Year: 1866

= less than it was 10 ls60-the only State 10
the Union not engaged n the rebellion that
has not added to fs numerical force ard
strength The returnsof the County Assessors
Tor the year 1864, aud 1865, show . startling
and most diseouragng state of affairs, -
clearly trseeabie to the operations of this Act
sgaia=t the National Currency, as light Is
trsceable to the suo- In the year 1864, the
assessed value OF ail the property 10 the State
amounted to slS04s4949-daring that year.
the State vas suffering from the effects of
protracsed drought succeeding season OF food
the miners and farmers suffered severely In
1865, when Providence blessed the State With
| unprecedently abundant barvests, and the pro
ducts Of the mines Of gold. silver snd copper
were unusually large, the increase 10 value
of the assessed property of the State was only
S522.457! bat little more than one fourth of
one per cent. proving to demonstration that
S50.O00.O00 of gold and silver, S25 .00O, 900
in wheat, barley. -four and other agricultural
produce-the $4,000 900 worth of copper,
borax and other natural products of the State
we're drained out of it. leaving each person only
about q dollar for their year 3 industry. Again,
these returns show that in 1861 the value
OF the assessed property in the State was
returned at SLASH 6l7. In 1865, when, by
having . superior set Of men 10 Office, and as
the exigencies Of the State demanded. more
rigid assessment Of every species OF property
was made, the assessment only amounted to
Sl6l 007 4Ol, showing al increase of only
S33 l 95 se9, 40 increase Of less than twenty
two and one half per cent. for four years, less
than the interest charged by the banks of the
| State for the same amount for two years. This
is point so clear, so conclusive that this
| Specific Contract Act, by preventing the
introduction Of the National currency, gives a
class Of citizens the control of the existing
currency, and while it enables them to export
all our produce, cuts of the sources OF produc-
ton BY restricting the supply of money for the
conducting Of all legitimate business enterprise
During this season of depression, one class
of our citizens have prospered-the banker has
grown rich-the money lender has had bis very
harvest, whilst the real producer has become
impoverished. will cite the Bank of Cali
fornia as an illustration. That institution, on
capital of 100000, made q profit of
S5OO,0O0 during the year. when the average
accumulation Of every other person in The
State was but one dollar EACH Is i, safe u
wise, or an honest policy, to maintain laws
that enable corporation to absorb the accu
mutation OF the producing classes Is it not
about time to create competition in the loan
market?


Whilst we are retrograding, the Territories
near US are advancing in population and mate
rial wealth. What a contrast do we present
with the progress Of Idaho, Montana aud Col
oradO Colorado has more machinery for
crushing mineral bearing rock than both Cali


fornia and Nevada. Idaho and Montana, with
climate unfavorabe to continuous labor and
with mines 10 no respect superior to those
of this State, are rapidly outstrippiug US in
population and the development of mineral
wealth. Those Territories by their wise and
just policy, in accepting the National currency,
are not only attracting the capital of the East
but the moving masses of the Atlantic board
are being drawn from US and added to their
population. Under the present rule, so unwisely
continued By Us, this current of capital aud
emigration cannot be changed. The industrial
classes of the older States, the character of
population most desirable here, will no longer
direct their steps hther; for they have con-
ception Of our policy, that it is not only
repulsive to their intelligence. but that it is
hostile to the producing classes. They will


not accept its operation upon their labor or
their capital. Inspired by the evidences of
thrift around them, the result of the banking
system adopted at the East, they will avoid
being victimized here by the antagonism we
have created against the National Currency :;
and no sensible man car censure their choice


During the past summer, l had an opportu
nifty TO devote personal examination to the
condition of things in the Northern and Eastern
States, having remained there several months
Two subjects of inquiry would most naturally
predominate in the mind of an intelligent
citizen Of this State, upon revisitiDg, otter the
mighty struggle OF the civil war was over
those loyal States that acquired an immortal
renOwn for their endurance and their power,
to-wit: What effects were produced by such
an exhausting war upon the material interests
of those States; and what the prospect was
of aid 10 California by immigration and capital
from the East. To satisfy myself upon these
points, it was my privilege to devote consid
cradle part of my time in taking notes of
observation by quite extensive travel and
conversation with the people. The Indications
of thrift aud prosperity that greeted me every


where we're truly surprising. not only not
checked by the operations of the war, nor
remaining stationary, holding their own, but
actually increased and promoted by the appa-
rent drain upon their resources, created BY the
necessities of the National cause. Such q
condition Of things is without parallel in the
history of the world.


This remarkable prosperity was not confined
to any particular class. The farmer, the
mechanic artizan, aborer and professional man
all bad alike prospered, each holding a
liberal portion Of the general distribution of
wealth and all attributing the universal good
fortune TO the wisdom of Government 10 pro


viding o financial system fully equal to the
occasion, nationallzing the paper currency of
the country, so that it held an equal value
everywhere. and insured confidence ali over the
land. As it carried them safely through the
fiery ordeal Of the past, it would be very
natural to expect that there is DO abatement
of their confidence as to the future. There is
no accounting for the tastes of people and
their habits of thought; but be is poor
philosopher or statesman indeed that pays no
attention to these things. 1t cannot be denied
that they are partial to their own curreney-a
currency which will purchase for them ali the
necessaries and Injuries of life. Gold and
silver with them is but q commodity, which
they purchase whenever they have need of it,
jus, as one buys any other chattle that be
requires. The idea of treasuring up gold for
the acquisition of wealth, never enters their
thoughts.