Democratic banner., 1849-11-26
paosPFcTs ~c1I1FoRNiA..

PROSPECTS IN :
Iaths commercisr article of the New
York Herald of the 18th We find the follow
ins speculation: ss.is
The Intelligence from California is inte-5
resting, but by no means so favorable as
generally anticipated. The Oregon, at Pan
anna, frnm San Francisco, brought down a.
bout $500, 600 on freight, and the psssrn-
gers have about two hundred Thousand dol
lars in their trunks. This makes q total nf
about 81, 900. 600 recpived from the gold
mines Of California. Our sdvices from San
Francisco are to the LIST Of October. The
digging season at that time was nearly over.
and the miners were Hocking into San FRAN
cisco iD large numbers on their way to the
Atlantic ports. We learn that ste amprs for
Panama, which are to leave California dur
ing the next four months, have been already
filled up, and that tickets command large
premium. It appears by this that there is
az much anxiety to get away from as to get
70 San Francisco. The miners Lave not
made out SO we'll this season as they did last,
or as they expected. 1t is estimated that
about 100, 900 ave been in the mines this
season, and that the average product If gold
dust has MT been more than four dollars
per head. This, IN the aggregate, will make
O very large sum /; but it makes the cost Of
production SO great that the business will
not prove as profitable as anticipated. X
10 the opinion o~ftirose who have just return.
ed from the mines: that the harvest has been
gathered, and that after H,is year the pro-
duction will be limited-that the cost Of
working the mines will he so near the mar
ket value Of the metal, that comparatively
q limited number will be engaged in the
mining business.
It is Impossible to tell what will be tn re-
suit Of this enormous speculation, or how
many will be ruined. Many have already
made moderate fortunes bat q greater num-
Der have lost every thing they had H. the
shape of mony and health OF a feet of
between six and setPR hundred vessels
which have left the Atlantic ports of this
country, only about three hundred had ar
rived at San Francisco ut the latest date,
and, as vet, not one IT the vast number has
returned. There is an immense capital
locked up in this fleet of merchantmen,
which is at present, and is likely to he for q
long time, useless and inactive. Tlis will
entail heavy losses upon thu owners; but in
the event of any disasters overtaking the
shippins in 4he harhor Af San Francisco. in
the shape of fire, IL will bankrupt hundreds
who have invested their whole capital in
the enterprise. Prices for property Of all
kinds in California, except real estate. were
rapidly deprecisting, aud very few articles
were bringing enough to pay charges, to
say nothing about cost. The large number
Of vessels on their way tn California, from
all parts Of the world, will add largely 10
the supply of all kinds of me merchandise; but.
she immigration into the country is so great
It is our impression that hrfore spring. prices
will rule much higher than they do now ;
but We have no idea that in any event they
will pay even cost tn the shippers. As re-
CARDS the pnsitiou of San Francisco, IS an
importan. commercial depot. we never had
but one opinion. 1t is unsurpassed, and
before the lapse Of many years. he the great
est depot Of commerce on the shores If the
Pacific. The trade Of this country and Em-
rope with the East Indies. must pass ti,ro'
that port, and that alone is sufficient to give
it great wealth and importance, S" far as
our knowledge of the agricultural resources
of California extends we must confess that
it has given us rather an unfavorsble i'm
preston. The limited extent of arabic soil
will compel its population to depend almost
entirely upon the production of it's mines
and is Commercial advantages; hut they,
doubtless, are sufic Glen, to support, sustain,
and perhaps enrich, q great number of in
h%abitantss
A striking evidence Of the wisdom of the
settlers of Minnesota is afforded by the action
of the Legislature in passing a vote direct
ing the Secretary to subscribe for ell the
newspapers published in the Territory from
the time OF ttIeir commencement. Those
papers are to be bound yearly. and deposited
in the library, as q valuable history Of the
times for future reference. -
The Rhode Island Legislature despatch.
3 ed its business ~nrofuntIv. II adjourned nm