The herald., 1893-07-30
oNR INVITING SPOT.

that is perfectly tenable, and Is borne out
by precedent. The panic of 1873 was
really the beginning of certain kind of
settlement on this coast, and particu-
larly in Southern California. Great
numbers of people in the throes follow
ing upon the suspension of Jay Cooke &
Co. concluded that the process of revival
in an old established country would-be
slow one, and that the opportunities
for making money in the east would nee
essarily be dilatory. In fact, 1t was not
until 1878 that signs Of business re.
vival began to manifest themselves in
the eastern states. 1t was heralded by
an increased activity in the iron busi-
ness. This is always the sorerunner Of
the resurrection Of business; and five
years after Jay Cookies failure the roll
ing mills of Chicago and Pittsburg be-
gan to show an increased demand for
rails.
From 1873 really dated the first active
movement Of settlement in Southern
California, and notably in Los Angeles.
Tens OF thousands of people thronged
out to this coast who saw no immediate
future in their own section. 1t is true
that we were prevented from realizing
the full benefits of this movement, and
that the great activity OF 1873 and 1874
was, in the fall of 1875, submerged un-
der the disasters following upon the
failure of the Bank of California. That
incident was distinctively exceptional,
as were others OF a purely local char
acter.
The failure OF the Bank of California
was followed. in this city, by the failure
OF the bank of Temple & Workman, an
institution which had been backed by
immense capital, but which was
run substantially on the same business
principles as those which have charac-
defalcations of the Temple & Workman
bank were followed up by the celebrated
drouth of 1S76-77 and by the smallpox
epidemic of the same season. It really
locked as if all the vials of wrath of an
outraged Providence were being poured
out on this section at once. Los Angeles
stood the shock splsndidly, and was one
of the first cities in the United States to
recover from affections that were as
manifold as Jobs sores. Sustaining the
calamities of 1s7677, following upon the
financial disasters of 1875, in 1880 the
Angel city took the bit in her mouth
and, by the middle of the decade, her
population had swollen from 10, 800 in
1880 to upwards of fifty Thousand in
1885. That there was a great deal Of
real estate speculation from 1885 to the
closing months of 1887 cannot be
doubted. A reaction WAS inevitable,
and the so.called "boom" collapsed.
1t is a notable circumstance in the
history of Los Angeles that all the ex-
pansion attendant upon that period was
rectifed-the water squeezed out of it,
so to speak-without 90 much as a sim
gle business or bank failure. This was
not only remarkable but highly credit
able. Then began our era of produc-
tion. Having dropped all our real
estate vagaries. our people set about
showing what the country could be
made to do under system of energy
and intelligence. As result, the most
varied productions on the footstool are
reported from Southern G California, with,
in four years out of FIVE, highly remun-
erative returns.
That the great financial and business
disturbances in the east will result in
sending US a most desirable class Of
population by tens of thousands let no
man doubt. 1t is only question of
time when the Nicaragua canal will be
built. The present conditions of fnan-
cial syncope ought to impel congress to
hurry forward this great work. The
time for picayune business has long past.
If France can stagger aleng, with only
thirty-fve millions Of people, under five
times the debt of the United States if
the kingdom of Great Britain and Ire
land can get along under load of debt
at least four times that of the United
States, we see no reason why this coun-
try should not waken up and catch one
of those sublime Democratic impulses
that added the Louisiana territory,
Texas and the Pacific coast to the
United States. On the present occasion
there is no proposition of adding terri
tory to this country. but simply the
adding to the commercial facilities of
the world, which will give to California
and the Pacific coast generally a new
and benefcent development.
In addition to the inevitable develop
ment. on an international and transconti.
mental scale, that lies ahead for Los An
geles, it would be altogether amiss to
omit from the great sources of wealth
that lie to our hands the mineral depos-
it's that are within reach Of, and which
will be contributory to this city. They
have been under the eye of prospectors
for forty years. In many instances they
are marked extravagantly high--that is
the yield, if expectations are realized,
would rank in enormous sums-and
there is actually NO reason to suppose
that the Imagination cuts an unusually
large figure in these estimates.
With a climate that is admittedly finer
than that of the Riviera; with u variety
and prodigality OF production rivaled no.
where else on earth with railway de-