Year: 1863

The unsurpassed richness of this coast In all
the precious metals is attracting the attention
aud securing the closest and most serious consid-
GRAFTON of capitalists in every portion OF the
world For u period of nearly fourteen years
California has stood preemnent above all other
countries in the extent aud richness Of her gold
mines. Australia perhaps comes nearer vieing
with California in this respect than any other
country, but from the writings and observations
of travellers and miners who profess q knowledge
of both California and Australia, it is concede
that California Is the richest and most produc-
tive country on the face OF the globe. This fact
long since established was in itself the strongest
inducement to capitalists abroad and at home to
invest in California. The energy and enterprise
of her people have produced a new State of
things, and furnished the golden wedge which
rent asunder the old financial system throughout
the world.


Thure Ia no doubt but that California has re.
paid the foreign capitalists three dollars for every
one invested by them, over and above the usual
interest in other countries. We will more read
lily admit this to be true when we reflect upon
the real causes. The valid capitalists of all ma
ti0ns have their settled and uniform notions aud
routine of busness-there Is method in all their
specuations. They form class of men who
move slow in order TO move sure they are
dry and dull set of men composed of class of
men termed capitalists, and who take the most
desperate chances in all kinds Of spacuations on
paper promises. The first capitalists from abroad
were nothing more than shrewd set OF iinancers,
who saw field in California for speculation
which promised large rewards. Hence our shores
were soon reached by II body OF men who had
nothing in reality to lose but everything to gain.
The corps of 1nanciers, and the more Insignificant
class of men known as financial agents become
the active operating agents, aud always proceed
ed the heavy and steady capitalists. They are
the sappers and miners who generally go in ad'
vance of the sober and cautious money oaner to
clear the breaks aud fill up the pitfalls. Cali
forna though unprecedented in the amount of
her gold products, has realized very little to her
advantage from the Investment Of foreign capital
20 far. Every million of foreign capital which
has come to our State from abroad has sought,
found aud established its own security aud mo-
nopoly. The policy which governs and extends
with the invitation to capital, must be the most
ample guarantees for protection; this is the true
philosophy which should characterize every new
country. The wealth aud prosperity of which is
based upon its mineral or agricultural resources.


There is wide distinction, however, between
wise and just protection to capital, founded
upon sound principles OF law, and the odious and
unlimited margin OF privileges which capital
finds under perverted system Of legislation
OF late years our Legislature seems to have been
actuated by a desire to advance the bounties OF
the rich, against the rights and interests OF the
poor and the ind dustrious. In proof of this we
have only to refer to the nature and consequences
of the different Corporation Acts which have been
introduced into the Legislature of this State
aud which were passed at every stage and point
by the heaviest moneyed influence Each year
some new section Is added or amended win the
ostensible object in view of securing rights only
where capital pred0minates. II this course vi
things is pursued and this line Of policy carried
out, the mass of our laborlng men VIII DC poorer
ia pecuniary point of view fifty years hence
than they are to day. The reason OF 'his' ana
the facts which warrant the belief that such will
be the inevitable result, must be obvious to all
classes of thinking men, aud should be particu-
larly noticed by the men who make the laws by
which the rights, interests and property of our
people are regulated and protected. Let as look
at the effects of some Of the partial and unneoes-
sary legislation made in obedience to the selfish
dictates of capital.


We will suppose that rich and extensive sill
yer, copper or gold ledge or mine is discovered
aud company formed to work it. The first
thing to be done after the preliminary organiza'
tion is the act of Incorporating the Company
This is done as the law requires. There are
twenty members of the corporation, fifteen o.
whom are men having no capital but the suppos
ed capital in the rock Or mine, and the other fv'