Butte record., 1854-04-22
From the New York Times of March 2o.A.
California Credit,


California Credit.
The last mail steamer from Cslifornis
Brought no acknowledgement from the Gov
ernor State Treasury 10 the banking firm in
this city, who advanced the January interest
on their Public Debt, after the default of their
own agents. The question of courtesy invol-
we'd in this double negligence is n minor affair.
The outlay Of 100000, or even its ultimste
H. s.. may be regarded in the light Of privats
risk, which the house here assumed on theis
voluntary faith in { tlifornia honor. The less
on VIII not be thrown away on any event
The house can Afford TO bear it now, while the
debt Of the State holds so inconsderable re-
iation to the general magnitude Of puoiic Sc
curities. in which thef, and all other bankers
and all other bankers Of responsibility in the
county, feel just pride Of credit. The exps-
iienee might hive been bonght At n much
dearer cost hereafter, when California plunges
into the railway system, and undertakes to
build her section Of the groai Pacific Road by
the exercise of her cre1iJ
But beyond the silence Of the Governor
which may be broken to the New York bankers
by subsequent maitland the inconvenience
and possible loss to Duncan. sherman & CO
there is an issne Of fict and financial manage.
ment a. well as public faith, which has bees
made up ri San Francisco and Bcnicia, ths
seat OF State Government. 10 which we desire
that plain undoubted and conclusive res-
pouse should 60 TO the good people Of Califor.
MA by the mail steamer that sails to-day
There is but one opinion here on the subject
The blame is fixed where i; Of right belongs.
mud We have confidence that in the sequel the
parties to it will be held to Just aud fearful
responsibility at home The dust with which
they attempted 10 blind their neighbors for 3
season by means OF or pGrte statements, r,sT
serve 10 cover their financial bad faith srf
schemes Of party iniquity, until Que of the la;-
ter is consumated by the election Of fsvorits
surety to the United States Senate, bat-w.
have much mistaken the good sense Of tie
people of California. if for al they srs re
brought into Judgment.
The State Treasurer. as We have remarked
made no ackn0Hled cement to the banking FRI,
here, but our Washington corrssponder. vritss
that he addressed the following note and g..
companying the affidavit to Senator Gviu:
-Nr. .Nc.NeGns TO ScnGfsr Gtcin.
OEFIcE or STATE TRrAsUEER,
Bcnicia, Cal, FAB :, 1854
Hon VIM NJ. GwIN-Deor Ssr: Not doubt.
ing your knowledge OF the recent failure %
the American Exchange Bank, in tho city CT
Aew York. to promptly pay the holders cf ~,
sc ven per cent, Civil Bonds Of this S,s;s 81.
interest which fell due on the came Oh the 6rss
day of January last, and that you mus. rssot-
saiiy feel anxious 10 kuON ths reason o. SUCK
Jailure, have thought proper to place you ia
posse>son OF the best information | csn obtain
ON the subject, md request you to take suoa
steps in giving publicity to it as you nsy des1.
proper. The accompanying srftsT!.s cVatsia
thar information.
Very truly yours.
) A MCMEANs, State TreGsurox
aTFIDAvIrs OF JONES AVID sEAp.
|, HENRY 3 JoNEs, bookkeepsr in tA,
banking house Of Messrs Palmer, Cook & Co..
OF san francisco, do solennly and truly sEe..
mat have thoroughly and carefully exar7ins.
the account between the above banking hogse
aud their correspondent in the city OF hew
\ ork, the American Exchsnge Bank, srt Ian
fully convince that the balance against tn.
American Exchange Bank Was much largs-
than was nece ssary TO meet the interest d.s
upon the California State seven per ceas civil
bonds due III the city Of New York OF tee Is,
isy january, 1854, and which tno American
tXehange Bank refused to psy. 30 help ne
God.
HSNKY 3. JoSEs, BOOK keepsr.
Sworn to and subscribed oe:ore ne tie 6ta
day Of February, A D 1854
GEORGE z. JOHNSTON, Notary Public.
/, Al GEORGE READ. cashier in the banking
house Of Palmer, Cook 4 Go Of San Frsucis-
20, d. solemnly swear the contents Of ths above
anu WIS 10 be true from ny persoal know
? ige, an after an examination Of them a, ssr
ortn So help me God
NJ. GEoRoE REAr
Sworn to and subscribed before no, ta;s eta
lay OF February, 1854
GkoRGE p. JOHNSTON, Notary Pub,io.
STATE OF CALIFORNIA,
Ofics OF Secretary Of State (
This is to certify that Geo. Johnston, vao4.
name IS siSned to the foregoing certificate OF
I'm 'avit, was at the time OF signing thereof,
iu'y commissioned Notary Public in snd fay
he county Of San Francisco, State Of Csii.or.
lia, authorised by law to administer osths and
lhlrmatIons in ali matters incident or sppsr-
aiming to the duties of his Office, sad tha. fur
ai' III and credit are due to his acts il tia. GA.
)acty
Witness my hand and the sesl Of the Stat.
It the city OF Benicia, this seventh day o. Feb
nary, A. D. 1854.
J.". DENVER, Secretary O. Stsls.
The whole of the circumstances reIstins L,
he account of Palmer, Cook & Co with th.
American Exchange Bank-now charged WITH
allure by the State Tressurer--haye been re-
erred to by the press in this city, since Il.
irrlval OF the last mail from California Tbs
general looseness of the New York accounts oe
ms hrm, not only with the bank, but wiz,
heir Old correspondents are notorious N
van ) rect. anu the point now TO be consider-3
s. whether their default was the result OF E.
lanc'ai incapacity or party recklessness
u her would be bad enougb cora;da-:-. -