, 1875-08-29

In order to understand the effects Of tho fail
pre of the Bank Of California and OF Ralston's
tragic death, it must be remembered that whan
VOC cross the Sierras you enter the domain Of a
new power. Geographically only you are still
within the United States. For the rest, all there
Is foreign. I ATS Of public concern are not
those discussed elsewhere in the Union.
Politics there are local and quito uninteffigib:e
to q voter from the Estates" as we'll as to
editors In the States who invariably grotesquely
misunderstood California politics.
Business elsewhere throughout tho United
States ia dependent upon New York AZ the
financial csntra. Business there Is wholly
independenk of New YorE- Whoat is sold by
tho GENITAL, not BY the bushel; greenbaks are
dai]v quoted at the discount disclosing their
sctual value; and ali business operationa are
conducted On specie bases. Whoever remains
here long enough and makes careful otsorVa-
ton will find curious
1Nrsn.uxrC1E OF Bus1SEss And PoLIT1cs
ali over the Pacific Slope, the like OF which
is unknown elsewhere in the United statea- ali
business on the Pacific is mouo2olized BY email
clioue.-sometimas it Is divided into lesser
clouea-aud the men who have monopolzed
business for thu last ten years at least, have 70
N extent unparalleled in this country controlled
politics a. subsidiary 10, rather part OF their
business. j little closer observation will DIS
close that the cliques are controlled ~ ire the
speculative operations anywhers-snd MI
California is a speculative operation
by the munoyed power. Thst elee~heEo
means the capitalists and bankers Renerallv Up
to dav bcfors yesterday in CAliforniA, Oregon,
Aod Nevada, .........
1Hx uoaErD PowK1 MEANT TIE RArx or cA11-
what is now the moneyed power there no
ono can tell until afteT tho wreck IN cleared up-
The Bank Of California meant
Again aud again Inns it been told by news-
paper correspondents making flying trip to
Callfornla how the Bank o~1ud Cal1fornlar aud
Hxiston managed the Dank- Bat only Ca1iEor-
nians knew that in Ill their seemingly exaggerated
reports The correspondents o1o aos A'at@ aA4 1aS
Tbs Bank Of cAliforn:.
Hts ABSOLUTELY RULED
the money market, making roney tight or easy
at pleasure; has forced tho quotations lor NIT
inF stocks to ten, twentr. and hundred times
their actual value; has il like manner depressed
them to half or o quarter Q: tenth theI value;
has bu1Ied fictitious stocks, that ID. BLOCKS IN
mines that y1claed no return. to par With rhoee
Of tho best pay1ng mines hss more than oocs
fo,ced tho great Centra! Railroad Company to
get out Of the waJ Of bank schemes has
ax1zx11rss1r CRUSHED ETEH1BoDT WHo DE-
PurED 1T8 ABSOLUTE swAX
in business, or in politics, which Vas nun NJ part
of its business; and. the while, has been tue
ctearins-houss and ultimate bsnk OF deposit Of
tbs tsree States and adjacent Territories And
tho bank "a before stated, wAs Ra:stan.
The rationale OF tne WHOLE which could
only have been possible in California, aod which
seems ~ eontrary to all canons Of businese elae-
where, Is verr simple. Elsewhere in tha United
etates business Il conducted upon IN actuhl or
ehas il supposed to be an nctua!, financial
basia. All othof ventures are tabooed ~
w,ldest.@ -&i4a Mn kxan hAlA4 AAts