New Orleans Republican., 1875-09-07

of the Bank OF California and the suicide OF
Ralston will prove 70 be of great benefit TO
the people anu interests OF the Paeihc Slope
There has been a great shock. there will ht
serious individual losses; the failure will put
an end TO much apparent prosperity, ana
there will be a general apprehension that
the disappearance OF Ralston from the
scene will check the development Of the
country, But large part Of the prosperity
| identified vita the Bank of California has
| been delusive, and the development and
| progress associated with Ralstons enter
prise have been morbid and overstraiued
| All his enterprise was in the direction OF
| centralized absorption. of which he was
| the head and f-ont. The Bank, of Cali
| tornia was the central power in great
variety of gigantic gambling schemes that
absorbed the profits or dictated values
of that entire section of the country. 1t
was d sort of enormous devil fish that
reached out its tentscies throughout the
| Pacific States, and fastened them upon
everything that had life and fresh blood.
Ralston was the despot of the rich region
which is so much cut of from the rest OF
the country by distance and customs as to
be almost a separate nation. He was mer-
oiless in the exercise of his power. He had
princely hospitality for strangers, and
royal giaoiousness for his ''crowd" OF friends
and courtiers, but he was utterly relen tless
in his treatment of all vino opposed or
criticised him. The people of San Fran
cisco who felt his tyranny and fretted
under it dared not speak OF it above a
whisper, and then only under the ban Of
confidence and secresy. The newspaper
press was silenced equally by fear or gain.
| RalstOn was absolute. His power extend
ed far beyond the Bank of California,
which was merely the nucleus of his opera
| tions and the rendezvous OF the "crowd"
| he had gathered about him. He dictated
the rafna nf pt and Nntrnllad tho
commOdaticns of nearly all the banks.
Merchants miners, speculators, real estate
dealers, smaller bankers, hotels, railroads,
steamboat lines, farmers and all elias sea of
business men either truckled to him or
| feared him. California has been in aa actu-
al state of bondage, from which rothing
but the collapse OF the bank and the death
| OF Ralston could have liberated it.
1t is difficult for any one who has not per-
sonally observed the subservepcy of San
Francisco and California to Ralston TO ap-
preciate the full extent of that mans des-
potism, 1t was founded primarily upon
mining interests and the land monopoly pc
culiar to that State, which Ralston defended
and promoted. He attracted about him the
great land owners and strengthened the
monopoly by practically prohibiting the
sale of land in small tracts at any price. 1t
was through this monopoly that he was able
to control the richest products of the coun-
ny aitiSuiaiiy lLc gram anu Nooi-duu
ally 1T with the control of the transportation
interests. He exercised sort of dictatorship
over the California rivers, and the whole
problem Of interior transportation was in
his hands. To this he added large infu-
ence in the trade with China Japan, the In
dies, and the Sandwich Islands The mo-
nopoly which he built up included the tea,
coffee and sugar trade. His vast influence
over the productive and industrial interests
OF California was not used for the benefit of
the State Even San Francisco was bene-
flied only inciden tally. 1t was personal
gain that absorbed his mind and ruled his
conduct, for himself and those interested
with him. The result of his plan of opera
tions was growing Capitalization, which
had the practical effect of prohibition upon
all outside of the bank clique.
The Ralstoa monopoly was hydra headed.
In addition to the control of the leg timate
production and industry of the State, it en-
deavored, with varying success, to control
the mining stocks of the State. Ralston
succeeding IN intoxicating mania fer stock
gambling in California, and particularly in
San Francisc0, that was wilder and more vi
cious than that which prevailed in Paris in
John Laws time. Raiston encouraged and
developed it with the same selfish purpose
that c0nssellsd all his actions. He de-
sired to manipulate, and to q large de-
gree succeeded in manipulating mining
stocks at his will He beared and buiisd
the market whenever he saw fit. He run IN
worthless stocks and depressed valuable
stocks to sell or buy at an advantage. The
funds deposited in the Bank of California
were constantly used to that end. He
tempted women as we'll as men into the
vice of gambling. Porters and servant
girls gsmbled in stocks as we'll as their en-
ployers and mistressts. Employers robbed
their patrons and benefactors to crafty the
passion which Ralstcn had excited. There
was more general and deep-rooted de-
moralization Of business and society on this
account than in the early days Of Califor-
mia, whom there was no society except that
Of the bar.room and faro den. Ralstop's
clique also succeeded in securing . mo
nopoly OF the quicksilver, which controlled
the value of the silver ore, weapon that
was used without stint or mercy.
politics - well as business. He bled the
state and the city whenever he could. His
clique owned the San Francisco Water
works, which he was about to force upou
the city, BY bribery of the Aldermen, at
three or four times their cost when the
crash came. He bought up Legislatures,
Common Councils and newspapers, as we'll
as the grain. the mines. and the stocks of
the state. WIZ not California and San Fran
cisco be better of without such an ineubuss
Can not the people of California we'll afford
to abandon the glitter and excitement Incl
dent to Ralston's idea Of progress for
freedom from the crushing folds Of the
python which envelopsd and bound themq
DO they not aspire to be free, 90 that .
stout arm and an honest heart may battle
Tor LIE and competency without being met
Dy overwhelming oppositions If they do,
the failure Of the Bank of California NAV
% turned to the advantage of honesty in
politics. 'deeeacy in society, and fairness in
ousiness. Bat ths people Of San Franeisoo
must Euerd themselves against the danger,
slrs.dy threateaing in soke quarters, thai
~ eespoesm non vhieh Ralston was 90
saned BY another ciique. Fcrtunafsiv IA
thc etnte Il will be hard 70 hnd anothet
zrib~ns. : ~