Three Great Failures

Wc havo verv recently liad the faünro of the house of Duncan ; prior to that of Jay Cooke'; Kalston's failure added a thii'tli They are the studies of the greatest dissimilariti Tho shortest way to j expresa üio cause of them all is our methodicnl, prodigal country ttüd age. California has unsettlcd all that waS previously American and immensely altercd the civilization of Europo. Beginning with the discovery of gold in 18Í9, ivc have twenty-six years of gold and silvcr prodtiction there, whioh is rapidly approaching tho iiguro of $100,000,000 yicld per annum. It is said to be now $05,000,000 a y car. Australia was a mero wart and consequent of the gold disoovery in California. Tlinfc discovery in Srtttor's mili tail has gom; on, maesaiug and widouing, uutil Nevada lias deVtiloped a rib of silver and gold large enough to bridge a seï) and Arizona is coming forwardand tho loiver parts of California, Avith mines as rioh when the raüroad shatl arrive to develop thora. The producto of those mines, returning to us in credit from Borqpe, lms already built our railroads. Aiul Bixlston has been brokoti down as much by too little faith in the. resources of his coast as by being too venturesome. His sucoessors, Flood, Ó'Brien, Mac'ioy and Fair, have mined gold with ao much moro succeas aud return tham hiniself and his colcrie that by the more inferiority of capital the Buik of California has auceumbed to the Bank of Novada, whose owners are digging$l,G00,000a month of bnllion out of the bouanza. A few years ago they were selling gin aud sandwiches to the