New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1865-07-11

Business stngnatioR-The Causes-Gold
md the National Currency isioy nj
Trnders-Resalis Of n ShOrt.sighted
Poiicy-The Pacific Rniiroad-Is Pro-
gress-The Western and Eastern Sec.
tions-The Mining Interest-The Petre.
leum Fever.
Correspondence OF The N. Y. Tribune.
lima
tional probe.

SAN FRANCISCO. June IL, 1903.
Since my arrival in California on my fifth
outward trip the opportunity TO note tie current of in
huence and has been somewhat limited but the
most casual observer cannot fail to perceive that stag
nation in oil the avenues Of trade and indsposition
TO enter upon undertakings either legitimate
speculative pervades the entire community and es
pecially effects men Of capital.
The of this dulness OF which all complain, arc
various. The most prominent diminution Of
population which is seen in the greater numbers eav
ing the State and the fewer arrivals by the steamers,
since the close of the Rebellion and by diffusion among
the aud vast mineral regions of Negada and the
Territories The most prominen. cause however, is the
effect, now becoming operative in potential manner.
OF the unpatriotc refusal OF California to adopt the
National Currency. While the premium Oh tho gold
product Of the Pacisc was high business was stimu-
lated and every prosperous. Ii very satisfac
tory these shortsghted traders and bankers thought
tn buy with greenbacks at 80 or 80 per cent discount
and sell at the higher prices in gold
The war is eDded-the harvest Of disloyal gains Is
Of those gains in diminished trade and profits rapidly
passing, with the decline of gold In relative vane iato
positive losses threatening ruin. Though gold goes
do not. California traders must therefore purchase
dear and sell without profit or at loss. else give up
trade altogether: An importer told me the other day
that IL gold declined 20 par 1t would burst him.
though he considered himself worth $4,000 and ruin
almost every business man In San Francisco.
The need OF the Pecinc states ana 1errforlcs
is the early completion of the Pacific Reilroad by
which vast mineral regions and immense tracts oi
agricultural lands will be opened TO the moro reduudent
population Of the Atlantic States aud Europe Inc
steamship monopoly il already an almost unbearabe
nuisance Those only who able 10 pay an enormous
emgrte to the Pacific side and they are but
a drop in the bucket TO those who would make their
/ homes in this highly favored land
| ON this side the Central Pacific Railroad Company
are pressing the work with unhagging energy. The
route from crameno to Salt Lake City Is almost di
rect line The terrible Snowy Mountains are crossed
at an elevation Of 1900 feet, by maximum grade Of
only los feetshoging more fayOrably In that respect
than any other mountain road In the country Over
8 900 men, With teams are cmpoyed-all that can be
worked TO adyantsge-in extending the track toward
the summit The railroad is now completed and In
operation TO Clipper Gap 80 miles from Sacramento at
an Of 500 feet BY the LIST Of October viii
be extended 10 Illinoisown, IS miles, and TO Dutch
Flint q mites in time rof the spring bpfpess OF lep
Thence on the Big Bend of tue IrGckce RIVER to
which point the road has been looated-a distance
Of IFS miles from Sacramento-the track viii b9 laid
and In operation within two years. This comprises all
the heavy work and oyercomes all the difficulties Of
I this grand enterprise. AT the Big Bend Of the
Truckee commences what Is called the Humboldt
Desert. In the distance TO Lossens Meadows ON the
Humboldt River. lO4 miles, there Is only difference OF
elevation Of go feet Following eastward from Los.
there 100 miles Of unobstruced valley. l45 OF
%h s s's o. ce per F9o 9 ana scn.
Meadows 10 Salt Lake is 45l miles. the cost Of
strueton being estimated at $4,000 per mile.
the Pacific Railroad ought to be built
at the rate Of 10 miles per day
Whatever may be said 10 routes eastward from the
SeITas. nature has settled the question Of choice IN
authoritative manner. The road must pass up the val
ley OF the Humboldt River. To defect from this would
be- to encounter dozen ranges Of mountains either Of
which would repeat the obstacles encountered In
ing the Neyadas Urge the building Of the Eastern
section Of the road where all the appliances Of rapid
construction are TO be found in snperabnndance and We
viii meet you beyond Salt Lake-l,OOO miles from
San Francisoo-within five years With energy on tie
Atlantic side equal 10 that shown by the Pacific
Company, five years will complete this gigantic Ma.
tlODal highway.
As shall pass over the mountains on the line Of
the railroad will endeavor give such facts as NAV
come under my observation Of IA special character.
The mining interest increases In imporfan and Is
attracting large amount Of Eastern capital. The
combats OF the Bulls and Bears of over
a few Of the leading stocks is but uniportant item
In the vast field 81 practical and profitable mining
Nearly all the good mines either worked by private
individuals by companies in which shares are put
upon the market II is from there tbt flow the mil.
lions that make up so large portion 0f the monthly
| shipments Of treasure.
On the steamer were ger tlcrnen on their way
to the silver mines Of Humboldt and Reese River. Il
examine develop them m tie interest Of eastern
Bigler of Pennsylvania NJ. HsD Of The White Noun
tam House N. H. and Others, Vho 90 10 invest for e
| climate mining and not for '.pecula;op
As pass into the miuern! epon it is my purpose (,
take note o. iaci ana IesJ in regard TO lie mines
data upon which 10 foy n Indictment in regard to nh
prOprety or the advv tagc of inyesno in Tho varou
mining enterprises .hat may be presented TO them
Inc peuoeum Fever, which is declining in the Allan
ic s'a,es' ssf ms to show symptoms Of virnence /,
with imiD bic amounts Of capital to bore the earil
for OIL OF tde people for money Which will pay hes
may be readily imagined. wv.