The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-02-05
COMMRRCIAL AFPAIRS.
MONEY MARKET

chances decidedly against them, and In favor OF
those operating for . rise. The oosy market IL
tightening and the payment Of duties ON on: In.
creasing importations will doubtless make II
moro stringent. 1t will be perceived by ex'
tracts from letters received Washington from Pans-
ma published in yesterdays paper, that the accounts
heretofore received from the gold region moderate
compared with those shall be In Che receipt Of
and that the truth far beyond tho reports which have
been forwarded to the States California gold in large
lots,l has been received at different points on the
Psoiao coast and that the supply 10 inexhaustbls,
- confirmed by every arrival As soon the commu-
1ioston between Panama and San Francisco Is opened
and regularly maintained every arrival from California
viii bring hundreds Of thousands Of dollars worth Of
gold dust. the gold Is there In the titles 70.
ported, 1t must come here About eight thousand per-
sons have already left the United States for California
VIA Chsgres Vera Cruz and Cape Horn, and it only
about SIXTY days since the excitement nrst
At least twenty thousand persons have left ports on
hs Pacific for San Francisco making in the aggregate
Pm emigration equal to nearly thirty thousand In
Fittls more than two months. This number, with tho
population previously in the neral seoton will make
total Of about forty thousand the whole Of these
migrants go to work digging for gold tho production
I'LL DO immense. The annual extraction, ct the differ.
fnt rates per head, would be snnexad:-
PRoDJcrioN GOLD In CALIFORNIA.
$ dsss q g each would produce - ss
S d. a. sis each each 90. sa S IL SSSSSS
1t will be by this, that the labor Of but forty
housand men, at only three dollars per day. will pro-
luce in three hundred days, trtysir millions of dol.
|ars We have NO doubt that in less than twelve
nonths there will be at least ono hundred thousand
|srsons among the mines, engaged in digging for
old and these average but So per day each they will
al Vt m NJ doll ~ .
This calculation Is only at the rate Of ordinary days
ages, but if the number of operatives average
reduction equal to that realized by those already ON
he ground to official and othar reports
he annual extraction will amount to about four hun
red millions of dollars worth The labor Of one hun
red thousand men, In the usual employments Of lfe
ILL., II properly directed produce property to the value
at least forty.Av millions Of dollars, and will
ID 90 much to the aggregate wealth Of the coun-
~ but II tho Same number Of men dig out Of
DO earth IS worth of gold each per day, they
id one hundred and fifty millions Of dollars
! gold to the currency Of the world, which will
spresent hundred times that amount of property
he conclusion arrive at In this view Of the sub
ct IT, that at the most moderate calculation relative
emigration and production, there will be extracted
:om the mines Of California at least one hundred
ions Of dollars worth of gold within the next twelve
orld, WILL when distributed have very little influence
pom the movements of commerce.; but ct first 1t will
md to imitation of prices at the principal points Of
formulation. The production of one hund ed mil
ons of dollars worth Of gold in California annuaily,
ouid give that country more rapid growth than
yer was realized in any other part Of the world 1t
ouid .ssrsSt emigration from all parts of creation,
nd enable the population increased, to furnish
srhets for all the uxuries and all the necessaries Of
TO- which the industry Of other countries produced.
Z California has the gold, she has the means Of be-
oming one of the most prosperous portions Of the
ord If che has not hundreds Of those who have al
lady gone there will starvs.
Too much gold would be great evil too little
he extraction of fifty millions of dollars month per
mum, would give great many people employment In
production at fair remunerating wages; while others
Ill ind SUFFICIENT induoement in the cultivation and
of the SOIL to turn their attention to that
important and necessary branch Of industry. The
reduction OF brsadstu and all other articles Of food
California, to extent only sufficient to meet the
smand for home consumption will be as important as
be extraction Of fty millions Of gold % It will save
much to the country, and enable the people to live
dhout upon their neighbors down the coast
ron the Atlantic The greater the variety Of employ
,ents the greater the and the per-
rs become more wealthy by the steady and ploddIng
Of her artzsn than tho richest mines Of the
ecious metals would have gven o. It has given her
command Of the gold and silver extracted by other
tions from the bowels Of the earth and given employ
lent to millions Of her people California has immense
ssouroes her gold mines will be the Of develop
ng al the advantages she possesses ~ . commercial
nd agricultural country Most Of the gold mines here
discovered have been In parts Of the world almost
ncspabs Of cultivation habitation They have either
cen In the Businesses Of immense mountains, or in
hs sandy plains Of the tropics, where disease and
sath prostrated those who attempted the extraction
fths precious ore. California presents such dan
ers With climate equal to that Of any country In
be world, soil fertile best praires, drained
y nsvssble rivers penetrating the most remote
ions with the most magnificent harbors In the world
spsble Of floating the nsvies efevery nation with
nexhsutble supply Of all tho most valuable minerals
md withal the metal covering Its surface for thou
snds Of miles, that win comma the industry Of every
hsr country and attract to her shores the Injuries
fsvsry cline, population which must In few years
i've her position In the commercial world second tc
zone other on the Pacific shores-with an mex.
sustibie supply Of that metal which forms the
urrency Of all nations--she presents at once
asrsets for all, and, therefore, possesses advsn
sges suresisr to any new country in the early his
ory Of its settlement These elements In the hand
people who will make the most Of them. Connected
q most Of them are with the Atlantic States Of thu
MON, they will draw the capital from at hrst
essary to give their enterprise permanenoy. Our YES
oils will ira nport the pecesssres Of life to those shores
nd srord all the necessary facilities for givini
trength 10 the infant settlement on our western
cast. The nucleus Of their commercial marine vii
chips which have traverssd twenty thousand mile
Id In the early dsvelopsment Of sources Of wesiti
,hsh viii, in few years, eclipse the reputsd richie
the Indies.
We have already . large capital invested In thi
aovenent. Millions Of dollars are at present locke.
p In this trade, and millians more win be in the
osition before returns are received and com merca
psrauons give the capital activity. The aunsxc,
tateme Mt exhibits estimates made from the best autho
ry, Of tho amount Of capital AZ present employed Il