New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-08-07

w bnat state depTecate this great wrong ana are
trying TO help their State 10 retrieve her honor"
The banking history OF Wisconsin considered
very fully by Mr. Camp aud b. afterward referred
10 the extensive prIvase banking upon deposits"
As Conspicuous feature of Western banking
there are few Western towns. he said, where the
people cannot connt their large losses by worthless
bankers who, IN promising to pay high rate of IN
terest have gathered large amounts either 70 steal
or To squander. At the East these moneys have
gone INTO savings banks at the West there
no savings banks except IN name. Mr.. Camp
u"elt upon the extent 10 which these evil practices
PAD prevailed in Chicago, aud said IN conclusions
In MI nd OF banking tn wrs is no LONGER local;
the heu' heent provisions of the National Bankuc Law
ar spread all over the land there j. LONGER IN the
kecn i~Tities of DanKing North, S0LGn, EAst
VS. We an ~ u.s. aud n rs Dtraicdia ~ those o
nave know the cares. trials hazards early bank
~ eau appreciate the advantages o present STEM
dHe Haht of nnancIa education nd OF the kaOv edge
VI politlct eco omy have allowed our e1s aors and
oo "Any OF Their constituents, ~ emirsee financial
, = ana errors Ours musf be the task 10 hep dis
qnAts -ound views. and ron tue there ms
% nave been ma 10 m tne rerent past toward better
anuug OF thaI which "a finance We believe to
% lAe Greatest good to the greatest NUMBER have
reason To thank God and take courage
BANKING IN CALIFORNIA.
George r. Gibson, of San Francisco read an in
terestng paper on Banking in California" which
was much apDiauded. ami for which the convention
gave hlm vote OF thanks The most valuable
Banking in Cafosna though not essentially diff rent
rom D~nklng elsewhere. has few characteristics
pee .a' 10 itself It's history ike tnc ate is
~ a4i4 recent oatne back no further team
tht American occuparion II California and the DIS
soEIery OF gold n ISIS The arsL banking
a-u eKching' Ofi'e wa estab ished January Q.
le49 by Aagl and sintOn. Private banAs ana ex-
oange oihcrs increased untii the Winter q ls5455.
49,, tn an almost general co Ia Sc occur red Imue-
olae cause OF tns ora~u vas the failure Of tbr then
a. hone Of PAGE, Bacon & Co., 81 81. LOUIS whose
san francisco branch occupied a prominent position
One 81 the lew houses waich wearhered the storm was
man. subsequent tie hero 81 the March the sea.
Tie Dinkins stem IN Callfoi Ma TINS tn- *
i~ted 90 an atmosphere anything but conducive to
s,uudhess and staohlty. Credit was uuOrgdnzrd.
ihe population wa exctahlr and unsettled and
oy reason OF distauc- from che base Of sup
plies tie mari ct uc uat.d from gut" 90 perfect
bnrrrunrs- During the following decade BANKING
systrnatlzed nd freed from Us many crudues. sew
ishens aud a eonsefa lie aInonpt y foi
war invested IN mixing III this city. OHe If the
notable event. was The foundation o. re INK OF Csi-
foruia, which was rporte June Is. 1854 a-d be-
gan business 90 july l. Win D. O. Nils president and
W g. Ea.ton rs rl,nirr TIE ait,l. ic al frs
- 100000 was Increased on Juv l. 1865, 10 - OUO,
600 though California escaped tur panic OF
1873 waicn proved so disastrous N thr East.
IT. own ahick tested the stability Of it.
hhanca fabric; During toe summer OF 1875 he
hgu prce OF gold IN the East induced many Merchants
o. buy largely prospec I'VE uad, ind ne sAITm M,
of guld were T22.JJ0OUO ds against @30OOOOO during
tue same period lhe preceding year. Ia aud lAc
high rice u wneut absorbed several millions aud.
go I M, r ~, &C. ,'i' i' S,n
Tie 90 The BANK OF Cal fUrlia.
Mr. Gibson gave a sketch OF the failure Of the
Bans Of Cal fornia and the Establishment OF
the Bank of Nevada, the facts concerning which
are generally known. he then conunded as fol-
lows
simultaneously with tbe failure OF the Bank Of Cafor-
n, tur baIC OF ch-DrO 2 closet to Resume business
October o. As We c-t glance the effects
OF he pane, meet abundant evidence of he soundness
OF rbc hauk-- an financial system %. fr STATE. There
was general PANE tumble IN trces and coul-
mrrcial crash The banks which failed all Resumed
hn fucIai feat unparalleled ~ history. o. Drempcr
.. 1873. Do rcurgarz under the Laws OF bee STATE, and
v.rl rlVu; assessments. amounting 10 S4,UOUOOO. all
i % rii INK .l"aid nave been rlat b..slIe1
and promptly, but il l. remaI aabr that upon the
heels ut PANE such 4s Us failure produced IN
sr tutou r tue N.yada Bans. wftl sj.OOJGOO capital
should have Dsen founded.
VIA the rx.-Ogun cd .uIs Temporary Dacaset from
winch 10 30 speedily recovered. the banking business
California las more tAdn Aept pace Tin It, eudId
maIcrial d-vcIopntut, tu winch DO NAV ne proper 20
ailude. Tie annual I-rlc ilturn urodnct las crown
from Slj,OOOCO4 -u ls63 30 olCJOOOOJO "a 1873, aHd
ne l1eo 600 600 m TO near ii 600 600 600 In is7g
No small pa eol THIS increased PROSPERITY is atrD-
unable To t!e energy and enterprise OF Governor
Leland otalfO u, Cldrles Orochei, ana theF as~"-
Clair- lao lave pfujrClr4 aud uuit great system
o. o,ghlK ~ ~ b % 6rs 1lI i 1 1r
wealth. OF Arizona and vada /, l. 10 me mining
~, Nv ,, Ci,w sucb ll-.r and wei, -I.'ioed rdIs
uuug the past tngty ears lh-. TOO. ~ spite Of
Ie,, ,., Ev,Ty hin- und fo h.. learned MN h.
ur use xuIO-Iycs powerful nos ly apparatus, a
drills stamInlIis and furnaces ln quartz mining, and
tU- aUpIc-ton or DydranHc power to placer sravri
vas Ing coupled with increased tami aiity witu
geolo Icl i0nJuOus tins Industry approaches an eX-
acI s-rucr.
To-day mining, II iutelligen'ly, honestly aud pru-
DENLY conducted, viii weld lar greater profits, with
little ermen. Of RISK as iaIinlt- WHICH iuOugI rt-
rrued a. preEuIuruuy safe, dependent season,
and mara Is In al other M ustres consideration must
DO had to market ce AS wei as I" volume product
wrrreu- mining the precious metals thr plOruct Il
money itself. Speculative. IA ulu- sJOCA-, however
Ikr syc,u aluh ~ N''tI o ANYWAY aL'> may "e ue
por Gul this does not reflect upon the ie2itmacy 0
tn industry.
1s Is Thought b. some ina banking and ming
utterly mcumpatoie. The Eau francisco 0anh> maze /
advances IN mining .o.A toi. IT'S SON i'm
imouurug O. S2UOOUOOO 10 e-o,OOU,OOO 5i0st O.. Tie
f, DanEcrs c.. iu SILVER bUou receive consignment
ana d-pu-its u san Francisco MINI THIS mint l.
me nast I'VE years Ii COINED 9G2uO00UO more tIan
combined roiua2e OF ihe h'," j. a.. 't London iyu- !
nry aud Melbourne u Was oou-ht " lts PRESENT Iish
IA e or etIelracy by General w. A. LaGl'i-e. WHO was
for more ll40 -lgit Yeas is sip-- u'cud1 A.
one OF he most dis ucuyr feature, OF tat-orna has
hon IL PERSISTENT ADDER nee toa cola Gu reucy ana
peclr uasis one Of the earliest provisions OF the or
zane law of The STATE was tAe Hui-Auirut pres rip~d
- s.nug "a cr money. L. never nat q stae bank
u,ilon such a. Wa u.ren Oe.o.e q war ia t4e
a. an rxpatdirg AMI hJcuttng nIuOnal eur
reuey, and tie final shrlnkage ID values which
SO embarrassed uAi ant commerce. aiier
me manic ~ s73 The -rrcnDlck, which j. now com
rgnto general In California, VAS during the war; al
most ar mucu II strHg e. he bdih Oh Lh-idhd nOr
n the prov sous II the new STATE eonstalon relative
L. tax4tiun, enforced Gy - "tlOu, tnt moor
y ivate banking. or p ssbly, OigtHZ- under the
x, ,taI l,auk Ari wi gu. ISSUES Interest rats
have ai,says ru hIgn Ia California, anG though II
I.r los. firm than ncrto, are stl hsn, Hei INT
ing the average Interest PA % -av IS d-p1s orr
unii1 commercial pap naiapis nom H. IL per
ccut Thr colunerc.l banks 'ay n interest .,-
r ~ tsts deposit. ~ tIc .i-iuIr % lu Cal nor
ma or January l, 1873 were S394 ,l.l45 Of wen
tne saw - deposits we're S7OJSi,!O1 Ahr aV rae
r.r cam wings deposits oil AerIurk on the lst 81
January 1879 y. re S63 So eheroa- % CalLorula ~
IU- anne da r they were within lrdcaonoi 300
Der capita. or 33l3 per cent more tAah IN
Sew-YofE. which OIL rr-Hrded a. one Of 'hr
yeaItpie-t and most favored states IN tue CulOn
IL il a wrll-recOg uized fact mat the thrtt
of the n idle industrial cls-es - Oedf drirfhl ed
by swings saEks statistics t.tn by any other creroh
Z IL IL- Inn \ aL.L.L Al