Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1880-05-22
A CAPITAL MISTAKE OF CALIFORNIA
CAPT. LISTS.


During the opening stages of her history
California was so prodigalGy endowed that
many colossal fortunes were accumulated
by men who were not noted for exceptional
general intelligence or business sagacity.
Riches simply gravitated to some men, and
they waxed wealthy without very well un-
Outstanding how. Owing to the extrava-
CANT rates of interest which prevailed.
after man had accumulated money a very
fascinating employment was to loan it out
at one and a half aud two per cent. a
month. Manufacturing industries were
avoided in favor of usury, and later came
the poppy-drunk OF the Comstock. To-day
California Is struggling under the load of
too much interest and too Huch de-
pendence on purely gambling stock excite
ments.
For several years past a well-defined
Crisis has characterized the Pacific coast,
the salient features of which are the de-
cay of the Comstock lode, the develop
ment OF Colorado as treasure producer
and the system OF railway extension which
makes 1t possible to unlock that store
house OF the precious metals, Arizona. It
was entirely IN the power of San Francisco
capitalists to have monopohZed Colorado.
They preferred, instead, to surrender the
glorious opening to Eastern capitalists
and, as a result, Omaha is to-day far
more important bullion center than San
Francisco. Arizona Is, par excellence,
California outpost, and yet the unlimited
openings there have been partially thrown
away by our sluggish solid men. For
one Californian VINO to day has dollar in
vested III Arizona there are ten citizens of
Philadelphia and PIttsburg, to say nothing
of the East generally, who have put ten
dollars into Arizona prospects.
The fact is that Arizona promises a
greater development than either Nevada
or Colorado, although we are aware that
it will not do to talk hippantly about
Nevada, with its unprecedented treasure
yield. Nevertheless there is hardly Sec
ton of our neighboring Territory from
which encouraging accounts of mineral de-
velopments do not reach u.s. These de-
posits are scattered about with prodigal-
ity without precedent and no man can
say but that, when the era of deep mining
shall arrive for the Territory, the history
of the Comstock lode Will be reproduced
over and over again. Nothing in mining
annals will compare with the present
record of the Tombstone and Patagonia
districts. They have literally developed
themselves, under almost incredible diff
culties, although Eastern capital is now
beginning to flow into them very album
dainty.
This is very bad omen for California.
We must be permitted to speak word of
warning Do not our capitalists know that
If this process is allowed to 90 on, railway
extension, involving connection with the
East, will result in the loss of the entire
trade of Arizona to this State? We in Los
Angeles occupy comparatively Independ-
ent position. The people of the Territory
must have our soil products, ranging from
the olive, orange and pomegranate to the
potato. They will require our wines and
brandies and flour and grain. But with
San Francisco the case is far different
Only controlling interest in the develop
ments OF Arizona can secure to that CITY a
large proportion of the trade of Arizona
from the very moment there is through rail
connection with the East below the snow
belt. A very slight sagacity would suggest
to the business men of San Francisco that
they ought to be up and doing. One half of
the money lavished yearly on the Comstock
lode would bind Arizona to the metropolis
OF the Pacific coast as with hooks of steel.
In the one case the money appears to be
thrown away on neurological squeezed
lemon; in the other, it would be expended
lnsecuring the domination of very prom
ising virgin treasure field. How it comes
that San Franciscans have been so remiss
thus far to their interests is the mystery of
our journalistic observation.
However, it is quite possible to repair
the stupid oversight The opportunity
still lies open to the capitalists of San
Francisco. What will they do with it.
Will they repair their blunder or aggra.
vate it? Time only can tell, and the time
is growing short, withal.