Daily Los Angeles herald., 1878-11-23
4 n.eA Needed nerorms,lon.

We confess that there are some
respects in which the United States
appear to US to be away below the
people Of Europe. In those pro.
fessedly monarchical countries, as
: general thing, the wealthy pay
the poor the compliment of being |
honest. II they fail to carry out |
this unwritten but taclt contract |
between the rich and the poor, the
laws are go administered as to
punish them severely. No rank or
station avails to save powerful |
and aristocratic swindler in Eu-
rope. Should an English Earl
murder yeoman in cold blood it
10 quite certain that he would be
hanged, while it is by no means
certain that If a ward politician
murders q wealthy citizen in the
United States be will get his just
hempsn deserts.
There 10 one respect in which the
laxity which charac cterizes SO many
phases Of American life and NOR
als impresses us very painfully. It
is the peculiar form of the villainy
which develops itself in Wall
street, New York, and Pine street,
San Francisco. Those who are IA
miliar with the Black Friday epi-
sode In New York City will COM
prshend what we mean as to the
Eastern looseness of morals in
stock-jobbing transactions, while
the present wonderful develop.
msnts In Sierra Nevada illustrate
in forcible manner the California
phase Of commercial turptitude.
In the early summer Sierra Me-
vada, under one of those assess
ments which have been such fire.
quent episodes in the history of
that mine, sold down to 50 25 a
share, which would be slightly
less than $25O,00O for the entire
mine. During the past two
months the stock sold as high as
$z35 a share, which would be at
the rat, of nearly S33, 900, 600 for
the whole mine. Under the most
rose-colored Representations poor
dupes were led to invest at
such extravagant figures. Taking
the lowest and highest figures
at which Sierra Nevada had sold
within the past six months, it has
shown an enhancement during
that period of fully twelve thou
sand per cent. or course, but q
limited number of these shares
have been marketed, or were mar.
ketable, at those figures, but
4 Fin17sssEsnsaction, Notwithstanding,
uwarfs any fabulous incident of the
Arabian Nights.
Not only was Sierra Nevada thus
expanded, but she was expand ed
In the face of a most sinister and
disheartening history. Once before
In the record of this mine were the
people "taken in and done for.u
Sierra Nevada during her history
has paid $22, 900 in dividends as the
result Of ''strike," years ago. The
managers of the mine, however,
took summary vengeance on the
public for daring to receive this
miserable little doucew. For those
$22. 900 disbursed as dividends about
$2.2O0, 900 have since been collected
in assessments.
The most peculiar and disheart-
ening moral aspect of this whole
question lies in the doubt as to the
real status of Sierra Nevada to-day.
The public is quite apt to discover,
after they have parted with their
stock under skillfully manipu.
Mated panic, that the mine really
contains a "bonanza," and that
they have been "fooled to the top
oftheir bent" That is the way
men who claim to be and are recog-
nized as gentlemen do in the
United States, or, at least, in that
portion of it known as California.
1t Is emphatically a question of
'now you see it and now you
don't" With Sierra Nevada SELL
ing, in the same week, for $205 and
$40, the "Little Joker" makes his
appearance in guise which can
not well be mistaken.
The first men of the Pacific Coast
lend themselves to such .himble.
rigging operations as these. There
would be some consolation in the |
matter if it were only the |
Pariahs and adventurers of |
society who were ready to sur
render every instinct of personal
aud commercial honor to the lust
Of gain. But, lamentable to say,
the slang phrase, "they all do it,u
exactly fits in here. The Califor-
mia Monte Cristo, John W.Mackey,
a man whose wealth is probably
not overrated when We put it at
from $50, 100000 to $1,000. 900, in
last April went before a Commit
tee of the Nevada Legislature and
testified that the yield Of the Con-
solidated Virginia would this year
be at least SIS, 200, 900, demanding
deduction of the mining tax on that
account. But very little while
After this official statement made