The Portland daily press., 1866-01-03
"rhe Curse Of California. J,

1uc Dali JOSc mercury HAS ucSpOuueuL
article on the condition of California, dsclar-
.ng that nearly all the interests of that State
re on the decline, and attributing that decline
n great degree to the needlessly exorbitant
] ates of interest which there prevail The
Mercury says: l,5. f ~ -, rztEsg
Two per cent month is the vampire that
ucks out the life-blood of enterprise in this
State. With such rates of interest high rents,
and high prices generally, naturally follow
Dur mines, except those that pay large profits,
IRE left undeyeloped. We manufacture little
with far less facilities. Our farms are unim-
proved. The rich are becoming richer, and
he poor poorer. Our outgoing steamers are
eaving our State for good. The bankers and
capitalists of California. in their inordinate
reed for rapid gains, are virtually "klling
he goose that lays the golden eggs"
~ The writer denies that that there is any
ack of industrial enterprise among the, people
If California, and puts the case thus:
( We respectfully submit that 1t is neither
profitable nor possible for the people of this
state to engage in the varied manufacturing
enterprises, which are the life of Eastern
States, npon capital commanding twenty-four
JCI CCut pei uiIl llIcIcSb. w udC DTdUCu
)findustry can pay suchaa rate per cent. In ad-
iition to the heavy burden of State and ne
ional taxes? Thequestion applies with equal
il not greater force to every manner of indus
rial enterprise, excepting, of course, banking
md other forms of gambling. A farmer, rich
)lily in land, remarked to us the other day,
hat if he could obtain money at as reasona-
ole rates as it may be had in the loyal States
Che holds that we were not loyal in repudi-
ating the national currency)-he would not
hesitate to expend upon his farm from five
thousand to seven Thousand dollars in improve.
ments, which improvements would enhance
the value of his property to double the amount
expended. We could cite numbers of similar
cases. IL = ~ ~
The concluding portion of the Mercurys
article we quote as having reference to anoth-
ermatter which has been good deal discuss
ed in our columns, and as presenting some Gu
rious and novel suggestions in relation to it.
Our readers can take the suggestions for what
they consider them worth, but it strikes an
eastern observer as slightly odd that the green
back currency we are SO anxious to exchange
for one having specie basis, should be else
where actually regarded as a thing to be de-
sired: 20 ~ L..l l15~a- --
With the termination of the war we had rea-
son to expect large addition to our popula-
ton; but instead OF that the emigration has
been the other way. California ought to be,
to-day, the best State in the Union for east
ern capital to seek investment in; will some
two per cent. hard-money man inform us why
it is the poorest? With our undeveloped mines
charlottesville wealth, our advantages of soil
and climate, why is it that no business but
legalized gambling pays? Our answer would
be, Because two per cent. a month is mimi
cal to industrial pursuits. We want cheap
capital desideratum within our reach when
ever we adopt the national currency. ~
Z. Our agricultural, mining and manufacturing
interests are languishing for want of money
Our gold is sent abroad in exchange tor wares
that we should manufacture at home. We
are getting poorer every day and stupid polit-
zeal economy tell us this condition of things is
Just as it should be. IF we would not become
wholly bankrupt, we should remove the barri-
ers, and permit the currency OF the nation to
dow In upon us, reducing gold to the condition
or commodity, and agreeing one and all, to
transact our business on greenback basis.