, 1875-09-03

a LOST OPPORTUNITY.
Tho intlntionists tecl batl'y. They hnro
lost an opportunity-a golden opportunity.
When tho news cafno of tho failure of tho
Bnnls Of California, they threw up their hats
in their exubcranco. 1t was accepted as n
demonstration that golA III q currency is no
bettor. and III fact worBo than Broonbacka. It
only needed ra,,ic nj lilo natural result Of
tho failuso Of ihia bank to convince all Tho
world Of th'a fact. But they hRvo waited In
vain. The panic llas not como. Tho people
Of tho Pacific Slope still seem to prefer solid
gold 10 rolon,ptionlcss scrip. Thoy hayo
nlado 10 motion towarl substituting tho lat
ter nj their currency. They arc still willing
to sell What they lsavc for galo md take gold
in payment. In fact gold oven isn't at dis
count. 1t aoca not 20 bobbing mp nnd down
na Il result Of tho closing OF banks doors.
Tho intlationists aro perfectly nstoundod ut MI
this, and aro very much nfra:d they will Iave
to nwait another OCCASION for proving low
much moro liablo people aro to suffer pnnic
with gold for currency thai with irrotlcom-
allie ,uoney.
When JAY CooKE L Co. failcd in 1873, tho
entire country, with tho exception Of tho
Pacific S!opo,- which Ind n sound currency,
-was thrown into commissions Tho JAY
CoogE failuro was speedily followed by other
failnrcs among banks which Ind been Gu
gagged in similar kinds of wild speculation.
1t was not many DAYS before tho banks
throughout the country vera suspending
payment, either temporarily or prominently.
The people everywhere wcro pauic.stricken.
There was n universal shrinkago Of values.
Tho 1nck of confidence put check upon
business operations of all kinds THO effects
of this single failuro, with batl currency
in tho la1ltl, aro only now-two ycnrs
beginning to disappear. Yet jar
CooEE 4 Co. wero not ns generally md
intimately connected with tho business and
prosperity Of tho East as tho Dank Of Cali
fornia was with tho pacifio States. Tho
Bank Of California was interested in nil tho
grand enterprises Of Califoruia md Noyada
1t controlled tho mines, the manufacturing,
tho products, tho transportation, aud tho
politics of San Francisco aud the State. Had
its failure followed the courso Of tie failure
Of JAY CooKE Il Co., it would havo carried
down with it pretty much NIL tho other banka
in tho Pacifc Statcs; it would hayo turned
ont cata aud dogs for azsets; it would havo
brought OIL lnrgo commercial failures, md
there would haye been u universal smash-up.
This is what ought to hayo followed, but
didn't.
Instoad Of repeating tho ha.flahirs that
attended tho failure Of jar CooEE & Co.. tho
people Of San Francisco havo been
obstinate enough In their devotion to
hard money to refuse to hnyo
penio. On tho contrnry, tho capitalists
Interested in the prosperity of the country
lnvo come forward and subscribed tlo
money necessary to pay of tho liabilities Of
tho bank in .f4N and in gogd Five gont1o-
mon havo quietly takon 81 ,ooo, 900 each in
gold. mid advanced it for that purposo. Tho
Merchants Exc'lange Bank, which closed its
doors temporarily in apprehension of d pauic.
announces tlat it l,as ST, 600, QUO of assets
and only S1,0oo,0 ,0o0 Of liabilities, This ia
the inverse ratio of tho assets and debts at
tho currency banks of tho JAY Cooxg. HKrnr
s;n., ,11,nsa ~ :; " ~ ~ ,,an;a =. ~ n.,;.l.r,a ~ ~ .a
N1 1,.,,, o 80 ~ f"u.' - ,r St'to1 al" ''io
:".,.' s'.s1.:sa s Ps' .,l ..a..,.. n 80 I1soour
4nsty "uAa .o"ns. 1no 'ulA1'ouiSu', wv
"uui.' -. ~ iooAs ~ .loasn !. :. "'t' p'o"
"'AacA oAteeL1 ~ t'lo HtA1@ VI &At fcAeFAu1e