The Empire County argus., 1855-08-11
Coloma. Saturday Morning, August II. 1855


The commercial blowers of the Ray papers are
still ndustriously at work lending their aid spec
ulators, to enable them to cheat and swindle the
country. For long time they have strained Il cir
lungs to convince Atlantic shippers that the ali.
fornia market is completely overstocked with goods.
The recent arrivals of clippers would seem to indi.
cate that their misrepresentation are well under
stood. Twelve more will be due within the present
month six in October. nine in November and five
by lst of January-adding to the present supply
about sixty thousand tons of goods Merchants in
the country need not therefore be in any hurry to
lay in winter stocks Speculative prices can not
be maintained by the blowers for any great length
Of time. On the 2d inst seven clippers arrived,
with full and assorted cargoes whereupon the Aha
on tte following day remarks
Several of our largest jobbers have been buy
ing all the goods they could lay their hands on
notwithstanding the high rates ruling in many in
stances; while Others who want the same goods
equally as much. are purchasing very sparingy.
waiting better chances when the balance Of the
feet comes in Altogether it is very mixed affair.
and we will not presume to make judgment when
SO many wise heads are in doubt"
This mixed affair is we'll explained by the S. F.
Herald, in its issue of the %. 1t says:
"1here is at present in midst large amount
of unemployed capital which, originally sent to
this country for investment on real estate security,
the agents Of which. on account OF the alleged in
security of titles and OF her safeguards, have allow
ed to remain idle Taking advantage OF
the favorable prospect existing in the future for an
appreciation in the prices of all species of mercfan-
disc for domestic consumption they have been ac-
cordingly invested for speculative purposes; hence
the very extraordinary buoyancv which has so
pre- eminently distinguished the operations Of to-
day"
The day following the Herald, speaking of Gal
lego and Haxall Flour, says:
THE inquiry for this description still continues
good but the stocks entirely in the hands of
few parties who control the market and who show
no disposition at present to break up their stocks
shall probably have chance Of quoting any
sales until prices have advanced to point infinitely
beyond that at which they rest
The whole thing is now in nutshell. The
alarmists have made themselves hoarse. in trying
to prevent the shipment Of goods from Atlantic
ports, and have sworn by every thing good and
great, that goods sufficient for the whole State for
two or three years to come. have been all the time,
and are now lying in store in San Francisco. Such
representations are manfestly false as the condl-
ton of the market abundantly proves Next for
egn capital sent here for investment real estate,
is diverted from that channel and invested in the
purchase of goods Of universal consumption so
that, notwithstanding he two years stock in hand
and the additional stock of seven cargoes arriving
on the %, we are told with great glee On the Sd.
that There is hardly an article which has not
been moved, but the principal stir appears to have
been in -four, provisions, &c
Hitherto, miners have deposited large sums with
bankers, which were by them loaned to speculat"rs.
who cut their throats--the bankers in turn, cheat
ing the miner out of every dollar. Now foreign
capital is employed to swindle immunity. Mer-
chants in the country should purchase sparingly at
present High prices Can not long he maintained,
unless the commercial scribblers have been lying
egregiousy. If they have, the cargoes to arrive
an early day, with the current produce of the
country, will unavoidably in a short time check
mate the heartlesS gambling in commercial circles
There is not particle Of confidence to be placed
in the commercial articles of city journals: they
are designed to deceive the shipper abroad and to
humbug the country dealer here. We may yet,
however, indulge the hope, that competition in
rascality will relieve the country from the oppres
sion of foreign capital, or that Providence will
soon sweep the present of spectators off the
stage, and their successors be left without credit
and compelled to transact business with leg innate
capital, and in legitimate manner.