Weekly Trinity journal., 1879-08-16


To-day mining, il inteligently, honestly
and prudently conducted, will yield far
greater profits with rs little element of
risk as farming, which, though regarded
as permanently safe, is dependent on
seasons or markets. In all other indust>
ries, consideration must be had OF the
market Ms well rs to the volume of the
product whereas, in mining the product
is money itself Speculation in mining
stock, however, like speculation in
wheat or railway shares, Is to be deplor>
ed but this not reflect on the legitimacy
Of the industry. have thus apparently
digressed to refer to mining, as it is
thought by some that banking and MN
ing are utterly ineombatible. The San
Francisco banks make large advances on
mining stock collaterals, sometimes
amounting to 10000 900. Most of the
City bankers deal in silver bullion, receive
consignments from miners, make large
sales to the Government, and deposit in
the San Francisco Mint. This Mint is
the largest and best in the world, and dur~
ing the past five years coined 500, ,000,>
000-more than the combined coinage of
the royal mints of London, Sydney and
Melbourne.
CALIFORNIA AND CHINA.
Not only is California iichly endowed
with soils, climate and minerals, but its
fortunate location on the highway of ma.
tions gives to it superior advantages for
making payments in China ON London,
on account of China being $500 miles
nearer London via San Francisco than
vim Suez. Remittances can not only be
made quicker by this route, but ordlnari
y, owing to the saving Of interest,
heights and insurance, it can be done
more cheaplv. The San Francisco banks
draw bills on London, investing their
proceeds in silver for shipment to the
Orient, and nothing but the limited com.
mercial business between China and San
Francisco prevents it from becoming II
great clearing house for Oriental sx-
chnnges, to which its position entities it.
One of tho most distinctive features Of
California has been its persistent adher>
ence to
COIN CURRENCY AND SPECIE BASIS.
One of the alliest provisions OF the or.
Ia q L.. a. l.
ment prescribed for issuing paper money
1t never had State Bark circulation,
such MS was current before the war in the
Eastern and Middle States, and it also
escaped the incubus Of expanding and
auctuating national currency, and the
final shrinkAge in values which so en-
barassed banking ana commerce after the
panic OF 1878. Tho greenback, which is
now coming into general use in Ca'ifor-
MIA, was during the war almost MS much
OF n stranger ms Bank Of England notes.
Gold banks and gold notes were net pro-
vided for by Cong'ess until July, 1870,
and only nine banks have been organized.
The pubic was indisposed to use paper
money, and the high rates ofnterest pre-,
vailing in California made tho profits on
circulation small, as the banks received in
notes only 80 per cent. OF the par value
of the bonds deposited, and were required
10 keep on hand rs per cent. Of their cir
culation in coin. II the provisions OF the
To- H. a., 81.
ton are enforced by legislation, the incor-
pornted banks may bc compelled to 20
irto private bankingor possibly organize
under the National Bank Act with cur,
rency issue. Interest rates have always
ruled high N California. and though Of
hate less firm than hitherto, are st;ll high,
paid to savings depositors, while COM
merciHl paper commands from six to
twelve per cent.
THE SAVINGS DEPOSITS IN CALIFORNIA
Are several tines as much per capita as
the average of one of the most wealthy
and prosperous States in the Union. 1t
is well recognized that the thrift of the
middle and industrial classes is better de-
lermned by the savings bank statistics
than by any other criterion, Therefore.
when it is shown that California shows an
exceptional saving accumulation per cap
ita, ITS general prosperity, as we'll as that
OF banking, is well attested. This fact
is more striking, as many persons have
an impression that wealth in California
is in the hands OF few.
THE BANK COMMISSIONER.
In the winter of 1867 the State Leg
islature provided for semi-annual bank
statements, and in May, 1873, a law was
passed creating Board OF three Bank
Commissioners. This Commission was
directed to furnish licenses to all incorpo-
rated banks, to inspect them at least
twice year without previous notice, and
TO order the discontinuance Of any unsafe
OF illegal practice. In the event that any
such delinquency Is not remeded, they
are instructed to communicate the fact to
the Attorney General, who shall imme-
diately inquire aud prohibit the incorpo.
ration from continuing business. The
expenses Of the Commission are borne by
the banks in pro rata apporlionment.-