The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-07-16

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tempted TO INCEST all they possessed either In
the acquire Ment Of land or 10 the construction
OF stores and houses. In this way most Of the
capital Of the merchants Of the colony got
locked up, and became unavailable in the event
OF sudden commercial pressure. the crisis
afrived az soon as it was discovered that the
building mania I'd been carried to such an extent
az almost to anticipate the wants OF another ge-
neration. The value Of land, OF houses, Of goods,
and consequently Of labor itself, became at once
fearfully deprecated. Notwithstanding the
no relief could be expected from that quarter.
Of the immense values thus obtained, little or
nothing remained in the country. They were
exported to England, either to furnish meaus
or carrying on an immigration which was I'M
productive in it's results, or for the supply Of
jmportatioDs for which there was no demand
twas the repetition. in fact, of the same causes
and effects which had previously presented
uch singular commercial and social phenomena
in California. Whilst both countries were rails
ing prodgious amounts of gold from their soil,
they were suffering all the anxiety and distress
Of the most complete financial exhaustion. From
this state Of depression, which has weighed
heavily upon every class and interest,
this fine colony is only slowly recovering.
1t will be years, perhaps, before the re-
action which has set in will be complete.
For the lower class of emigrants, Australia
holds out at the present moment less encourage
ment than almost any other of the colonial pos
sessions of Great Britain. The labor market is
overstocked there, and it will be months before
any sensible improvement can be expected to
take place in it.
To counterbalance this gloomy picture, the
opinion entertained by Mr.. Hargreaves, in oppo-
sition to the belief of most other mineralogists
that the auriferous resources OF the colony are
inexhauHtible, is daily receiving confirmation
from fresh discoveries. Whilst the extent of
the alluvin deposits defes conjecture, the quartz
sources Of wealth. If we are to believe report,
the Australian quartz produces much larger
per centage Of gold than that of California, and
that this branch Of mining is consequently
likely to prove much more profitable than with
us. From these facts we are justified 10 arriv-
ing at the conclusion, that however much the
errors Of speculation incident to the sudden
growth and expansion Of the colony may for the
moment press upon its population, nothing can
arrest the progress which they
are making towards a position of complete po-
litical and commercial independence.
The mistaken policy of the mother country
lie, as we have already stated, driving them,
nolens uolens towards the first of these results.
The ignorance and faulty Of the men who
direct the colonial affairs of Great Britain, and
the incompetence of the administrators whom
they send out, are filing up, by acts Of willful
tyranny and oppression, the measure Of discon-
tent which their blunders had already excited
The particulars of the BallarAt revolt have
already been laid before our readers. It was
an outbreak caused by the imposition of what
was considered an unfair tax on the miners,
as well as by the despotic way in which it was
sought to be enforced. Some of the ringlead-
ers in this affair were prosecuted by the Attor-
ney General, on a charge of high treason.
Twice have Melbourne juries refused to CON-
firm by verdict of guilty an indictment
which attributed to the prisoners design to
subvert the Queens authority. Their offence
was simply resistance against such harsh and
tyrannical exercise of power on the part of
official subordinates as would have stirred up
the blood Of the most Loyalty disposed. Not
withstandiDg this significant and disgracefui
check, the crown prosecutor, it seems, intends
to persevere with these State trials. It is un-
necessary to say that he will again get beaten,
and that the effect Of his persistence will only
be to weaken the authority Of government
Add to these causes Of discomfort and heart
burning the dissatisfaction occasioned by the
delay of the promised constitution, which was
to have guaranteed the political liberties Of
the colonists, and we have all the elements Of
our past. When the struggle ones with the
mother country, as sooner or - it must, it
is to be hoped that Australia will be as fortu-
nate in the choice of it's new institutions as we
have been in ours.
MORE CONVENTIONS = YOUNG AFRICA AND
WoMENs RIGHrs.-We publish in our impress
sion OF to-day, copies Of three remarkable docu-
ments. They include some Of the most progress
sive ideas Of this progressive age First is
call for National Convention of negroes at
Philadelphia; second, for State Convention OF
the same oppressed persons at Troy, aud last,
an appeal from the Womans Rights State
Committee-two men in petticoats and five
women in trowsers-calling upon all the sisters
to rally for the right of suffrage in Convention
at Saratoga Springs.
It's difficult we know, to look at all these pro-
nnneiament0s without smiling at some of the
sbsurdities expressed in them, and without en-
tertaipiDg some doubts as to the sanity Of these
psrsevering people, who hope, by resolutions and
spppches TO effect a radical change in the very