Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1855-03-29
Baakrupscy a, san rrancisco.

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We have disastrous news from California;
disss'rous, but not surprising. Full details
are given on another page. There has been.
ssit 10 there receunt.d, a great "panic" in
San Froneiseo; msny OF the chief business
men bsve failed; and the worsi 10 not yet
seen. Page, Bacon g. Co, Adtms u Co,
Wells, Fargo & CO., Robinson & CO., Of the
Miner's Bank, and many Of the merchants
have fsilen. The ball was set in motion by
the failure OF Psgs g. Bacon at 81. Louis
The eminent hsuscs JUS, Dsmed, according to
the Cslifornis pa"ers, promise speedy resump-
ton. The Alta California describes il as q
sgreAt AndIoserwhelming financial crash," &
st"the svent has long been foreseen by OBJ
serving men," The cause is admirably gem
:, erslizcd by that journal, when it says that
fAthe people Of California stand in business
rcla,ien to those Of the AtlsDtic States SINH
lar to that which 10 held BY tho latter toward
the English and French They have sent
tswsy every dollar OF gold they could raise, to
pty seT manufactures and provisions produced
in o,h,r countries. They have paid for what
they could, and when cargo after cargo OF
merchandise has arrived hereof which
there Tas no possible need GcI twelve months
--yhcy have been bought up on credit, aud
held by men who hired moDry st three per
cent. month to do business on, They
grew worse ard worse, and men wcrs strain
ing every nerve to keep along, when the
news OF tho failure of Page g. Bacon srtivsd.'
The same Journal conveys tho idea that the
talked of resumpliors are doubtful.
This great event affords abundant light on
"A Ri, IL.
for granted, when mercantile community
= fsils en- masse--for that appears about the
English Of the matter-ihat their whole sys.
>ltem is rotten from the foundation. "'Tis
Hstance lends enchsHtment tJ the view and
the magnificent Intermediates OF California
and this country, the heroic overland and
oversee routes, the gold, the crimes, and the
teyered appreciation Of the scene, blind
people to the fact that California, under her
/ present policy OF producing single article,
and going thousands oil miles for most OF the
necssssries of life, cannot pay her expenses
Her gold, evsn-$sO 900 900 a year--Ioss
not keep her ahoat, for middle men and for
eigners eat i, all up. She is now temporari-
iy in difficulty, amounting TO ruin, for the
lwant OF system which shall truly make
NV 49, PShNSht CuIlHCt OpC0me
un4tf the present commercial policy of the
Union. Uatl she 10 secured in her due right
10 keep her gold il quantities for home con-
sumption, she will be habtually bankrupt,
and decay as consequence.
This news is n striking answer to the no.
.ions put forth by the new Mnssachu 8
senstor, Mr. Wilson, on the Tariff. II is
simply the result Of British Free trade
There is no use Of Disgusting the truth, and
fling the tremendous fact on to other cuu
ses than the real one. A people which does
not manufacture for itself, aud exports i,s
yoldshust 60 to ruin. There is no belp for
Nc have no faith in the assured prosper
California ss member of the Union,
our national policy is SO altered that
spe gan build up manufactures and agricul.
sure u proportion. This may no, suit Mas.
sschusetts, which has many years the start of
california and looks TO her a. England does
20 the Union in general; but it is fact which
ls not the less rue. Give us a Protective
( policy equal to all exigenciss, and California
Nessn revive and 6ourish--bu, not o,herwi,e.
Without II she will toll and sweat thst 9TH
ers may grow rich, and eat The bread of nov.
'erty and folly IN. Y. Tribune
Our readers will please bc,r in remem.
hrsnce that they have no banks, or paper mo.
ney in San Francisco, or California. We
refer to this, for the purpose of again remin.
ding some peoPl & J ,he fact that great com.
mercisl rsvulsioh-/do frequently occur where
's DO 40, exist. California, wi,hou. n
II paper money ia much more depres,.
asu is New-England, where they have a
osnkin every town. Other causes enter int,
these affairs. snd the leading ones aro set
ferih In the sboye extract from the Tribune
10. s. Journal
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