The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1854-12-30
che Iraurllrr.
Correspondence of The Cecil Wing.
SAN FRANCISCO.
(Contuued.)

(Contuued.)
The winter of 1880 witnc ssed the first
step towards the formation of the enormous
debt Of the city. The expenditures Of De-
ccmber were Sl35, 000 and the receipts S715,-
900, leaving balance in the treasury Of
100000. In January and February the cN-
pcnditures were SOL 900 and the receipts
only $137 900, leaving deficit Of S2i ,0O0,
which was the nucleus Of the present debt.
Two thirds Of the receipts above men
toned were from the sale of city lots. The
debt then began to increase rapidly, and in
less than a year had reached 81 900 GOO.
When the treasury become exhausted script
was issued, bearing interest at the rate Of 3
per cent. per month. The credit of the city
was growing worse and worse, and script de-
prcciated until it was not worth one third Of
its nominal value. Persons having debts
against the city drew up their bills for three
times the amount, so that they might realize
from the sale Of their script the original value
Of their bills. Thus tradcsman furnishing
Il thousand dollars worth Of supplies to the
Hospital, would present his bill for $4,000,
bearing interest at the rate Of sc per cent.
per annum. When the debt was funded and
converted into 10 per cent. he received bonds
equal to the amount Of script aud interest:
that is to say if the script had run six months
the city paid him So $40, with an annual in
terest of 1854, more than one third of the
original debt. A more extraordinary speci-
men Of financiering can scarcely be conceiv-
ed. In the course Of the year 1850, the prin.
eipal streets were laid with planks. -Antici-
pating another winter like the past. the pre-
paration Of the streets was FASTENED as the
autumn advanced and when the rainy season
fecturlIy covered with wood. The winter,
however, brought but little rain, and the fires
of May and June following destroyed Il large
portion of the costly expenditure, which add
ed largely to the debt of the city. Great
efforts were made to pay OF the city debt;
the bonds were funded bearing interest at
the rate Of 10 per cent. per annum, and made
payable in twenty years, and provision made
to pay off a port on annually in the mean
time. The citizens co-operatcd earnestly
in the movement and submitted cheerfully to
the imposition of a heavy tax for the pur-
pose. The credit Of the city was at once
restored and the bonds rapidly appre catcd
to their par value. The transition from utter
and almost hopeless bankruptcy, to basis
of secure and permanent credit, and that too
after the disastrous fires of May and June,
1850 and the still more ruinous CONGREGATIONS
of May and June, 1851, which laid the city in
ashes for a second time, was rapid and cx-
exhibiting degree Of energy
rarely met with in the history Of municipal
governments. In the Spring of 1850, there
were three daily newspapers published in
the city, "Thc Alta California;" 1.-THE Pa
ciic News" and s.Thc Journal of Com
merce.'' To which were added during the
year, the 'sEvcning Pcayune,' "Herald,"
and ':Courier." In loss than one year after
wards there were eight daily papers existing |
in San Francisco. In 1854 the number had |
reached 13 for the dailes and any number of
weekly. The first election under the city |
charter was in April, 1850, when nearly |
1 900 votes were given. The second great
fire was on the 4th oil May, 1850. Three
hundred houses were destroyed, and proper
Iy to the value of nearly four millions. This
lire was supposed to be the work Of inccn-
laries. On Friday the 18th Of June came
The third great fire. Three hundred houses
and nearly three millions of dollars were lost;
his fire was the result of carelessness. Hith-
,rto nothing cfiectual had been accomplished
% secure the city against fire. But now the
most effcctual efforts were set on foot con-
'isting of the organization Of Fire Companies
md the construction Of wells and reservoirs.
Many brick buildings were erected; and
many squares Of wooden houses were taken
Town and splendid stone or bick took their
,lace. During this summer the city began
o stretch ont into the Bay. The houses we're
,uilt on piles, and no attention paid to filling
II. Vessels from all parts Of the world con-