New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-03-25
PROSPERITY on TIE PACIFIC COAST

PROSPERITY o. THE PhCIFIC C0AST
The San Francisco Chronicle cOniidlng III re-
ports of the firm attitude of the CITIZENS Pro-
tective Union. congratuates its readers upon
the dawn of an era of prosperity, under the
bpuefcent operations OF the new and liberal
constitution. Yet one cannot be certain That
the violence of the mob has been effectively
checked, nor shall we know whether the peace
of San Francisco has been assured OF not, tinth
we discover how the recent decision OF the
United States Court against the anu-Cmnese
clause Is TO be received. and what the Sand Lots
marty mean to do with the Chinese quarter
when the days Of grace allowed by the Boud
of Health expire Even, however, ii riot Is
prevented, the expected era OF prosperity Is en-
dangcred by influences much more loflhldap'e
than those of Kearney and Cannon. If we wish
10 realize what California has to dread, we
should listen to her lawmakers at Sacramento.
When the revenue bill was under discussion
some of its friends denied that it imposed double
taxation. Now that it has passed, they urge
the Governor to sign it on the plea thar double
taxation is JUST that it is quite night to tax the
stock Of a corporation TO the individual holders,
and the property which the stock represents to
the corporation itself; that when note Is
given In payment for horse, 1t is night to tax
the horse to its full value, and then the note ms
If it were another horse; that when one man
holds a cargo Of grain and another the bill OF
lading for it, both should he taxed, rs IT there
were two cargoes of grain. In II word the
widest theories Of fat property are applied 70
the revenue SYSTEM the tax books are made to
show millions of imaginary wealth evoked out
of nothing; and the assessors are required 10
write across the face of n certificate, receipt,
or a promise to pay This is farm This
ais n gold NINE" This Is a load Of wheat
Yet the bill does no more than the CONSTIPATION
requires; aud if the Governor sign II, he VIII
do so for the reason that the organic act leaves
him no alternative. A bill making 1t felony
to buy and sell mining stocks on margin has
also been under discussion. This Is IN har-
mony with a section of the new constitution
which declares contracts for the sale of shares
on a margin invalid, and which also requires
the LEGISLATURE "to regulate or prohibit the
buying and selling of the shares of the capital
stock of corporations in any stock board,
stock exchange, or stock market under the
control of any association" One OF the
sneakers showed that the proposed measure
would be ruinous to the mining interest which
is the foundation OF the prosperity of the
State; that there IA not money enough III CaII-
forpIa To transact tho business of the commu-
nlty without the credit system and that since
the lat Of January $G,O00,000, or nearly one
quarter of the whole cash capital Of the State,
had been withdrawn to other States, where
Legislatures are not hostile to it, But the bill
has already passed the Assembly and in some
form it is likely to pass the Senate.
The Legislature has refused TO declare the
ntterauce of proflno and obscene language In
public speeches, or OF threats against life and
property, or Of Indictments 10 resist the law,
misdemeanOr; but proposal that Mongolian
convicted of any crime" should be branded
ON the forehead with the letter G and imme-
dIately sent back to China received nineteen
votes in tho Senate. The developments Of
demagogism and absurdity in California are
full of lessons for lis all. There IL nothing in
the theories Of government prOpounded on the
Pacific coast which has not also been prOfcsSed
at the East and adopted at one time or another
either by Democratic State Conventions or by
Democratic candidates And the worst Of il IL,
the Democracy Is willing to join hands with
these social dlsOrganzers again, nOtwthstand-
ing the California exhibition, in any part Of the
Union where they can turn an electoral vote.