New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-09-02

/
antee, became a 'bonanza. Senator sftel
| Senator within all the wide belt that ths
surmounter Of the Sierras surveys sued te
him for aid and influence. Though the
flow of wealth to bis Golfers grew more
and more boundless, and the power and
influence of his bank grew more and more
great, they did not keep pace with the
more worthy metal he gathered to him
self.
Honor was his; the city of San Francisco
delegated him as her representative host
to receive the noble learned and great
that came to the golden. gate. Love was
his; the common people sought for
views OF his person and his chariots al d
deprived themselves of necessaries that
they might swell the deposits of his bank.
Adulation was his; that of distinguished
guests who could only say he alone can
rival me. The bankers gave him con-
t1dsnce and he gave them help; where
the greenback was unknown his note was
as gold. His relays Of horses, under his
own firm hand, from his Office to Belmont
valley defed the speed of the railroad
and he could boast he knew not the
member of guests that reveled in his halls.
DESTINATIONS and magnificent hospitality
marked the airy portals of the villa of
the Occidental Roman, but costly pagan
god of a duller hue ruled within the
more sombre walls of his city home. All
that brains and money and energy aud
passion could do toward waste and lux
ury. and vain display was done by him
with the millions loaned him.
The reckless extravaganza opened the
eyes of the solid men of all commercial
centres. They believed no income could
stand it. Then they saw that from Janu-
airy 1, 1875, to August l, 1875, forty mill
lions in specie had gone from California
to the East, and only sixteen millions the
year before. California lived on specie.
In the year just past one hundred and
seventeen millions of mining stocks had
come into being, sustained by California
specie banks. Rascally things have been
done that weakened confidence, and
where was the gold to resist the collapse
when the prop of the greenback was I'M
known?
This was what made the paper of the
bank Stunned and caused its Endorsement
to appear on the paper of other banks
showing its securities were pledged. This
was what made great bankers, who, but
for the banks early patronizing, would
have been penniless clerks, refuse their
aid when the stock of the great minesfell
to nominal prices. This was what made
the smaller bankers refuse to combine
and protect the bank against the lookup
of coin when the drain began to show its
effect. The bank still elected senators,
but it was after bitter fight and the de-
feated breathed deep threats of revenge.
The suter scheme, the Nye and Stew
art quarrel, the Sharon combination,
oOAtAuA uSi1lC 1etCuhtubOu anu NGlSOu
Booth made the bank sink below its pre-
vious standing OF California public spirit
and enterprise, and all men deep in
finance knew the crisis was coming. But
they made no sign. Those that could
protected themselves and left all the world
outside to suffer. There are unions in
money as well as il trade.
When it came, the bank paid out near
a million and half in money. and
stopped because it had no more to pay.
The other banks stood it the best they
could, two suspending New York and
the Treasury came to the rescue as
best they could. But it was only gold
that would do good. TIL confidence was
restored, happily postponed but twenty
four hours, the vast commercial credit of |
he Pacific coast demanded its dollar of
,oin. 1t was not forthcoming. Only the
return Of faith restored tranquility. There
we're none of the hundreds the bank had |
aided to help it. The struggle was too
great. 1t was sauce que peut, for fnan-
,ial life was in the balance. A frantic,
struggling, fighting mass of human beings
packed California street, and from the |
windows of the Merchants Exchange the |
'urging crowd was watched by the Laws
hat had made them what they were.
orays, hired by the heavy depositors, car
led away the golden life, and policemen
irove from the steps the widows, wives
md servant girls who sought to hear their
,oin chink over the barricaded counters,
While the walls echoed with their despair
ng cries.
When the work was done the usual as
'ertions were made that none of the poor
would suffer- that the result was caused |
~ persistent effort to break the bank,
md the astonishingly honest though de-
pairing statement that the bank would
lever open again, and then President Raj.
ton went and drowned himself.
His death is comment enough. San
francisco will censure him no more, and
esser sufferers should follow this guild.
nee. His display, extravaganza and even
lis frapd will be looked upon there as for
be public good, and with this the matter
will end.
-