Weekly Trinity journal., 1870-12-31
SAN FRANCISCO LETTER.
FROM OUR REGULAR CORRESPONDENT
SAY FnAxcIsco, December %, 1870.


er. Thermometer below freezing, with ice formed
on standing water every night for week to-
gether, is something so out Of the ordinary ex-
perience Of our citizens that though the days
are as delightfully."- crisp and clear os could be
wished there is a general desire manifest for a
change. Eight degrees below freezing point is
the lowest yet marked by the mercury-certain-
ly nothing to Inconvenience healthy people-yet
the complaints about its being every cold "
are so numerous that stranger would imagine
that Jack Frost was nipping us with Arctic Sc
verify.
CORNER IN QUICKSILVER.
While quicksilver in the bulk is manifesting a
downward tendency, that article in the flask has
been going up, up, up, at an alarming rate.
Within the last few months it has advanced
from fity-fye to ninety cents per pound, and
as it is entirely controlled by the Bank of Call
ifornia, there is absolutely limit to the price
that may be asked for it. The corner was ef-
fected by the simple process of unlimited capital
taking advantage Of the financial difficulties of
mine owners and was put through simultane-
ouSly in Europe and California. As the New
Almaden, the New Idra and the Reddington
Mining Companies have contracted with the
Bank for the delivery of the entire product of
their mines, the former for ten years at $35 per
flask and the latter for ten years at $40, and as
the Rothschilds have lately leased the Spanish
mines for long term the entire yield Of this
metal is in the hands of two houses who, as be-
fore remarked, can exact any price for it that
the necessities Of purchasers will compel them
to pay. There is not the least possibility Of a
reduction taking place, but on the contrary, if
the Reddngton mine suspends operations as it
is intimated it will do rather than keep to its
agreement, the value of the article may be still
further enhanced. The present product Of the
three principal mines in the State is SO, 900 TASKS
per annum. Last year the export value of our
quicksilver was close on to $500, 600. The min
ing interest is already suffering severely by this
speculative monopoly but unless some of the
new mines now opening should dcyelope richer
deposits Of cinnabar than have yet been discoy-
cred, there is no likelihood that the combina-
tion can be broken.
THE BANK OF CALIFoREIA,
which has thus sacrificed the great interest of
the Coast for its own present advantage, rules
the business and finances Of this and adjoining
States to an extent unknown in Eastern linan-
cial circles Probably no other institution in
the United States hosssuch great and dangerous
power as this one, and although it has been
used in some instances with advantage to the
community, especially in encouraging The cs-
tahishmcnt Of manufacturing industries, it is
directly responsible for many evils. The dis
lance Of our market from supply ports enables
the Bank to step in whenever there is an oppor-
tunty and purchase the whole stock of any ar
at greatly advanced rates. The corner in quick
silver is but one Of many similar instances.
Last Summcr, just before the harvest, it affected
like operation in grain sacks, clearing by the
process Sl50,00o in three weeks at the expense
Of farmers. Ten days ago it bought up every
pound Of coal nAoat in the harbor or to arrive
and the result was that every poor family in the
city needing coal Lad to pay S2 per ton more
for it in the afternoon than it was selling for in
the morning As it controls the entire sale Of
coal from the Mount Dabo mines ana not much
Of that article is On its way from foreign ports,
the price may run up several dollars ahead Of its
present value. SO it will be seen that although
it is the fashion to dccry this institution there is
good reason for it, if it were for no other cause
than that its monthly dividends of one per cent
on capital stock, so much money taken by ille-
gitimate methods from the pockets Of the pro-
ducing classes.
CHRI5TlAg.