Georgetown weekly news., 1855-05-17
Prospects of California.

To judge from the appearance of coun-
tenances on the streets the past week, one
would say Californians had lost heart. A
deep gloom hangs over tEe minds of the
business community. The failure of Page
Bacon & Co., and the knowledge that their
drafts sent to New York will be dishonored
and returned, the failures which may result
from this and the uncertainty where the
blow will fall or who will be effected to
bankruptcy by these protests, is most har-
assing and oppressive. The jocund air for
which our business men have been remark
able, has, in few months, changed into the
sombre restlessness Of deep distrust and anx-
iety. But this cannos last long. Our pros
tpects are brighter this morning than they
have been for years. Our mines are as rich
as ever; more gold is taken out; more Ger
tainly is their store seen to be inexhaustible.
Our soil is rich and productive almost be-
yond our own belief We have scarcely
learned the best methods of testing its full
est capacity, yet the stores of grain, barley,
oats and wheat, may well astonish the world.
Our waters are rich in fish and pearls, and
the mighty Pacific rolls the same promise
to our shores Of glorious and mighty COM
merce. The whale fleets which built New
Bedford and New London, will build
larger city here. Affection, wishes, nation
ality, and commerce demands Pacific Rail
road. Science will work it out 1t will be
built and our population doubled every two
years after the first blow is struck.
People are suffering in the Eastern States.
They toll hard all summer, and eat up all
the product of their labor in long, shiver-
ing winter. They will seek these milder,
healthier, more productive shores. Mechan-
les will gather here, trade and commerce
flourish, unbounded minerel riches slowly
but certainly unfolded our unsurpassed ag-
riculture-these are the facts which no
earthly potency can dethrone. Every man
of sense and discrimination sees these things
They are written on the earth, the seas, the
heavens. The greatness of the country is
only question Of time. The elements of
unsurpassed power are all here, and, when
developed and combined into harmonious
proportions by the adaptations of a homo
geneous and settled population, the loftiest
spectacle of wealth and greatness will rise
upon the world. The thing most to be fear
ed is too rapid development. We have
stimulated the growth too much. This is a
great source of the present distress.
AT first, everything which was done in
pay Immediately, it was not done. This in
duced the offer Of foreign capital. Interest
was from three to ten per cent MONTH
Men no longer confined themselves to what
they could do by themselves, but borrowed
the money at enormous rates of interest to
pursue their favorite schemes. The energies
OF the country were immense. For time
everything went well; but foreign capital,
Atlantic or European, becoming more avail
able almost every one with any basis ex-
tended himself in some enterprise. Build
ing and real estate speculations were espe-
clally stimulated. There was a vast over
production of stores and houses, and water
lots were bought and filled in at enormous
expense. They were not wanted Then,
the interest being enormous, consumed the
rents, and left no margin. A building
which cost 100000, with mortgage on it
OF $4,000, would scarcely pay the interest,
especially if without tenant for a month
or two, which often happens. Thus build
lngs which would be considered good prop
erty If free from mortgage, and would pay
one per cent. per month on cost, were really
involving the owner who had mortgaged
them for one-half the cost. Many men are
absolutely harasSed because of the over-pro-
duction stimulated by foreign capital
They either cannot rent, or their rents are
: swallowed up in interest which is sent out
OF the country. Now the crisis will settle
: some OF these debts and pay off much of this
capital. And the tendency downward will
; not stop till rates per cent bear more just
proportion to the productive industry of the
: country This will soon be, we hope
, But hard times and breaks will go on, until
enormous interest ceases to tap the vital
, fluids of society. Only let us do work for
time, and only do it as it is demanded
What is needed, will always command a
price here; what is not needed, can scarcely
| be given away. The times here are favor
} able to clear off this foreign debt The
mines are productive. The weather and
times at home are favorable to immigration
The road across the Plains will be much i'm
proved and more travelled than in years
previous.
Lime nastens our greatness sufficiently
rapid. Let US learn to live without the vi
cious stimulus of over-production, and free
ourselves from enormous rates of interest
This is being done now, and it promises
} great relief. ALTA Cal.
Ssss~ There are two things especially Low.
ed by all old soldiers flowers and children
they have been so long obliged to look up
| on the earth as field Of battle and so long
cut OH from the peaceful pleasures of a qui
ct lot that they seem to begin life at an age
when others end it. The tastes of their ear.