The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-09-12
THE FALL OF THE MONEY
KINGS.

| As~AooA, 40 uAoouotculy LILO SiCde v
the summer, and merits more than passing
notice. The problem of California is intimate
~ related to Ralston's career. What happen
on the Pacific coast is apt to have connection
with affairs and men in all parts of the world
because the mining of the precious metals is
in general, conducted by that class of mer
who in turn make loans to kings, befrienC
republics, and open now routes of policy to
civilization.
mean, of course, the mining capitalists
In California you find in huddle Jewish,
English, German, French and Chinese bank
ers. One OF Ralstons clerks was an accom-
plished Chinaman who kept up his Asiatie
correspondence. Familiar with this mans
responsibility and business aptness, it is no
| wonder that Ralston looked forward to China
as proximate field of immigration and com
merce, rather than to turn over his shoulder
to investigate the claims of the kingdom oil
Bryan Borroo to have the Chinese expelled
from the coast, and Mick and Paddy to be
both the interior and exterior policy of occi-
dental America.
The Irish in California, as elsewhere, are
active politicians, and they clan together;
they have accused Ralston tor many years OF
running the politics of the Pacific coast,
although it is on record that his friends have
been more frequently defeated than elected.
He was determined Republican and helped
to make Stanford governor; the Democrats
took the State soon after the war, when they
could do it no damage, and Haight and
Booth, and Jones have successfully trium-
pied over Ralston's friends. This year, with
very little question, the Democratic ticket
will be elected again. But what is to be said
hereafter, when a bank with identical capital
and power is to take the place of the Bank Of
California, owned by smaller number of
persons, the controlling interest overwhelm-
ingly Irish, and the President a son of
Andrew Jacksons Secretary of the Treasury?
Will there be less politics and less monopoly
now, and shall we hear the last'of the story
that bank is all the conscience and intelii-
gence of California?
The aggressions of Ralston are not to be
denied, and yet they arose in the natural
course of modern capital seeking to protect
itself and to gain interest Let me explain
some of these aggressions
The cause Of the prompt and rapid SETTLE
ment of California was the discovery of gold;
it drew all nationalities in, and all classes
The first contest in the State was to suppress
violence and election frauds, so that there
could not only be order and safety, but re-
publican government on the American plan.
The vigilance committee solved this prob
lem.
slavery Americans and the Northern element;
the great episode of this contest was the
death of Broderick, and the struggle termina-
ted at the outbreak of the rebellion. The
Federal power was now perfect in the State.
After that Democrats were divided into two
factions-one called the "Chirs." or native
Southerners, and the other the "Micks," or
Irish. But meantime a new power had been
in roduced-the Pacific r lilroad, the concep-
ton and work of few men in Sacramento,
whose persistence, enterprise and business
habits continued long after the original rail-
road had been completed to the coast They
began to build northward and southwark, and
speedily absorbed or extirpated the internal
navigation of the State, and even menaced
with destruction that splendid line of steam
ships which the bounty Of the government
and the profit of voyages had extended from
Panama and New York to China and Japan.
The old motto of the Earl of STAFFORD, which |
brought him to the block, thorough" is |
also the motto of the modern corporation.
The Central Pacific Railroad company de- |
signed nothing less than to furnish all the |
on the Pacific coast; it was |
not crime, but it would inevitably organize |
resistance. The Bank of California was Or
,anized in 1864; the railroad company COM
oleted it's connection five years later. Ralston
q
is officers, advancing them money at times
when the government bonds were not DUE to
Day their laborers; and he was, besides, allied
% the road by interest, as he possessed the
branch which connected the rich mines of
Nevada with the Central Pacific. Had he
the railroad they might have laid
rival line to Virginia City; but there was no
eason why he should anIagonize them, and
consequently, in the public mind. the bank
nd railroad looked to be parts of one concern,
nd whatever was aimed at Stanford was
meant for Ralston also. But it appears from
he Geographic record that there was no lack
# reciprocal generosity on the railroad part,
s Stanford has been drawn in on the banks
cceptances to the amount of S40O, 900. New
rtheless, he speaks generously of Ralston.
The State of Nevada, which Was admitted
0 the Union to strengthen the Republican
arty on the Western coast, is in every bust"
less point of view part of California, the
mining seat. Raston, whom l will hereafter
ubstiture for the bank, had immense inter-
SITS in Nevada, perpetually lmperiled by two
,cts: The little State was Democratic on a
air vote, and the interests of Ralston there
rev away from the miners large percent
&c of their profits. Here, again, it would be
ard to declare that in law or morals, the en-
loyment Of q mans money to grind up the
iCos CAIidCt LILO LACtdi, ASSAY anu | ,
} the mint could be a crime, or even politi-
al offense; but on the stump and in the
ewspapers tae possession of so much prop
rty was treated as grievous burden, and
acre again was the Central Pacific Railroad,
king what tolls it pleased on ores and pigs ,,
metals and fuel. So both Ralston and the
abroad became objects of political attack, !
nd it was vital that such interests as touched
le mines should be represented in the
nited States Senate, where the mining laws
ere amended from time to time.
The little Safe of Nevada originally sent
ames Nye and William Stewart to Washing s
'n-Nye as the popular Territorial Governor
I'D Stewart as shrewd mining lawyer Both !
them were accused of being the agents of I
le bank and OF the railroad. At the next l
,ntest Nye was replaced by Jones, formerly '
Cleveland, o., man who had made rapid
Inns of money in certain rich mines where
3 was placed as superintendent by Alvinza
award, the original great gold miner of the !
,aSt
Hayward was himself sort of Monte
risto; he had worked down into the Amador I