The sun. [volume] (New York [N.Y.]) 1833-1916, 1870-02-11

FINANCIAL AND COMMERCIAL.
According to the last holf yesry reports of the nine
savings and loan societies in the city OF San Fran
CISCO, their accounts stood a. tolows ,,o,,,o
California Trust Company
Dtposits...."..t &C., ssii Cash on hand. H,o2e
Bank Of California.
Deposits. $500 900 Cash on hsrd... Como
RecopnllGtor.
,63s So Cash on hand. ASIAN
Deposits eencicrt... .s2lsllim
The deposits deficient In the nine country banks,
and the private city banks, will swell the amount TO
upwards OF s30,0OO,00O 1t requires no figures to
coast to make up this deficiency in the event OF
run" sustained for single week. Nor ooud re.
upon such collateral as the BANKS here have to offer.
The samc causes which have made the national cur
rency Infamous here. have
SHAKEN TIE PUBLIC coYFiptScE
in the rational bonds, vorv few Of which arc
held In this State. The policy ~ the BANK, az al
ready explained has been to make real estate In the
city OF san Francisco the almost exclusive colatc-
rails for the employment OF the funds Of the savings
banks, which sre all under It's control. This has
been the machinery by which this description of
property has been inflated beyond all reasonable
Unite, greatly to the benefit Of the Bank Ring"
who are all
TnE LARGEST SPECTATORS IN REAL ESTATE.
ThisarranGcmcnt gave the Bank the opportunity to
pursue the opposite policy, and to use it, funds e1sl
made tie revenue enormous Turing the days when
stocks were active, because sock speculatons here
nothing more nor les than the most reckless gam,
bling. Those engaged chasing the wild cat were
as mad rs those who "h back the tiger at tie
monte table, and paid from three TO I'VE per
CARRY STOCKS ron RISE.
The Directors Of the Bank being also dir 'ctors Of
nearly all the mines the stocks Of which were sold
themselves. and by this means thousands Of persons
have been ruined. Under such condition OF affairs
It were impossible for manufactures or trade to
flourish because business men could not afford to
pay as much rental for money as reckless speenla
tors. The completion OF the Pacific Railroad broke
up this whole system by enabling the merchants and
manufacturers Of New York and chicago to supply
this market with all descriptions OF goods cheaper
than the local importers and in less han slI months
IN the deplorlble condition It now presents.
The following figures showing the causes that pro
duccd this result are compiled from oical records
Carriers Real Estate Circular for 1853 shows that
sales Of this clase OF property were made during
| That year to the amount of t9g,931, M The Tax
Collectors report for the same year shows the total
ynae Of real estate In the city and county 70 be
$50 Gle that more than onehalf this class OF
| property changed hands during the year, or some
| parcels changed hands number Of times.
| The paper issued by the Mining and Stock Boards
,4Si The product OF the mines, While CO m.
prsed 1he bulk OF these sales, was less than $1,000,
600 The depreciation IN value OF these stocks during
the year exceeded 100000.
The deposits Of bullion at the mint at San Fran
cisco during 1869 were only sii 0og ounces Of gold,
against SIS iSl ounces In 1863 snd pF qf ounces In
1857, showing marked falling OF In the yield OF the
| mines.
The coinage during 1869 was s13 $50, 600. against
fiI1G0.0O0 IN lsGs, and $40 5.635 In 1861 while
lne orts OF treasure included S19l5U21. watch,
'ogether with the Ss,9iO,2s6 paid Tor customs tx.
ce''ed the coinage OF the year nv 81 9d8i3 These
figures afford solution TO the enigma presented by
a small community producing gold enough 10 con.
duet the business OF tho word, having not sufficient
| for It's own use.
The cause Of this unnatural state OF ST ire Il so
clearly raceAble TO our pcrnicious financial systcm,
and the corruptng Influence ot the Back Of Cab
orna. that We ha as public beBcfciur all who Will
ala u IN exposing and thus destroying the curse thai
! hgveis over our young state.