The herald., 1897-08-27
OFFICE OF THE HERALD,
Los Angeles, Aug. 26, 1897.

among WHOM Is the mayor nave Deen dC-
tive in endevoring to ascertain whether
there would be a market for municipal
per cents il issued under the recent su-
preme court decision, which is to the effect
that such bonds must contain provision
that they shall be payable in United States
gold coin or in lawful money of the United
States. 1t has been supposed in some quar-
ters that an option to pay in lawful money
inserted in the city's obligation would have
the effect Of preventing their sale at par.
That this is not the case has been made
abundantly evident, but that there will be
a difference in the price realized is also not
a matter of doubt. In short, the gold bugs
will pay a bigger premium for a bond
which by its terms is unequivocally pay
able in gold coin than they will for an
by which it may be paid in lawful money.
One may sum up the whole aggregation
of business signs by saying that the Amer
lea of former years, which has been lost
in the fog ever since the spring of 1898, is
coming back to us. According to the Econ
omist it is the same old United States of
America, with its enormous agricultural
interests, its rapidly growing mechanical
Industries, its increasing wealth and its
prosperity among the common people. 1t
has seemed at times as if the prosperity
of the old days would never come back,
that something radically wrong had hap
pened to disorganize business and arrest
our growth; but the Improvement began at
last and at the very point where it could
work the greatest advantage to us, that
is, in the agricultural interest, and that
interest will no doubt be as prosperous
for some years to come as it ever has been.
1t should be much more prosperous so far
as net results are concerned, for our farm
ers have reduced their debts and learned
habits of economy and foresight. All these
things have in them the promise of great
activity and profit in the near future. But
the question which has been raised in
these columns SO often, What have we to
do?" is still but partially answered. We
have built our railroads, and we have more
mills Of nearly all sorts than we need.
Periods of general business activity have
in the past been concurrent with periods
of active railroad building. What is there
to take the place of these great undertake
ings which in former years absorbed so
much capital and labor and gave stimulus
to all other industries? For, while some
additional railroad lines will be con-
structed, and while a few more mills will
be erected the needs of the country for
many years have been substantially met
and our manufacturing and transportation
capacity is much beyond our requirements.
OF course. we must look to an increase of
exports to help us out in this matter. But
the number of activities that the country
can profitably engage in during the next
few years is probably greater than any
one person has any idea Of
The growing excitement in regard to min
ing investments prompts the News Letter
TO say about the outlook:
The boom in our foothill mines is now
fairly started. but it will not be the part of
wisdom to let it alone to take care of itself.
There are millions upon millions of gold
yet in our foothills, and they can be un-
earthed with tithe of the labor, capital
and risk involved in working the far off
region of the Yukon, where almost eternal
snow and ice abound. Almost anywhere
fair wages may be earned, with the
chances good of coming upon rich pockets
at almost any time. All the old tailings
and the ground abandoned because not
deemed rich enough in the early fifties, to
say nothing of new discoveries now almost
of daily occurrence, would pay, and pay
WELL to be washed over at this time. A
high authority declares that in old Trinity
alone there is room for the profitable en-
ployment of 500, 900 men. In Siskiyou. Yuba,
Placer, and we know not how many more
counties, the mining area is as great and
the chances of success equally good. We
have got the mines and almost the entire
country has got the gold fever. Exchanges
from all parts of the east and south are
filled with accounts of parties that are be-
ing made UP to try their luck in far-off
Alaska. They will necessarily come this
way, and here they ought to be induced to
stay. They should be met, talked with,
supplied with accurate information, di-
rected in the way they should go, and, If
necessary, helped on their journey. The
large finds made in Trinity county during
the past few weeks cannot have too much
said about them. They are real, substan-
tial and will bear examination and inspec-
tlOn. On the Otner nanQ the news from
Dyea and Skaguay is already appalling,
and will become more and more so as win
ter advances. No such prospects remain
within the abandoned gold areas of Aus
tralia as are everywhere to be found in
our foothills and Sierras. In addition to
storekeepers and others grub-staking min
ers, almost our entire adult population may
indirectly, if not directly, engage in the
mining development that is now bound to
take place. Small companies with sub
scribed capital of from $500 to $4,000, could
put a few men to work under a trustworthy
leader, and reap rich reward. There is
but little risk in working over the old
gravel pits, or in prospecting in their
neighborhood. If we but take advantage
of the mining fever now raging around us,
California will soon fall upon more pors-
porous days than she has ever yet known.
She is now sufficiently built up to make
the most of her mines and Of all that is
hers.
\ 4 4
Paris is no exception to the rule of great
deposits of idle money at the financial
centers. New enterprises have been few,
and ordinary mercantile business is quite
insufficient to keep the deposits down to
reasonable limits. Moreover, the complaint