Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1881-08-13
The ADDRESS OF LLOYD rEvIs.


Convention at Niagara Falls, 1t is very
perspicuous and complete summary of the
business history of California, and pre-
sents to the Eastern members of the Con-
vention as clear an idea of the salient
features of the progress of this coast as
they are likely to obtain anywhere. 1t is
of course mere sketch, but it is re-
markably bold and faithful one, and the
artist has seized the chief points of inter-
est and significance, and so handled them
as to reproduce the main lines of infiu-
ence during the past thirty years. 1t Is
dispassionate, Judicial, and at the same
time accurate and lucid representation.
Mr.. Tevis traces the growth of commerce
and finance from the first rude beginnings
to the present time. He shows how the
State suffered from the wild era of specu-
lation, during which fabulous amounts
were invented to figure as the value of
the mines. One of the most surprising
and instructive of his exhibits is table
in which the shrinkage of the Comstock
mines is shown. Thus we find, "Aggre-
"gate value of mining stock on San Fran
SO cisco Board January, 1875, 1882, 305, 400 ;
aggregate value of mining stock on San
Francisco Board July, 1881, SIT, 902, 700 (;
shrinkage, 1894, 4O2, 7o4" This is per-
fectly unique showing, and, what is
more, California is the only part of the
world in which so enormous shrinkage
could have occurred without producing a
panic and general collapse. But the truth
is that the fictitious values of the stocks
had been largely discounted beforehand,
and that long before the present shrinkage
appeared on the market exhibits, the pub
lie had ceased to speculate to all practical
intents.
Mr.. Tevis touches upon the Sand Lot
agitation, and the new Constitution. Of
the latter he says, with considerable mai.
vete, that though it was very vicious in.
strument when first adopted, its teeth have
been drawn by steadily conservative rul-
ings and interpretations of the Supreme
Court. He thinks that at present the Con-
stitution contains very little that is COM
munistic. In this we are afraid Mr.. Tevis
deceives himself. The Supreme Court has
no doubt interfered to prevent the worst
effects of the new Constitution. But in so
doing it has been obliged to make some
decidedly strained interpretations, and s. E.
ing that the harmlessness of the Constitu-
ton depends entirely upon these forced con-
structions, it is obvious that another
Supreme Court might at any time break
down this barrier against the mischievous
tendencies of the instrument. Because the
Constitution has been muzzled, in other
words, Mr.. Tevis assumes that it has lost
its teeth. This is mistake. 1t is, how
ever, perfectly true that we have had a
reaction against the kind of demagogism
that resulted in the adoption of the new
organic law, and that Kearneyism and all
that the name implies is dead.
Mr.. Tevis thinks that bright future is
before the State. He points out the ad-
vantages in transportation which have re-
suited from the consolidation of railroad
interests obtaining here. Railroad de-
velopment, he maintains, has been more
regular, thorough and healthy because of
fb,r condition nf fbipno +h,o
while the economy in building has been
much greater, and the public have bene.
flied largely from the absence of those ruin
Gus rivalries which so disturb Eastern
transportation, and for all the seeming
concessions of which the public have ulti-
mately TO pay. The remarks of Mr.. Tevis
upon the relations of our railroad men
to the public, and their performance of
the duties devolving upon them, are sound
and courageous, for it is not every man in
these days of time-serving who is willing to
tell the truth in the teeth of prevalent
prejudices, or who is brave enough to main
tain that men who have grown rich are not
necessarily thieves or tyrants or extoition-
ers. The foresight which projected the
Southern Pacific Railroad is highly
lauded. Mr.. Tevis says this enterprise,
(which in the forethought that has
prompted it, the grand results TO which
sit looks, and the great energy with which
sit has been pushed forward, stands fore
"most in the achievements of railroad
building, is now almost completed, and
"before twelve months have passed trains
"of the Southern Pacific Railroad of Cali
fornia will run over their own track from
GO San Francisco to Galveston and New
Is Orleans."
The business in which Mr. Tevis is en-
gagged is of kind to enable him to form
very accurate forecasts of the future so
far as commerce is concerned. The seven
hundred Offices OF Wells, Fargo & Co. on
this coast necessarily make that corpora
ton one of the most important aids to
commercial experience, and enable it to
gauge the extent of business doing and to
be done. When therefore the President
of this company thus deliberately records
his opinion that California has bright
future before her, it must be conceded that
he is not speaking without sufficient
knowledge of the indications. The picture
he has drawn indeed is marked by sober
truthfulness throughout. He has nothing
extenuated nor aught set down in malice.
He believes that in its viticultural pro-
auctions California is destined to become
a second France, and of this there can be
no doubt, provided that our ine-growers
are able to free themselves from the phyl.
loxera and other pests, and do not become
too wise to take advice. AS whole the
address of Mr.. Tevis is alike creditable
to him and entitled to the praise due per-
fectly unexaggerated and moderate review
Of our general progress.
THE GOSPEL OF DYNAMITE.
When Hartmann, the Nihilist, gave to
the New York Herald the hideous nara.
e l i II, l.