New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1855-03-20
p.xKRuprcY AT SAN FRANCISCO.

,trous. hut not surprising. Full details are
Given on another psge. There has been, it is
there recounted, great "panic" in San Fran
cisco; msLy Of the chief business msn have
failed; ard the worst is not yet seen. Page,
Bacon & Co, Adams & Co.. Wells, Fargo & Co.,
Robinson & Co., the Miners Bank aud many OF
the merchants have fallen. The bail was set in
motion by the failure of Page & Bacon, at ST.
Louis. The eminent houses just named, accord
ing TO the California papers, promise speedy re-
sumption. The alta California describes IL IS " a
great ard overwhelming finsprisl crash, and
that the event has long been forseen by observ-
"ing men" The csuse is admirably geseralized
by that journal, when it tsys that "the people
"of California stand 10 business relation to those
oof the Atlantic States similar 70 that which is
9 held BY the later toward the English and
French. They have sent away every dollar Of
"sold they could raise, to pay for manufactures
"snd provisions produced in other countries.
They have paid for what they ccdld, and when
"csrgo after cargo OF merchandise has arrived
hereof which there was no possible need for
twelve months-they have been bought up on
"credit, snd held by men who hired mc,ey at
"three per cent. msnth to do business on.
"They bought them IN hopes Of better times, and
"better times never came. They grew worse
"sud worse, and men were strsiniDg every nerve
"to keep along, when the news of the failure of
"Psge a. Bacon arrived" The same journal
conveys ite idea tina. the talked of assumptions
are doubtful.
This great event affords abundant light on the
British Free-trade delusion. We take for
granted, when mercantile community fails
en- mss,e-- for that appears about the English of
the matter-thst their whole system is rotten
from the f undstion. "Tis distance lends en-
"cbsDtment to the view" and the magnificent
Intermediates of California and this country, tue
heroic overland and oversee routes, the gold, the
crimes, ard the fevered extemporization of the
scene, blind people to the fact that Californis,
under her present policy OF producing siogs
article, end going thousands Of miles for most Of
the necessaries Of life cannot pay her expenses.
Her gold, even-$s0, 600, 000 q year-joss not
keep Der sfOat, for middle men and foreigners
eat it all up. She Is row temporarily in diff
Guilty, amounting to ruin, for the want of sys.
TEN which shall truly make her Independent.
That she cannot become under the present CON-
mercial policy of the Union. Until she is secured
in her due tight to keep her gold in quanti-
ties for bone consumption. she will ha habitu-
ally bankrupt, and decay as consequence.
This news is a striking answer t. the notions
put for.b by the new Massachusetts, Senstor, Mr..
WllsoD, on the Tariff. 1t /. simply the result of
British Free trade. There is no use Of Disgusting
III , Truth and shutting the tremendous fact on to
other csuses thsn the real enc. A peop pie which
does NOT manufacture for itself, snd exports it's
gold, must 90 to ruin. There is no help for it.
We have no faith 10 the assured prosperity Of
California rs a member Of the Union, until our
ps'iona policy is so altered that she can build up
manufactures and agriculture In proportion. This
may 10. suit Massachusetts,, which has many
Years the start Of California aud looks TO her as
England does to the Union in general; but il 10
fact which 10 Lot the less true. Give u,a Pro.
tective policy equal to oil exieencies, and Cali
forDjs can revive aud hourish-but not other wise.
Without is she viii toll and sweat that Others may
grow rich and eas the bresd of poverty and folly.