The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-06-20
The Effect of the Confiagration.

TFrom the Pacific News, May 10
The question is frequently asked, what will be
the effect upon business Of the confagration which
has devastated so large portion of our city The
answer to it is matter of serious concern. That
the fire has utterly ruined many, worry many, Is
a lanentable fact but there are hundreds who,
thou Frustrated for the present, not entirely
ruined. Much Of the business property OF our city,
for some time to come, will depend upon the for
bearance of those who hold the liabilities of the
unfortunate sufferers BY the conlagration.
1t has been sug sested that an extra session OF
the Legislature should be called with view TO the
passage of "stop law" having for its object the
prevention of the forcible collection of demands for
twelvemonth. Bat any one who looks at such a
proposition coolly, must at once come to the con-
cusion that it would be quite as dis tstrous as the
recent disaster. All that San Francisco requires to
enable her in short time TO assume her wonte !
business position, is confidence in the integrity aud
recuperatiye energies of her citizens. A stop
law" could have no other effect than TO weaken, in
stead of restoring confidence. 1t would open the
door for fraud and rascality of every kind; and
while it might be of great service to many who
will eventually pay to the uttermost farthng, II
unmoe sted by civil prosecution, it would enable a
far greater number to take advantage of such a
policy to defraud their creditors, by putting their
property beyond the reach of execution
The only instance on record, We believe, where
such act has been resorted to, was during the
French revolution and its results the msst dis
astrous. Each man suspected his neignbor, we'll
knowing that pecuniary obligations must be voiun.
business confidence dissipated. Such, also,
would be the effect here to quite great an extent
In saying this, do not suppose that any such &C
ton will be had by the Legislature that it has been
seriously discussed, we know.
As we before remarked, all that is required now,
to put business in a comparatively full tide Of sue
III short time, is confidence and forbearance
san Francisco can and will retrieve her present
disastrous fortune; but, in order to do this, our
bankers and moneyed men who hold securities, must
be patient. To enforce payment now, would drive
men of energy and enterprise to seek other iocai-
ties to escape further ruin and legal oppression.
Give them but fair opportunity nd they will pay
every dollar and fulfil every contract. They cannot
be kept down, will they themselves be content
to remain inactive. A momentary cessation of bu
sihess will necessarily follow the disaster, but
short time only win be required to restore the
wonted commercial activity and prosperity. No
other city in the world but san Francisco could pass
through the fiery ordeals which have many
time. been called upon to chronicle, and yet
rise, PhGnix-like, with power renewed and ener-
gies uncnppled. 1t has done it in the past, and
will accomplish the like in the future. glorious
career is before her yet. A few months at most
will dissipate th effects Of the destructive
confs grafton and her will again be onward.