Year: 1879

the HERALD Is in hearty sympathy
with the poorer classes as against
the rich. However warmly we
may hug to our hearts this old
fashioned Democratic feeling, there
are followers of Kearney and de.
votees Of the new Constitution who
will not bslieve US. To attempt to
fsinstate ourselves in the good
opinion of these persons would be
hopeless just now, and we shall for
bear the effort. Our duty as a jour-
mills, however, is exigent, and we
should violate our conscience were
We to neglect to present TO our
read ers what to us appears to be
The outlook.


Waving argument to enforce our
belief that the old Constitution is
incomparably better than the new,
aud that its replacement by the
lately incubated organic law would
work injury instead of benefit, we
think 1t will be conceded that Its
adoption would be followed by a
panic of unexampled fury, just as
its defeat would restore confidence
in business circles and stimulate
enterprise. No one can deny that
the business classes of California
are to-day pervaded by a profound
distrust. Advocates Of the new Con-
stltution talk as il the ears of the
people of California had not been
dsafened for at least the year and
half last past by most incendi-
ary harrangues, which out Heroded
the Herod Of the Paris Commune.
There is not q man of common
sense In California to-day who
would have been surprised, any
time In the last year, IL he had
awakened to read in his morning
paper a story of riot and bloodsh ed.
II has suited these people to be a
little more moderate in their talk
Of late, but this seeming modera.
ton has its origin in a cunning
purpose to obtain power. 1t Is the
Trojan horse which conceals the
- .iled warrior. Their tranquility
II he dona ferentes of the Homerlc
.Ory.


Any man who has had sufficient
business sagacity to acq lire. aud
enough self-restrai to sccumu'
late property, is keen observer ol
the signs of the times. As d
result of careful and otter
alarmed survey of our Cali
fornia tendencies, those who
have -somethipg have mad
up their minds that they arr
IN momentary danger of losing it
As a consequence, for the pas
year and a half, an uno6trusive bu
deadly process of contraction ha'
been going on. All who could have
beer putting their house in order
p 'eparatory to they know not what
We will venture the assertion tha
m unusual amount of the money
b ,ionging to citizens of this Stat,
has been going into United States
registered bonds. There are to-day
any number OF persons of larg'
means who are concentrating thei
assets preparatory to their with
drawal In the event of the adop-
ton of the new Constitution.


It suits the purpose Of the Chron.
icle to represent the alarmed atti-
tude of the business interests OF
this State as one of dietation to the
voter. The fact is that the posture
Of these men is suppliant one
The logic of their position Is really
plant to be let alone. They see
not one single merit in the new
Constitution and they fear that il
contains perfect Pandora's box OF
evils. This fear is really, ant
without qualification, sagaciou:
one.


The Chr0nicIe pooh -poohs the
idea of panic should the new Con
stitution be adopted. 1t says tina
the means Of these imperious die.
tators is bound up in real estate
and loaned out on mortgages, and
that 1t Is their interest to see that
q panic shall not follow the adoption
of the new Constitution.


To certain extent this argume EN-
is q just one. We have no doubt
whatever that most of the capital
lists of San Francisco would gladly
stave off a panic. Why shoulc
they not? A panic Will ruin many
Of them aud greatly distress the
rest. This distress will be intensi
fed tsn-fold amongst the poor in {
lessened demand for labor and In
the universal retrenchment which
will follow. But the Ohronicl.
overl0oks the fact that there is ar
immense foreign capital in CaIifor.
mia which will be compelled te
withdraw itself from busin esss BY
unfortunate provisions of the new
Constitution. Added to this there
are many alarmed and disguised
Americans whose means are abso.
lutely at their command and who
can Withdraw it at their pleasure
II these people, owning no real es
tate, and concerned only for them.
selves, feel that, In the adoption o
the new Constitution, they are lef