The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-08-28
what's the Matter Now ?

enc that did business on honest principles,
SC, &c. Thursday last it suspended gold
payment for the very sufficient reason stated
in the telegram, that cat present there is
no coin with which to transact business"
According to the old saw, SAMSON was
strong man and SOLOMON was a wise man,
but neither of them could pay gold IL nc
did not have ii. So Mr.. Ralstons the fresl'
dent of the Bank, contents himself WITH
submitting to the same Inevitable late 'na'
the wisest and the strongest OF men coulo
not resist.
Mr.. RAlsroS is the MoSTg CHRlsTo OF the
Gold State. He excclcd princes III the
grandeur and layishness of his life aud the
cildcd and boundless hospitality OF his two
homes in San Francisco and the country.
Guests were conveyed by hundreds twenty
1--WE miles from San Francisco to his country
residence at bis expense, either BY rail or by
his incomparabiy equipped teams and vehl'
Giles, aud there feed. in way unequalied IN
the land, and either returned TO town az
night, or lodged and breakfasted before they
were sent OF rejoicing full of good food and
good liquor, singing the praises OF the
wealthy aud generous Californian. KALsToS
indeed exceled all men in the Union for his
splendid and ingenious hospitality.
1t is to be hoped that man who has made
so grand display-who has given so many
hundreds happiness and hiccoughs-has him.
self suffered no misfortune; but it may be
asserted that even such a generous prince OF
hospitality cannot pay gold if he has it not.
II is not question as to who pays for all the
RALsroN show and good eating, but it is
proof of the strongest character that 10 bank,
although it be at the very door OF the cave OF
MIDAS, where the gold kegs and bags are
brought out By tons, and although It's presl-
dent bc another CRGsUs, can have an immuni'
~ from suspension. No, no that is a thing
all wealth and oil grandeur must submit to.
We're il otherwise it would amount TO sub
version of the Proyidential law-it would
make man independent of that law, and
soon his arrogance would grow out of all
bounds. any bank could stand out against
the pressure that flows from events beyond
human control and continue to pay gold
under any aud all conditions land that's
what the foolish hard-moDcy men seem to
demaud) it would be above Providence and
above GoD himself Therefore, let our
hsrd.mopey luuatics take this shining lesson
from California TO heart and humble them
selves in the dust
What blessing it is that at time like
this-at a time when even the gold mines rs
it were cease to pay gold-we have cur
rcucy which is better than gold, for the re-
dempton Of which all the property IN the
land, the gold included, is pledged, and
which is entirely satisfactory to every citizen
ia every part of the land-cXccpt those who
have got none Of 1t
This is great Slessing-one never before
crjoyed by the people of the United States.
Let us treasure it as we would gold itself,
and permit no kind of party trick and no
kind of tinkering of selfish and sordid per.
sons, who want to make money out Of the
people, to fost upon the country paper
currency that will soon involve the land in
unlimited losses and trouble.
If anything at all were wanting to show
The folly of forced resumption at this time,
i, not this California suspension sufficient?
Twill 50 be regarded by the people. 1t will
tell with powerful effect. Congress can
hardly avoid the repeal of the resumption
act. That repealed, and the duties on
foreign goods made payable in greenbacks,
the country will be at rest, and the magnificent
RALsToN, president OF the California Bank,
NAV pay out grecnbacks and proceed with
hls superb feasts, his splendid hospitalities,
and "have peace"
These measures alone will recstabliSh con-
tidcuce, revive hope, let loose enterprise, and
give occupation and compensation to all in
dus.ry. Give us these, and We need ask no
more. All can be happy, though gold be
no, paid on the Atlantic, nor on the Pacific
Mt the home of MIDAS. Every body caa get
along comfortably and without apprchen-
sion. Few can live like RALsToN, but any
can be as happy.
?. S. After The above was in type the fol-
lwir Q telegram came to hand. 1t makes TIE
affair more serious than we had supposed.
Indeed, it looks very much AS if the 'show
wa: over:
SUSPENSION OF THE BANK OF CALIFORNIA
LIABILITIES NOT ACKNOWLEDGEMENTS
IN SAN FRASC7SCo.-Sdn Francisco, August
26.-The Bank of California stopped paying
checks at quarter 3. An interview with
Mr.. Ralsop, the president Of the bank,
saws the bank has sufficient assets to meet all
liabilities, aud no one will lose anything,
but at present there is no coin with which
to transact business. A meeting was ap.
pointed with representatives Of the press at
) =. NJ, when more particulars will be
given.
At5P. NJ. the representatives Of the press
met in the presidents office of the bank,
when the following written statement was
read:
Office Bank Of California, August 26.
1S75.-The trustees are under the painful
necessity of stating to customers of the bank
and the public that the bank is compelled to
suspend business. At this moment, and
without reports from agencies, we are not
prepared to make statement as to the sit.
uation of the bank, but are now examining
interests critically, and will, at the earliest
possible moment, make q definite report. By
order OF the trustees.
lSigned] IS. F. RANKIN, Secretary"
President Ralstop stated orally that GU his
own responsibility and that of the officers OF
the bank there was no doubt that they would
a question when they expected to open
syaiu, he said, "Not at all %; and subse.
auently. on repetition OF the question, he
said, 1--WE do not expect to resume." Raj
sLon further stated that about one million
rn,r hnpa rod ,hn,,.on3 dollars wara p,id ont