The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-12-11
Circulation OF the other Leading Morning
Journals.
The California Gold Mania-Its Probable
Effects.

The gold mama RACES with intense vigor, and
Is carrying off Its victims hourly and daily. Pre-
parations for emigration to the land of promise
and gold on the most extended scale, are being
made, and ships, freighted with all the necessary
articles Of life, being got in readiness at all our
ports and will sail with all expedition for Monterey
and San Francisco. The cholera is entirely over
looked In this new excitement, and the gold fever
carrying of more victims than that dread dis
ease Vessels are about to sail from all the Allan
tic ports and our young men-ncludlng mechanics,
doctors, lawyers, and we may add, cergymen-
are taking leave of old associations, and embark
ing for the land OF wealth, where the only capital
required for making fortune spade, a sieve,
or TIN colander and a small stock of patience and
industry.
The great question IN connection with this SUBJ
ject Is, what effect will these discoveries of
gold have on the United States? The effect will,
we think, be favorable, not only to this country,
but to the world at large. The result Of tine dis
covery of the mines in New Spain was to give a
stimulus TO the commerce of the world, although
il ruined Old Spain. But that happened three CEN
turies ago, and the people of that country were
not in those days, nor are they at present, Imbued
with the spirit of enterprise, energy, and activity
which characterize the people of this country.
Those of our country who rush madly and wildly
into the speculation, may be unfortunate in their
golden anticpatIons but the prosperity of the
country at large will be promoted, we think, by
these discoveries, beyond question. Commerce,
with all its abundant blessings, will be exte nded
TO a region comparatively unknown previous to
this period. The aboriginal inhabitants OF this
hitherto wild and uncultivated part of the CONT
nent, will become consumers of manufactures;
and in return for what they consume, they will
give the wealth which they gather from the soil
and streams of their country. This addition TO the
wealth of the world Will stimulate commerce and
manufactures, here and elsewhere, and especially
in this country. The effect of this will be to raise
California from a state of nature to a point of
industry never dreamt Of shorter medium of
communication with that distant part of our terri
tory must OF necessity be adopted and If the
wealth of that country is not very much exaggerat-
ed, we must build railroad to connect 1t with the
eastern shores of the continent, before five years
These will be the immediate effects of these
grand discoveries In California. But what will be
ITS ultimate effects That this country will be
ruined by these discoveries, provided they are as
wonderful as they are represented to be, as old
Spain was from similar state Of things, three
centuries ago, we do not think. The merchandise
which will be required in exchange for this
wealth, can be furnished by ourselves, on accoun
n geographical position, on much better
terms than any other country could produce
them. In this way, therefore, we would be
gamers by the discovery; and the settlement
of California with an enterprising and active
population, togethe: with the facilities offered
by the commodIous harbors in that part of our
territory and its being incorporated into our Union
would in a short time open market to us in ASA
and China which has hitherto, to a very great ex-
tent been unoccupled by Us, and monopolized by
other nations. Let that great mart be brought to
our doors, as 1t would be by the settlement Of
California, the building of cities, &C., on our
Western coast, and the establishment of steam
ships the Pacific, and the trade of.those densely
populated countries will as naturally fall under our
control as that water will find Its level. The me-
dlat' effects, therefore, Of these discoveries, will
be to ennch this country in q remarkable degree,
and to give foil vent to tina, squirt Of enterprise so
Characteristic OF our people. The country will
accordingly prosper, IN an unprecedented degree,
Tor many years 10 come but ultimately there
must be revulsion-a most terrible reyusion-one
that will affect countries which are covered with
debt, much more than il will this Property will
increase in price, but not in value. The intrinsic
worth OF house or a farm will remain the same
because they contribute to mans wants. So with
every thing else Of the kind Gold and silver will,
However, depreciaie because their only value con-
sists in their scarcity Let the quantity Of gold or
silver now in the world be multiplied to any ex-
tent. and its value will deprecIate in similar ratio,
because it valuable only account Of its scarcity.