The Donaldsonville chief. [volume] (Donaldsonville, La.) 1871-current, 1882-09-23

OUR NEW YORK LETTER.

OUR NEW YORK LETTER.
| The Palace of the Croesus-Kiilnappers at
Work Again--A Religious Sensation
johnny Mitchell's Churcll-The Strikers
Stocks, etc.
New YORK, September 8, 1882.
EDITOR CHIEF:
On Broad street, opposite the Stock
| Exchange, stands a colossal building
| which has no equal in New York or the
United States. It is not simply its inn
mense size, though it overtops by many
stories most of its pigmy neighbors, but
it's costly elegance in every department
marks it as the abiding place OF bonnd-
less wealth, the home Of capital, the
palace of luxury and power; rich bank
ers, money lenders, brokers and specnla-
tors in stocks and bonds abide there.
Inside the splendid gate and about the
dazzling courtyard poverty is given
notice that its presence is not desired,
and for fear that the notice might posi-
bly, be overlooked a policeman, who is
specially detailed for the purpose, polite
ly asks you to move on. The gate of the
palace of Cresus is a marvel of beauty,
exceeding in massiveness and splendor
anything that has ever been seen in this
land before. It is the herald of the new
era, the age Of steam, electric telegraphs
and telephones, electric lights, OF a new
aristocracy, of grand and colossal for
tunes. 1t represents a special guild OF
the elite, and marks the line of demarca-
tion between poverty and wealth. The
owner Of this costly pile was not always
rich thirty years ago he lived on the
banks of the Sacramento river, in Cali
fornia-and the banking house of d. ..
Mills e. Co. was q little 7x9 affair, not
quite as respectable as the coal bin OF
his present establishment; his credit was
limited, and people had very little con
fidence in his bank. This was excessive
" fortunate for Mr.. D. 0. Mills, for in
1856 Adams & Co. failed, and this dis
astrous failure produced a run on all the
banks in the State, aud a large number
of them went under, never to come ZIP
again. Fortunately for Mr.. Mills, he had
no deposits of any consequence, so that
there was no run OIL his bank, and when
the financial hurricane had passed he
stood almost alone amid the ruins. The
fact of his limited credit made his fortune
people supposed that he must have had
considerable financial back bone to wea
tller such /. storm, and for want Of some
other safe place to put their money
depositors began to roll in upon him.
The years that followed were years o1
financial prosperity, and at last the idea
'ras conceived by Mr.. Ralston of starting
Il great bank in San T'rsanoisoo, tho osj foo
Of which was to wipe out all the smaller
banks Of John Davidson, John Parott
Donohue, Kelly & Co., B. L. Hastings
aud several Others. In the new'poo1 Mr.
d. O. Mills was selected as President
though it was we'll understood that Mr.
Ra!ston was not only the cashier but ths
manager de .facto. The bank was known
as the Bank of California, and wa:
backed up by the great Pacific railroad
ring, Stanford, Crocker, Huntington &
Hopkins, Al> inzi Hay ward, Bob Morrow
Head and Il number of others. Ralston
continued in absolute command of th'
bank till his unfortunate encounter will
Flood and O'Brien of the Bank of Neva
da, when the collapse came, and poo
Ralston perished amid the ruins. For
time it was doubtful if the Bank o
California could survive the disgrace ant
shock of its failure; but Gov Stanford
Charles Croker, Huntington, Hopkins
and the rest raised ten millions of dollar
and tided over the evil time. Mr.. Mill
began to tire of California after that, ant
soon after the reorganization came t.
here; lie went to jay Gould into th'
celebrated Western Union deal, and il
that and ID few other successful opera
tions he made enough to put up the mos
colossal and costly private building OF
the continent of America.
We are just now enjoying anothe
Charley Ross sensation. On Monda,
afternoon Il beautiful little girl wa
spirited away from the front Of her OWL
door, in one of the most aristoerati
streets in Brooklyn. A general alarm
was sent out all over the cities of New
, York and Brooklyn. The child and wo
man were fountl on Thursday, and th
child was restored, unharmed, to he
, parents. Tho Italian methods of spirit
ing away children for the purpose O
obtaining reward must be stopped il
this country, even if we have to resort t
Summary methods to do it. Ws preten,
to be horrifed at the whipping post i
Delaware, but if we had little more o
the whipping post and ~ little less q
this humanitarian rot, it would be
great deal better for the peace aud qnie
of the community.
Que of the most absurd and ridicu lou
| controversies is no,y bainp carried OIL h