has passed through a financial
crisis and excitement which have never before
been witnessed in our midst. Immediately after
the departure of the steamer, the surprising an
nouneement was made Of the failure Of one of the
most extensive banking and trading houses, which
was followed by suspension on the part Of, two
other houses, and one private banker. These fail
ures-or as they may be more properly called lin all
but one or two instances, suspensions-capsed an
unusual excitement in business circles. Deposlters
Immediately commenced "run" upon the other
banking houses, which continued for two or three
days, but without any disastrous results. Checks
were promptly paid to the fullest extent, with the
exception of one house, which closed on the
second day. Confidence now seems in great
measure to be again restored, and those bankers
which have passed through the ordeal, may now
be regarded as occupying better position than
before.
Another subject which has engrossed much at
tention, and which is still regarded as one Of great
Importance to the State, is that Of calling an extra
session Of the Legislature, with view to consult
upon matters connected with the financial embar-
easements under which California finds herself
laboring. One principal reason for such course,
is found in the fact that, under the constitution, the
first Legislature alone has the power to authorize
and negotiate loan, To do this, would require
an extra session, and the matter has been gravely
agitated, without, as yet, coming to any decision.
A call has cen numerously signed for public
meeting, but no day yet designated for Its as
sembling. 1t will, undoubtedly, be deferred until
after the next advces from the States, some eight
days hence. Hope still encourages us that Con-
gress will yet do something in regard to our
admission before its adjournment. If 1t does not,
w xUOnl undertake. for the course
of California.
The people Of California still look with interest
to the action Of Congress touching the question of
admission, and are watching the course Of parties
and individuals with that closeness which 1t may
be supposed the importance Of the question natur-
ally induces. They have knocked quietly at the
door of the Union for admission, and have waited
with all the patience of law abiding Americans for
an answer to the summons-one way or the other.
Which it shall be- let Congress elect, and then It
will be time for California to act accordingly.
THE next news from the Atlantic gave the Cali
fornians the intelligence OF their admission to the
Union.--Ed. He,ald.l
Nominations being made throughout the
State, Of candidates to be supported at the ensuing
election for the various State, district, and county
Offices The election takes place on the seventh
of next month, and will assume fur more of party
feature than former similar contests. AS gene
raj thing, we have no doubt judicious selections
of candidates will be made by both parties. Men
see the Importance, in view OF a contingency that
may arise, of filling the places of trust with men
who will act promptly and decidedly:
The expedition which sailed in July last to the
klamath and Umpqua rivers, has been far more
successful than was generally anticipated. Many
new discoveries were made, and information
gained in regard TO region Of which but little has
heretofore been known, and which cannot fail o!
being Of much practical use in the future. The
company entered pre-empton claims, marked out
l.r,, taftl aI. Mn
Der to occupy in their absence, and prepare for
return of much larger force. They discovered
several rich placers of gold, some Of the ore from
which has been exhibited to us. The company
express their firm conviction that the south fork
of Umpqua and Rogues rivers are as rich in gold
as any rivers in California.
From Oregon we have encouraging accounts of
prosperity. New towns springing up at every
accessible point, and commercial interest being
awakened that is highly commendable. The fire.
quency Of communication by steam between Cali
ornia and Oregon, strongly Identifies their inter
sts We shall receive the lumber and -four from
our more northern neighbors, and, in return, send
fornia.
improvements in San Francisco are now going
forward with greater rapidly than ever. The
I" burnt district " is completely covered with
buildings, many Of them being two, three and four
story brick blocks that would not disgrace a city
The streets are being graded panked and drained,
and other desirable preparations made for the rainy
season, which is near at hand.
Business is generally bracing up, and assuming
better tone. The city scrip, which has been
from twenty to thirty cents below par, is advan
cling in the market, and the probability is, that
taxes sufficient will be collected to redeem every
dollar of it maturity. The assessors have
completed their labors, and but little time will
elapse before our exhausted city treasury will be
replenished.
MONETARY EXCITEMENT IN CALIFORNIA.
From, the Alta California, Sept. 8.
We regret that our columns to-day must contain
the announcement Of the assignment Of Henry M.
Naglee, one Of the oldest of our bankers This,
in connection with the other stoppages and
signments witch have recently been made, caused
quite panic yesterday, and there was general
run upon all those having money on deposit
The first run commenced on Thursday, and was
confined almost entirely to the banking house of
James King Of William. The drafts on that
banker were very heavy on that day. On Friday,
very little was drawn from him, the tide having
set against Messrs. Burgoyne q Co., and Henry
M. Naglee, and continued all that day. On
Saturday morning, at o'clock, Mr.. Naglee's
doors remained closed, while the other houses
opened. He had suspended.
The consequence was an immediate rush to Bup-
goyne G. Co., James King Of William, and Wells
& Co. Deposiors drew very freely from the two
former, who paid out as fast as possible, convert
ing all hands into paying tellers. There was not
so large a call on Wells & Co., though a large
amount was paid out by them. 1t being the third
days probation of Mr. King, the crowd with him
was not so great as might have been expected.
At Burgoyne Co.'S, there was large crowd the
whole day, resembling more the gathering at the
Post Office on the arrival Of mail steamer, than
anything else we compare it to- Mr.. Plume
acted like man, and banker who understood
his business. He posted up a notice that he
would keep open to accommodate the public until
six o'clock, Gan hour later than usual, and also
that his bank would be open on Sunday
We admire the spunk which dictated these offers.
Mr.. Plume repeatedly requested those in the crowd
not having checks, to give way to those who had.
We noticed number Of women about Burgoyne
& Co. s doors. The excitement was confined TO
no sex.
We heard a number of persons congratulatng
Mr.. King OH the perfect nonchalance with which
he met all demands. 1t was amusing to stand by
and hear the excuses made for Withdrawing de-
posits. Some were poinp IN Panama and some