The herald., 1893-11-03
SOME POTENT CONSIDERATIONS.

| eeelng now mucn trutE. tnefe is III tut
claims OF the gold bug newspapers o.
New York that repeal would vitaliz'
business. It must be borne in mind
that, as the commercial distress which
existed in the country was utterly inde
pendent of the Sherman act, there ha6
been already some degree of recovery ir
the business of the country. A grest
many manufactures resumed during the
latter part of September and during
October. Before the passage of the re-
peal the New York banks were able tc
retire the $40, ,000,0 900 OF clearing house
certificates which had been issued by
them during the panic. Wemuss, there
fore, throw these elements of recovered
confidence out of the question in con-
sidering the passage of the repeating act.
Since it was announced there has been
nothing to sustain the vaccinations OF
the gold bug organs. On the contrary,
the price OF wheat and other products
has gone down. and speculation on the
New York stock board has been remark
ably dull. To add to the dissppoint-
ment of those who were gulled by these
rosy forecasts. the passage of Voorhees's g
bill has been followed by extensive sales
of American securities in London. This
certainly is horse of another color.
We have been treated to something. on
the contrary, quite the reverse. All
who wish we'll to the thousand and hum
dreds of thousands of operatives who
have been thrown out of employment
heartily desire to see general revival
of business. Any man who has a hear {
in his bosom ia tired to prostration at
having to read every morning dismal
prophecies of what is to come and triste
narratives of the dissgreeable things
that are, alas of every day occurrence.
But it is just as we'll to face the inevi-
t. bic.
There are circumstances in the situa-
tion of Los Angeles and of California at
large which place them in very happy
situation as respects the rest of the
country. In the first place, if il shall
prove that. instead of stimulating busi-
ness, as the goldbugs claimed would be
the case, repeal should disorganize it,
that experience will practically stop at
the California line. Ever since this state
WAS admitted to the union every contract
has been on a gold basis. Thus, we
shall not notice the change except as it
may effect the value of our products. In
that regard we occupy very unique
position. In addition, the HERALD has
no hesitation in saying that the effects
If panics in the east has been to benefit
California. That OF 1878 was accom-
panied and followed by the greatest
of settlement known in this
commonwealth since the mad rush for
yold in the Argonsut days.
This is particularly true of Southern
California. The first great "boom" Los
Angeles ever had began in 1873, the
year which was signalizsd by the panic
on the failure of Jay Cooke &
20. Then was chronicled the thrush OF
he population, eclectic and progressive,
hat made Los Angeles city and county
me of the maIvels of the age. This fact
s beyond dispute. We are going to see
he same thing this coming fall and
winter. The advance guard of the new
population is already reaching towards
his section, which has for tens Of
thousands all the attractions OF new
with a brilliant and kaleid-
,soopic future before it. The induce
nents held out to people of means
and enterprise in the east by this pecu-
liar semi-tropic land, with its latent and
manifold possibilities, are we'll under
stood there. We are getting now, and
will continue to get, and that in heavily
ratio, much of the most re.
and valuable population be-
tween the Atlantic sea- board and the
Rocky Mountains.
History will repeat itself in the in
stance Of the eastern panic of 1873 and
Los Angeles. 1t is doing go now. The
blacker the outlook in the older com
munities the brighter is the prospect for
our fair young Los Angeles and for
Southern California at large. Here there
are no choked furnaces or suspended in
dustries to discourage the man who is
weary of the struggle for fortune in old
and overcrowded communities With
whole stretch OF continent behind
Us to enrich US by the develop
ment of its varied wealth and trade,
the impulse is everywhere excel
sior. and the effect is stimulated
by freshness, novelty, poetic charm,
climate and hygienic recommendation
Of the greatest moment to multitudes.
Thus this section stands to win in any
event, and our triumph will be based on
outputs of treasure, OF the base metals
and of the most valuable staples known
to man, following upon a minimum of
industry and enterprise. No fluctua-
tions OF Wall street or of Lombard
street either, for that matter, can dis
turb destiny so manifest
------