Kansas weekly herald., 1855-08-04

commercial and financial depression.-
Real estate In the city, which, perhaps from
circumstances, is the truest indication of
our money. market and state of trade, is
worth, Ia the market, about one half its
prices a year ago, and not much more than
one fourth Its prices In 1852 and 8. Since
February last, the Banking estab blishments
of Page, Bacon & Co., Adams & Co.. Robin
son & Co., and A. S. Wright have lost mil
lions to the people, and within the last few
months, since then, the mercantile failures
would amount TO clear loss to their credi-
tors of very near million and half of
dollars. During all this financial embar-
rassment, we have seen suddenly brought
about one of the most astonishing revolu-
Ftions of trade in the commercial history of
our country. We are actually doing a
brisk trade in re-shippi,sg goods to .NesD
York; and our last commercial adyices
from the East imply that profitable trade
may be started by the expectation frem
California of grain to New York or
Emope. By our last Atlantic dates to the
.2Ist April, we learn that but two vessels
had cleared for San Francisco-one from
Boston and one from New York. The
fact is not only that our importing trade has
been vastly overdone; bat that from the ex-
.raordinary fertility of our lands and the de-
cline IN wages, we can actually afford to
produce, for expectation, wheat and -four.
This trade, however, can never be done at
the excessive profits and be the subject
OF. large spsculations, as marked the early
trade of our country when we imported
everything; it must be quiet trade, yield
ing small but fair profits, but totally unlike
the large transactions to which our mer-
chants have become accustomed. 1t has
come to the pass that our merchants must
bring themselves down to this, OF in their
eagerness for large profits and their perse-
Verence IN their old course of trade, they
must rush on to ruin and bankruptcy.
Although our gold product has not SEN
sibly decreased, there is, however, an eyi-
dent depression In the mining interest in
the State. There are no mining stocks
whatever offered In our market, and for
eign capitalists seem to be utterly disguised
with investments in mining operations-
The immense capital which has been invest
ed In this State In quartz mining, princi-
pally by English companies, has, from
niis-managemeni or other causes resulted
IN such utter failure that any further IN
vestments TO any extent in mining opera
tons of this sort cannot be entertained.
A correspondent from up the country
writes as follows in relation to these quartz
mining speeulations
There are many Quartz Companies in the
country that are worthless, and many with mills
attached to them the results of the inexperience
and mad speculation of 1880. I counted five
II "a
on Deer Creek but few days ago. The build
lngs are still there with their useless machine
~, so many monuments TO pioneer Quartz Min
ing. The "Ural Companyo mill is used as
hog pen by some placer miners living near by
The machinery is rusted till unfit for use and
the ledge of quartz they built their hopes on is
not worth sjumping.o The ssFremont Mining
Conpany's'' mill, containing two fine engines,
large tubular boiler and twenty-four stamps, is
IN eqnal as bad condition and the ledge is
worthless. Next, but not least, is the famous
humbug Bunker Hill Mill, with It's towering
chimney, each brick having cost the sum of one
dollar delivered at Sacramento.
The mineral resources of California are
immense; but they can never be properly
developed without capital, and until they
have recovered from the effects OF our spec
ulatlon and the mis-rnanagement of our
Quartz and Ditch Companies. The large
mining operations of the country are at
present very much depressed it is impos-
slble to get capitalists to invest in them, and
we hear Of but few companies undertaking
works of any magnitude as formerly in
Ditching, Tunnelling, etc. The mining
companies all over the State do not pay
higher wages than So per day to the hand.
which is falling off of about forty per
cent; although this may not show any par
ticular depression in the mining interest,
as the wages of every class and kind of la
Dor have gone down with everything else
IN the country.
Having indulged in some general refec-
tions on the financial, commercial and min
ing interests of California, might be ex-
pected to say some little of the news which
have transpiEed and the topics which have
chiefly attracted public attention within the
last fortnight. These, however, have been
almost exclusively political, the city having
just passed through the contest and excite
men. of municipal election, in which the
whole State became deeply interested as
the forerunner of the fall elections. The
Know Nothings elected only minority of
their ticket, while the Democratic party,
the Boilers and 'sBogueses" having uni
ted In a spirit of reconciliation, and the par
ty being further strengthened by sFree-
dom's Phalanx," an Anti Know. Nothing
league, carried the day, and elected the
mayor, the chief executive officers and a
majority of their ticket. Both parties are
now preparing for the fall election, at
which State Governor is to be elected
The Democratic convention to make NOM
nations is TO be held on the 9th instant.
at Sacramento City. Gov. Bigler and Mr.
Washington, editor of the ISnles e. Trans
CRYPT of this city, will probable be the can
didates for Governor before the convention,
while it is said that the K. Ms. will nomi-