Los Angeles herald., 1891-08-16
A CITY THAT is UNWORTHY OF HER
POSSIBILITIES.


The complaint about the business con-
dition of San Francisco is unusually
general amongst the merchants Of that
city. 1t is, of course, no new thing for
San Franciscans to deplore the business
stagnation. Ever since the whole city
went wild over the bonanza mines, and
became one vast gambling stock mart,
the complaint about hard times has
been loud and constant. But now the
evil seems to strike deeper than before.
1t affects all classes of merchants and
traders and reaches into every indus
trial circle.
bad effects of the short-sighted and
narrow-minded policy of the men who
control her finances. Having in their
hands nearly all the surplus capital of
the coast, these men have used their
power to arrest and cripple enterprise
instead OF aiding in its development.
Since William G. Ralston died there
has not been financier in San Fran
CISCO worthy of the name. They are mere
usurious grabbers who want to see every
twenty-dollar piece they let go covered
by another twenty-dollar piece.
They have shown the extent of their
calibre by the way they have treated
the bonds of irrigation districts. Ii any
thing is to carry our state to the high
est top wave Of prosperity to which she
is capable OF reaching, it is the intelli-
gent development of her irrigation pos
sibilities. Butit must not for moment
be supposed that these money-changers
ever consider that there is any connec-
tion between their prosperity and that
of the state. That would be
altogether too immense grasp
for their limited faculties to
take in. They can only think Of one
thing at time, and as the first is their
own immediate gains, they do not wish
to tax their mental powers too much,
so they stop at this. OF course they
discredited the irrigation bonds. They
had never dealt in these securities, and
they were not expected to trouble them
selves to look carefully into their value
as collateral. The money for irriga-
tion works will be got from other cities,
and as business naturally goes to the
places where credit is to be had, it is
probable that other cities will get the
trade of the districts that are helped
out by the capitalists. w er@
San Francisco has more at stake in the
success of the Nicaragua canal than any
other city in the Union. 1t would give
her tremendous advantages as a mari
time city; yet we are told that up to
date not two hundred thousand dollars
have been subscribed by her people to
the blocks OF stock which ex-senator
Warner Miller left there. They talked
very handsomely to the president OF the
canal when he was in their
city, and that's about what their
subscriptions have amounted to. Why,
when we consider the Importance of
that canal to the commerce OF the Bay
City we are amazed that it's wealthy
men are not foresighted enough to step
in and secure control of the canal them
selves. There are five men in San
Francisco who could do that without
even impairing their private fortunes.
The merchants of that city do not
seem to realize that there are
other cities growing apace on this
coast, some OF which are backed by very
powerful corporations that will contest
with her for commercial supremacy.
Her inland back-country is now very
limited, and becoming more 30. Portland
can do all the business OF Oregon and
Idaho, and Seattle and Tacoma will
make very bold reach for the trade of
all the Puget Sound county, with its inn
mense interior. The Canadian Pacific
and the Northern Pacific railroad
are doing their ut
most to take trade away from San
Francisco; the great bulk OF the South
ern California trade goes to Chicago and
other western cities, and Los Angeles il
conceited enough to believe thatah can