The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-12-11
CO N N E GIAL AFFAIRS.
HONEY MARKET.

Sunday, Dec. 1O-S r. M.
The past week has been full of excitement The de-
livery Of the Presidents message and the reports from
The different Department. of the overnor of Cali.
ornia have occupied the public mind. almost to the
cuon of everything else OF these official comments
the mott important is that Of Col Mason giving &C
count Of the gold discoveries in California; and we
have seldom such universal excitement as that
report created Nothing else has been hardly thought
Of or talked Of but the probable extent of the supply
and the probable effect of it upon financial and com
mercal affairs. The accounts received from Official
sources have turned the heads Of oil kinds Of specua
Tors and adventures starting off by for the
Ell Dorado they have been long and 30 anx-
ously looking for Every vessel leaving for San Fran
cisco Chagres is loaded with passengers and freight
ed with merchandise adapted to the wants Of the pso
pie Ct California, and a few weeks will suffice to
get underweigh for that land Of PROMISE thou
sands Of Spectators and dozens Of vessels. What
will be the result of all these movements, time
only will determine. The most extravagsnt ideas
have been formed of the gold product of California,
and it is possible they will be than realized. II
he yield continues for five years at the rate realized
since last February the value cannot be less than
raj hundred millions of dollars which, if nted into coin
and put into circulation, will have material influence
upon its value circulating medium but whether
1t will have tendency to initiate the value of property,
Is another question. We have doubt temporary
imitation in prices will take place-the result specu.
'ation-but the currency would, doubtless, be-
come equalized and the actual value of property pre-
served The currency Of the United States is mix.
ture of coin and paper, in which the paper prsdom.
Mates in the proportion of three to one The crcula
aton Of banks cunts in the aggregate to about
three bundled millions of dollars on deposit of one
hundred millions Of dollars in specie in their vaults
An increase Of one hundred millions Of dollars in
gold would add another three hun ired millions
in paper 10 the currency, and this imitation
in the currency would initiate prices for every spe.
cies of property This would, undoubtedly, be the
first effect of such an increase in the supply of gold
but after time the depreciation in the value Of the
precious metals, will give them general circus
tion and paper would be withdrawn. the increase
Of gold reduced the circulation Of paper 1t would be
many years before prices of property would feel any
influence from the change; but with the hundreds Of
banking institutions 1t would be impossible to keep
the paper currency within limits the banks
restricted to issue Of only dollar in paper
for every dollar hand in gold or silver, they would
require two hundred millions of dollars in specie more
than they now have to preserve the same amount Of
paper Issues. In this way the currency would be i'm
proved by the accession Of immense amount of gold
from the mines of California without affecting the va
lue of property and deranging initiating Credits
Silver for the purpose of facilitating the operations of
commerce. instead ofthree four dollars in paper re-
presenting one dollar in SPECIE which Is the now
Unless some revolution takes place in our banking
system, to meet the state Of things likely grow out
Of the immense increase in the supply Of gold, we
SHALL before the lapse of many years be in the mids
Of one Of the most enormous specuations the world
has 1t is estimated that if the collection
of gold in California continues at the rate 1t ha,
commenced, by next April the receipts here will
amount to two or three millions of dollars per month
The receipts thus far have been nearly two hundred
thousand dollars, part Of which has gone into the
mint for coinage. We have heard of received in
gold in return for shipments of merchandise made to
California, which almost exceed belief; but which are
no doubt true. An immenfe impetus has been given,
by these accounts to shipments Of goods, and have
doubt that by another year the importation gold
fiom San Francisco in payment for good and in
mttances on account of Spectators in California
will exceed the amount named above. In anti
spation Of this, an initiation has already com.
menced in stocks, and the fancies have, since
The official reports appeared advanced several per
cent As the gold excitement increases, the specu.
alive movement will doubtless extend and affect many
rticles Of merchandise. Accounts from California
will be devoured with the greatest avidity; and they
are likely to be more extravhgant as the number Of
received, the public mind will be wound up to the high
est pitch When the gold itself comes along in the
vast amounts anticipated, and begin to realize
of the accounts given, we will not for the
sanity Of many Of our speculators
1t is the opinion many that the reports are grossly
exaggerated notwithstan the official character of
those last received and they place little confidence in
them. Even admitting that large sums have been
obtained in the manner named, they believe that the
supply will suddenly cease-that the gold is only skin
deep in other words the surface and that
the object in making such extravagsnt statements as
have been published to attract emigrante settle
that section of the country as possible II is
what Different of opinion exists in relation
to this matter when the evidence Is so strong and 50
clear. There is more doubt in mind that dis
coveres of gold have been made in California to
greater extent than reported upon official or any
other authority, than that such country Is in exist
ence and that every account will not only be con.
frmed but that onehsf has yet been told Of the
mineral wealth of that portion of our terri
Tory The establishment OF a mint At San Francisco
should be Of the first acts Of Congress- to prevent
the geld from going out of the country in its original
state and for the purpose OF giving the people of that
section a currency similar to that Of the old States
The President recommends this in his message and IL
should be attended to without loss Of time. Millions
Of dollars will be saved to the country by the speedy
accomplishment Of this measure, and the hardy pio.
in the gold movement will receive the full value
of their collections We are about entering upon
in money matters, and can form no idea OF
the wonders which will be worked cut the course Of
the next ten years.
dividend Of four per cent out of the profits of tn,
last Elk months has been declared by the directors
the Marine and Fire Insurance Bank, of Savannah
The directors Of the Central Railroad and Banking
Company have also declared a sem-annual dividend
of 50 per share the stock Of the company, (oher