Weekly Indiana State sentinel. [volume] (Indianapolis [Ind.]) 1853-1861, 1855-05-24
State of things in San Francisco, Cal


From a correspondent of the New York
Tribune the following unfavorable picture i.
taken:
Although California has more natural re-
sources than any country 1 have ever seen
and offers great inducements TO both capital
and labor, vet with all her immense advanta-
ges she cannot prosper until there is a great
change in her public and private affairs In
the management of this city more money has
been expended than would have been neces-
sary to govern ten cities of its size in the
State of New York. 1t is estimated that the
expenditures of last year for this city and
county, including all the fees paid TO officials,
will reach two millions of dollars. And this
in population of about sixty thousand. City
warrants are now selling at 80 cents on the
dollar, with a decided downward tendency.
AT the last sitting of the Grand Jury, four
members of the City Council were presented
and one indicted for malfeasance in office.
As our State and City Bonds have found
purchasers on the Atlantic side, It might be
we'll for those who hold these evidences OF
debt to look at the manner in which they
have been created. Article 9Th of the Con-
stitution of the State has these words:
1.-The Legislature shall not in any manner
create any debt or debts, liability or liabilities,
which shall singly or in the aggregate, with
any previous debts or liabilities exceed the
sum of 100000, except in case of var to re-
pei invasion or suppress Instruction. unless
the same shall be authorized by some law for
some single object or work, &c. SC. But no
law shall take effect until at general election
it shall have been submitted to the people
and received majority of all the votes east
for and against it at such elections"
1t is claimed that none of our State debt
has been created in violation of this provision.
This city has a clause in its charter which
reads as follows
1.-THE Common Council shall not crate nor
permit to accrue any debts or liabilities which
in the aggregate with all former debts and IL
abilities shall exceed the sum of $4,000 over
and above the annual revenue Of the city,
unless the same shall be authorized by ordl-
nance for some pacific object &C., &c. But
no such ordinance shall take effect until 1t
shall have been submitted to the people and
receive majority of all the votes cast at such
an election
1t is stated, and think clearly shown, that
much of the debt of this city has been created
in express violation of law, and that Its pay
ment cannot be legally enforced. There has
been a strenuous effort in the Legislature TO
give US a reform charter, but as yet nothing
has been effected Half the Offices should
be abolished and the fees of what remain
greatly reduced. | can see no other way to
get nd of those pests called Office holders but
to destroy the nests which hsrbor them.
Although business generally was never dull
Ter than it now is, the dizziness does not arise
from any real deficiency of money IN the
country or falling offin the productions OF the
mines. The rapid decline of prices in real
estate and nearly all kinds of properay, the
losses by the bank suspensions, have so alarm
ed people that they are afraid to loan their
money at rates. And this fear is not ground
less. The securities here are Of such haz-
ardous character that but few persons can loan
money safely. Improved property, brick
stores, the best real estate, will not now bring
what the land alone cost eighteen months
since. There are not less than 80 small
dwellings in the city TO rent; and yet rents
are exorbitantly high. These houses were
built when labor and materials were worth
twice or three times as much as they now are.
Nearly all those who have built upon leased
ground have lost their Improvements, and are
considered fortunate if they lost nothing more.