Daily Los Angeles herald., 1879-05-06

nents from the
.s. 4 of bed-cham Der
--ssaEions up TO the encyclopedia
zzffsnspOser OF editorials from Glib
{ hon,s "Decline and Fall of the
Roman Empire" are now, and al
ways have been, aud always will
c0ntinus to be, gamblers in mining
+ stocks. Net man in the Office. from
'rlmmins up and down, that is not
Ia this dreadful business. Now, and
kSover since .he first share was placed
|upou the ~ s.ket, the entire estab-
lishment, rank aud file, has been
har2'ng, like 6hakspeare's sam.
pb.re gatherer. half way down be.
tween Dizzy heights and horrible
i depths-now buoyant with extrav-
E4gant hopes, and anon blue wish
4esperate despair. Lo, the rer.edy
Abolish the stock exchange. De-
ninrs It unlawful to make time
actions. Rdust the ma
81 the law to the
40 gsn lies and loses. Give
ssminm to rogues who will
.ssay and not pay. Tear down the
+ granite JuggerDaut that with its
: ponder0us wheels crushes the finan-
clal bones OF its worsbipers. De-
I BtrOy the BOuree, and by legisla-
{ tion make men honest. Declare in
! che organic law that there shall be
{ no m0re cakes aud ale-and ell of
kthis because the greed of gain
tempted the virtuous Chronicle
acrcss the threshold Of the mining
cave where sits the grim giant Of
despair. The Chronicle went in
brlstiing with confluence, was
plucked. and came out squealing;
and now, like the pig under the
gate. like the SOW the devil sheared,
with only Its nose and fore paws at
liberty, IL squeals, and claws, and
sshrieks against the crime of
gambling. "The devil burnt with
dipping bis fingers in holy water"
Satan rebuking sin,n are simiEes
Z g describe the virtuous Indignation
of this most moral and high. toned
'journal.
Nd man knows the status OF the
}Ckr0nicle office better than Mr..
frank NJ. Pixley, the editor of the
zrgonaut, who was for years editor
|ef the live" paper.
No thoughtful person will main.
1ain that stock gambling, pure and
olmpis, IL good for any man to in
.4olge In. 1t Is, in fact, very per.
licious to the Individual, but 1t is
Ap. incident Of thfs progress Of the
superb scheme Of mining de-
,pinent ever known on earth. 1t
tirsly owing to the yield Of our
mines that lands which In Kansas
sell for 81 an acre and in Texas for
nifty cents, bring In California from
SIS to 500. without the Stock
Board the mines Of Nevada would
have lain perdu. 1t is owing to
them that agriculture and horti.
culture got any considerable foot
bold In California. 1t is owing to
Ehe mines that the money in the
,avfngs banks in San Francisco to-
sy IL larger In amount, per capita,
han In any city in the United
hates, young as San francisco 10
md old as some Of the others are.
Stock jobbing is permitted in
very prosperous city In the world.
3 We Danish 1t from San Francisco
b will make its headquarters in
fixsinia City and New York. As
oonsequencs, money will become
parosr day by day. Real estate
alues will shrink. Mortgages will
|pe foreclosed, almost universally,
Nth . large personal Judgment
pvsr against the unfortunate debt
|3r. There seems to US to be some
thing devilish In scheme Of an
@rganIe law which expressly aims
Sc making money scarce and dear,
vhile hypocriticalIy pretending to
boetow boon upon the poor man.
There is every reason to believe
+ E1hat ws are now on the eve Of
oueh = tImes, arising from spIen-
I'd mining developments. The
otate Of California would be guilty
6G nn act Of judicial blindness to de-
Iroe that the scene o; the vivifying
>e6ooncss attendant upon the un-
( E6asthlng Of future great bonansas
51hould bs elsewhere than In this
1fnts, thus throwing the golden
1Ho0srs OF Nevada and ArIsons