The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-06-18

| from California, the question IS mooteu among
financiers and commercial men, as to the effect
which this vast influx, and the prospect before US
| of still greater one, must have on the CONNER
cial affairs of the world, and on the currency of
| America and Europe. According to the most
sober and steady calculations, it ia not without
reason that we may expect accessions to the stock
of the precious metals, to the amount of one hun
bred millions per annum, and perhaps more than
that; and in two or three years. even one hun
bred and fifty or tive hundred millions, to say
nothing of other metals, may be expected to be
received from that new and wonderful country
belonging to the United States. The influx of
such vast quantity of gold will produce as great
disturbance, if 1t be not counteracted by other
element, as followed the discovery of the mines of
Mexico and Peru, three centuries since. The
high prices of commodities at San Francisco, at
even tn commencement Of the digging, are an
intlmation of the general effects on the CONNER
cia world at large, which must be expected dur
ing the ensuing two three years, in the prices of
all commodities vendible In the markets Of the
world
In one word, the vast influx of California gold,
which is now expected and calculated upon dur
ing the next three, five, seven years, must double
the prices of all commercial and other commodities
now sold in the markets of this country and the
world. Is there any countermovement in the
commercial world that can couneract this result!
We think there is. The commencement of the
great and mighty revolution in Europe is but the
premont0ry symptoms of terrible revuslon in
commerce, banking and national credit, in tina
part Of the world. The public debts of the nations
of Europe amount to nearly If not quite, SIX thou
sand millions of dollars. This debt is formed by
transferable shares, into species of currency. In
addition to this, there is the vast amount of bank
currency and commercial bills connected with all
| the banking, commercial, and financial houses of
| Europe, which is probably equal In amount to the
aggregate national debts of those countries. Now,
| it is well known that all of this vast system of
credit, varying from attribute of money to an
attribute of stock, is based on a small amount Of
gold and silver, comparatively. The breaking out
of the general revolution in Europe will soon be
followed by general revulsion of public credit,
and the breaking up of all this commercial and
| financial system, based as it is, on but compare
lively small amount of the precious metals. The
result of such state of things will be, to give
value to the quantity of gold and silver in Europe,
which will thus form the exclusive currency, far
greater than what it has attained for many centu-
RES Property of all kinds will sink in value; but
just in the nick of time comes in this vast flood of
California gold from America, which will supply
the vacuum in the currency of the word-which
must be followed by the destruction of the COM
mercal and banking credit of Europe, and restore
the equilibrium that will thus be disturbed.
This is one of the curious results that may
grow out of the vast enterprise, skill, and untiring
industry of the American people in making this
discovery, and thus filling up the gap created by
the ambition folly, and ruinous policy adopted in
Europe.
The MORMON SETTLEMENT TIE GREAT SALT
LAKE VALLEY-The Mormon Saints, after endur-
ing all the sufierlngs of persecution in Missouri
and Illinois, many Of their leaders and apostles
having been SLAIN, and the whole body OF the sur
vlvors having been hunted from place to place,
have, at last, found new Jerusalem or Holy Land
In the Great Salt Lake Valley, situated between
the Rocky Mountains and the Sierra Nevada,
which belongs to the territory of California. and
may be called Eastern California. This is one of
| the most remarkable regions on the face Of the
globe.
The Mormons have just issued their first general
epste to all the Latter Day Saints throughout the
whole earth. 1t appears that they have COM
menced most prosperous settlement. Certainly
they have vast country before them. One of
their fields contains eight thousand acres, and
of their corn patches number less than a thousand
acres. There they count mountains and rivers,
and gold mines, and the richest pasturage, and
hocks and herds innumerable, amongst their pos
sessions. 1t is generally supposed that the eastern
side of the Sierra Nevada, and the streams running
from 1t, will be found to be as full of gold dust
the western side on the Sacramento. There is no
reason to suppose that the geological features of
one side of the mountain differ from those
which have been developed on the other.
Well, the Mormons possess all that country. They
are an industrious race, and are well qualified to
develope the resources of the rch region in which
they have new located themselves This is, IN
deed, probably their New Jerusalem, where they
will be able TO build up city with pillars of gold,
slated with silver, and paved with rubies and eme-
raids. Who knows 4? According to the observa-
tons on that region made by Fremont, and Albert,
and Kearny, and others, some portions of that
country are really wonderful. 1t seems to be
sort of Holy Land on large scale 1t has the
| Salt Sea in it, much larger than that of Palestine;
| and 1t has also Jordan, Mount Horeb, and
almost all the great features of the ancient Holy
Land, but tremendously large scale. Brig
ham Young seems to be the Moses of the whole
concern.
This expedition of the Mormons bas some
analogy to that of the exodus oil the Israetes from
Egypt. Illinois, and Missouri, and Iowa have
been to the Mormons the land of bondage from
which they have escaped, and in which their
leaders and saints were shot down, in the way that
we shot down "the mob" in Massacre Place,
uptown. Now they promise to become free,
powerful and prosperous people. They have a
great deal of religion, and great deal of can't
But cant is very necessary thing in cold eli
| mate. 1t keeps them warm.
The SCENES AND Rows IN THE French ASSEM-
BLy.-No doubt great deal of capital will be