Daily Richmond times. [volume] (Richmond, Va.) 1849-1850, 1850-04-05
CALIFORNIA,
REPORT OF HON. r. BUTLER KING.
(CoNcLUDED.)
WASHINGTON. March %, 1850.
To the Hon. JOHN M. CLAYTON,

Secretary of Slate.

To the Hon. JOHN M. CLAYTON,
Secretary Of Slate.
COMMERCIAL RESOURCES.
The commercial resources of California are, at pre-
SENT founded entirely her metallic arealthher vast
mineral treasures remaining undeveloped and her fer
tile soil almost wholly neglected; and this must CONT
nue. to be the case loug labor employed in collect
ing gold, shall be more profitable than in any other
suitwhich can furnish the sinews of commerce.
The day is probably not distant, however when her
minerals, especially the quicksilver mines, will be ex-
tensvely and proitaby worked
Gold is the product Of the country ,and is Immediately
available in uncoined state for all the purposes OF ex
change. 1t is not there. as in other countries where the
productions of the earth and of sent to markets
foreign or domestic to be exchanged for the pre-
cous metals, or other articles of value There, gold
not only supplies the medium OF domestic trade but of
| foreign commerce.
At first vew this state of things would seem to be
favorable to an extensive intercourse with other parts
of the world, because of the of return eights Of
home production for the vast number Of vessels which
| will arrive with supplies.
These vessels, however, making calculations on re-
turn cargoes will estimate the entire profits of the voy
age their outward freghts and become, their
rival willing carriers for comparatively small conside-
ration.
| This tendency in the course of trade it would SEEM
must make San francisco warehouse for the supply,
to certain extent OF all the ports of the Pacific, Ame
| rican, Asiatic and the Islands.
| Almost every article exported by them finds q
ready market in California, and the establishment Of
mint will bring there also the silver bullion, amounting
10 more than ten millions per annum, from the west
coast OF Mexico, and, perhaps, ultimately from Chill
and Peru to be assayed and coined
| Vessels bound round Cape Horn, with cargoes for
markets on the American coast OF the Pacific, can, by
taking advantage Of the southeast trade winds, and
standing broad off the Cape make the voyage to San
Francisco in as short time as they can to Valparaiso
or any port south OF California. Vessels have sailed
from our Atlantic ports to San Francisco in less than
one hundred days. and they have been, than
instance hundred and twenty days in going
| from Panama to San Francisco.
This astonishing difference, in time and distance was
caused by the ofthe wnds and the "gultstream
OF the Pacltc mentioned III my remarks the climate
of California.
The vessels from our Atlantic ports took advantage
OF the winds by steering from the Cape far into the
Pacific to be enabled TO take course west Of the
gustream in sailing norhward thus awaiting them
selves, first OF the southeast then of the northwest
trades and avoiding opposing currents.
The vessels from Panama were kept back by Gains,
adverse Winds and currents. 1t will be perceived, there
FORE that there be nducement for vessels bound
round Cape Horn, with mixed or assorted cargoes, to
stop at Valparaiso, Callao, Guayaqui!, any other
port the west coast because the exports of all those
places will seek market at San Francisco and their
supply OF merchandise, as return freight, will be deli
vered at less expense than be by vessels direct
from Atlantic ports, American or European This ten
dency OF trade to concentrate at San Francisco will be
aided by the course OF exchange.
Gold dust is worth but $l7 per in Chill. 1t is
worth $l8 at the United States mint. IT. therefore,
merchant OF Valparaiso has ten thousand ounces in San
Francisco, received in payment for lumber barley -four,
OF Otnel QeSeS an invoice OF goods UOm
the United States or Europe, he will gain $4,000 at the
outset, by sending his gold to New York, besides sa
wing something on the freight and insurance, and at
least one months interest.
The counties ON the west coast of America have no
exports which find market in China, or other parts OF
Asia. San Francisco will therefore become not only
the of these exports but also Of the products and
manufactures OF India, required in exchange for them
which must be paid for, principally, in gold coin gold
dust Neither gold coin nor gold dust will answer
remittance to China Gold in China, is not currency
in any shape, is it received in payment OF import du
ties, on land, the industry of the people
The value OF pure gold in China is not far from Sl4
the ounce. Hence, the importer OF manufacturers and
products of India into San Francisco will remit the gold
coin dust direct New York, for investment in ster
ling bills London. These bills will be sent to Lon
don and placed the credit Of the firm in China from
whom the merchandise had been received, and whe on
learning OF the remittance having gone forward to their
agents, will draw sr months sight bill for the
amount, which will sell in China at the rate of four
shllings and tteo pence or three pence per dollar.
| have statement before me from OF the most
eminent merchants and bankers of New York, who
for many years engaged extensively in the India
trade, which shows that the profit gain thou
sand ounces of gold thus RENTED would be $34 434 A
And that the loss on the same quantity, sent
direct to China would Observation-Disclosures. Is 600 90