New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1855-03-19
GREAT FINANCIAL CRISIS.

The suspeI zion of several of the le4oing business
houses in San Francisco, as announced above, form
the principal topic Of discussion in our flee. Tie
Ala Canfor MIA, of Feb 90, says:
The steamer which leaves this morning, for San
Juan will carry away the most disastrous ne VS. that
has been borne from shores for long long time.
Not Of property lost, ruined or despoed, but Of a
great and oven whelmng fnsncial crash. This event
has long been foreseen by observing men, IL had
been ident 10 them that the higa rents aud high
rates of interest 10 viii III the people OF California
have long submitted, must sooner or later. end 10
general tmash. The event had been precipitated by
the news from the East for had no news Yet arrived
here Of the failure of Page 4 Bacon. OF 81. Louis,
the business in this city had experienced n, material
charge up TO this time.
The people of California stand in buslnessrei.
ton to tbote Of the Atlantic States similar TO that
which is held by the latter toward the Eosllsn and
French. The people there account for their depres.
sion and distress by gay ing that they have overtraded
that they have bought more articles Of foreign
manufacture than they could psy for and the conse
queIce has been that they have gone 90, gstt ting
deeper and deeper in debt TIL the credit has snapper,
apd general bankruptcy ensued.
Tie people of California have pursued the same
course the Atlantic States that the latter have
toward England and France. They have sent away
every dollar Of geld they could raise 70 pay for
uaciBres and provisions produced in other countries.
Ttey have paid for Whist they could, and when cargo
after cargo of merchandise has arrived hereof which
there was possible need for twelve months-they
have been bought up on credit and held By men who
hired money at three per cent per month TO do bust
ress They bought them in hopes Of better times,
bu, the better times never came. They grew worse
arc verse, anc men were straning every nerve 70
keep along, when the Of the failure of Page II
Bacon arrived.
Had Ibis news arrived at an earlier period Il would
not have affected the house Of Page Bacon Il Co., of
San Francisco. But this house had e1erted itself Of
late to sustan the falling fortunes of the parent house
at TIE East end the news, coming at this tme found
il lily prepared TO stand iun. Page Bacon & Co,
Of this city, have always been entirely solvent and
We believe they are so at this day. but they csnnot
after their Efforts 10 sustain Page B,con pay off all
their crootois in day II is impossible for them 81
the pres, crisis to collect in all or han that due
them, AID which they sy shortly collect. and hence
II was Necessary for them TO suspend operations sad
some wsy of mutnsl accommodation. The report OF
the meeting of the creditors Of this firm, which ~ss
hels Aesterdsy, will be found 10 another column. IL
will be set from that that an excellent spiIt of &C.
con mediation prevailed and tia, their creditors have
plec Themselves TO mutual for be that ex
tent sbich will ensbls the house 10 open again, IL Is
sad by Wednesday next
In regard 70 the other houses that have suspended
We have no opinion % express To the ruDors ABOUT
them, whic, We hear upon the streets, We attach 20
crtcepce and indeed sttach lfe creden@e TO sny-
thrs W. hear IN relation 70 any OF them. There ns
been 20 much deliberate and a. ne believe, Siiuai
deception prsc'p 60 the public ADD the ns $50.
psrs IN regard 20 q Of he Lac fosncib dincaues
that We can stste nothing 10 regard to them on Our
own auiberify. IL 10 said By the Attorney Of NsAs'