Evening star. [volume] (Washington, D.C.) 1854-1972, 1855-03-22
WARRINGTON NEWS AND GOSSIP.

The Monetary State Of California Tie
news CT the very general " smaeh up' in Cal.
ifornia over which the Auantic.sids nswsps-
pers are now specializing, took few we'll In.
formed men In this city BY surprise. II has
long been known here, that sxtravagsncs and
speculation are the two leading characteristic tics
of the business habits Of our brethren In that
far western quarter. Characteristics incident
to the fact that they are Americans, and,
therefore, by constitutional habit, reckless in
business operations, and exist among circam-
stances, more likely to superinducs needless
ness in expenditures than any others to be
conceived Of We do not remember ever to
have known an individual whose business was
nearly allied to gambling, who failed to be
extravsgant in his personal expenditures-to
trust to lack All the world are aware that
nothing can be more common in California
than extreme proverty yesterday, and full
pockets tomorrow. The newspaper accounts
of business affairs there in the last Eve years
have been little more than the jotting down Of
instances in which men have either suddenly
made or lost large sums. In any country la
which manual labor may by accident pay,
daily, hundred times as much as will support
the laborer, recklessness and an absence Of
real thrift must be marked characteristics of
those who depend on manual labor for their
bread; resulting, eventually, In . heavier ag-
grsgate Of lcsses-privations-th Of gains
wealth.
Gold mining in California, up to this Pc.
Rod. has been little more than gambling; for
i. has been carried on, for the most part, with.
out system on the part of those engaged in il,
and with little aid from science, which will
a measure exhausted. Then, few will con-
tinue TO follow-each man or half dozen men
without capitsl-a business in which the
chances are that one lucky day will be sue
ceeded by dozen without success
The surface gold set the community Of Cal.
ifornia to gambling and put up everything to
gambling rates or prices-money to from three
to Eve per centum a month, to be used in wha.
is termed out there, legitimate business. Phe
immediate cause of the failure of Page, Bacon
Il Co Adams & Co., and Wells, Fargo & Co -
nominally houses engaged in the express bus
mess, but really the great banking houses of
the new State-was the fact that they had
loaned ont their funds 10 parties in trade q,
from three 10 FIVE per centum per month. If
their borrowers are good, and some of the CAL
ifornia papers 60 insist, they will pay every
dollar. We anticipate no such agreeable ter
mination Of the general smash. up there how
ever. II is impossible thai the three largest
and most active banks, and half dozen with
less means, in a city Of the population and
business Of San Francisco, can suspend with
out thus producing q general crash among
their depositors whose money they have loaned
out to parties, a large Per centage of whom
stand ready, of course, to pay up, if at ell, in
deprecated obligations of the lenders We
question, however, whether these failures will
not, in the end, benefit the new State Hcr
true interest requires that her business
habits (system) shall undergo radical and
sweeping changss-shail become simulated
to the business system prevailing in older and
commercially moro prudent communities
This crash will 80 far toward bringing about
the change We indicate, which cannot fail in
turn greatly to benefit the future of those in
California who live by the sweat of the brow.
Oar sympathy is almost wholly with tt at class,
as when they are doing well, all others are
prosperous. This axiom holds good every
where in our country, and its prevalence is
really at the foundation of all We are or mo-
hope to Be a. signally happy and prosperous
people.
Liability Of Contractors FOR Transports.
ton, &c.-A case was disposed Of few days
ago at the Treasury Department, wherein a
contractor, WhO had bound himself by written
agreement to transport certain army supplies
from Fort Lssyerworth to Ell Paso, was re.
tarded on his route and was under the neeas