, 1855-05-26
From the San Francisco Herald
San FranciscO--CalifOInia.

! Another dark SHADOW las tallcR on the
prosperity Of San Francisco. In conse-
queEcc Of Tie suspension Of the House Of
Page & Bacon at ST. Louis aud New York,
the effects Of the House Of Page Bacon
K Co., in this ,ity were yesterday attach
cd, and the bank was closed. This blow
has fallen upon the partner. here 1T Il time
when they were again launching ont on Il
full tide Of success. 1t was but Tuesday
that their remittances amounted to the
large sum Of three hundred thousand dol-
lars, and before evening OF the same day
they had intelligence of the wreck of their
business in the East.
Whatever losses individuals may suffer
from this last failure, which viii he little,
if any, is the least important feature Of this
calamity The public confidence, which
was ericvously shaken ly the former fail.
urCs, had lTcn in great measure restored
by the resumption Of business by Page,
Bacon & Co. Men had almost ceased to
look back upon past LOSES, and had begun
to look forward to future gains Cheerful
ness had in great measure taken he place
of depression, and husilng, healthy in
dustry had succeeded to the paralysis in-
duccd ly the stunning crash that took
place two months ago. This cheeriulncss,
this hopefnlness, this enterprise, has now
received a blow the effect Of which We
scarcely dare 10 conjecture.
There is noticible in all this, one prom
inent and remarkable feature: The Cali
lorna House has been ruined by no fault
of its own, but by its connection with the
Eastern Houses. From the East come oil
our misfortunes, oil our losses, all our trou-
blcs and yet with a malcvolcnce that
knows no stint, with rancor that knows
no abatement, the stock ;jobbers and Shy
locks Of that section, slander the character
Of our state, Of our merchants, Of our peo;
pie. They heap injurious imputations upon
our citizens for those very things that their
own rascality or recklessness has brought
about.
1t is now at length time that California
should cease to initiate the wealth Of those
at the East and receive in return their con-
tumily and abuse. Can We not make one
vigorous determined and combined effort, =
mechanics, professional men and property
holders-citizens of every class and calling,
to keep the money made in California
here within the state, for the improvement
of its cities, for the development of its re-
sources, and for the use and enjoyment of
its people ? We produce now two Of the
three great staples Of commerce-corn and
bullion. We can produce the other great
staple-cotton- we but make the trial
In two years we can have the balance Of
trade twice as largely in our favor ns it has
hitherto been nominally against us. We
want none Of the breadstuffs from the East.
We now raise a superaLundance for our
own use, and we shall be exporting -four
in large quantities before many months
Whether under the present policy Of this
State, cotton-growing could be largely
prosecuted TO advantage, is question we
will not at present discuss ; but that our
soil is as capable Of growing good cotton
as Texas or Mississippi, has been already
demonstrated by experiments made by Ma
Ijor Reading. II, then, combined effort
he made by our citizens to developc the
great natural resources of the State and to
foster California industry in cvcfg branch
of business, and especially the farming in
terest, we shall very soon be relieved from
the effects of these repeated bank failures,
and be in proud position of financial in
dependence and prosperity. We must
cease TO think ourselves dependent on the
East and above all we must not fritter
away the energies that can be SO advanta-
togeously used for the advancement of the
Stale and in retrieving the fortunes of its
citizens, in idle party squabbles.