Daily Los Angeles herald., 1878-11-12
The Next Ten Years.

AIOutcO III LIVE au6SiCo oouhty oy
possibilities which are as varied as
they are practically illimitable in
the life time of any now living.
Not to dwell upon petroleum fields
which have been pronounced the
most extensive in the United
States by scientist of national
reputation, whose published re-
marks show that he does not like
our people, nor upon the existence
of valuable deposits Of coal and Of
gold and silver in various sections
of this county, we have variety
OF production that challenges the
attention of persons interested in
the growth of the United States.
The question is how long our re.
sources will remain undeveloped?
It should be borne in mind, in
considering this subject, that every
thing has been in very crude and
primitive condition in Los Angeles
until few years ago. Not the
least of the disabling agencl es
which have made business success
precarious have been the abnormal
rates of interest prevalent here
abouts. There are mortgages on
Ole In County Clerk Potts's Office
which carry twelve and one half
per cent. a month interest, COM
pounding monthly, and one does
not have to go very far back to en-
counter them, at that. To this
crushing u,ance succeeded five,
four, three, two aud half aud one
and half per cent. a month in
tsrest, compounding monthly. We
think we can assume that the pres
snt rates of interest, to responsible
parties, are now considerably under
the last named figure, with the
odious feature OF compounding
monthly left out.
No one can compute the draw
back these high rates of interest
have been to the development OF
Los Angeles county. 1t has long
been conceded that the Eastern
farmer cannot struggle against a
higher rate of interest than six per
cent; and, in fact, most of those
who have TO pay interest t
at all go straight to the
wall. II is small wonder, there
fore, that the farmer of Los Angeles
county, who has had to go in debt
has had hard struggle for il and
s1hat he is often frozen out.
Neither i it-a-m tfer of surprise
that many kinds of business ven-
lures which have been started here
with insufficient pecuniary re-
sources have had to go to the wall.
The disaster which has attended
these high rates of interest has kept
from public notice the many in
stances in which farmers here,
through the prodigality of our soil,
have cleared their farms by a sim
gle years. crop. We are not reck-
oning without our host, for we
have in our minds eye now pur-
chasers of land OH the Ranchito
who have cleared their farms, for
which they gave $50 an acre, by q
single years. crop of corn.
As we approach the era of mod
crate interest we steadily near the
time when farming will be highly
profitable in Los Angeles county.
There are two other features, be-
sldee, which will largely assist in
developing our county. One IS
that, owing to the unceasing eff
|Sfts, in great part, of the HERALD,
the truth is pretty widely dissem-
mated that this is not poor mans
country. A few thousand dollars,
with intelligence, energy and in
dustry are needed here for success
as farmer. The other is the va
riety and abundance of our crops.
Take our vineyards, for instance.
The men who would maintain the
postulate that lands which will
yield from five to seven tons OF
grapes to the acre will not gradu-
ally be recognized as having a tre-
mendous money value IL, in our
opinion. fit subject for Iunatic
asylum. We need capital to trans
mute these grapes into valuable
wines aud brandies aud to hold
and grade them. The market is
daily extending for our California
wines and brandies. We are, of
c,urse, not inseusible of the splen-
did advances already made by our
Los Angeles vignerons in making
and marketing their liquors.
Notable amongst them are
Don Matso Keller, Mr.. l..
]. Rose, General Stoneman
and Mr.. J. de Barth Shorb. When
the wiae and brandy. crop of the
San Gabriel valley alone approx.
mates to the neighborhood of
$500, 900 year it is not strained
upon our part to look for an In.
definite expansion OF this Industry.
The most encouraging thing about
the present operations of our vig-
nerons is that they are planting the
varieties of the grape most noted
for the production of fine light
wines. Ina few years we shall
. -. n s..f<lxt hu fl,se