The daily crescent. [volume] ([New Orleans, La.]) 1848-1851, 1850-06-08
The Gold OF California,

Exports to Europe Product of the Mines
Effect ON Commerce.
1t IS now about two years. says the New York
Herald In Its money article of the Both ult, since
the gold mines of California were discovered and
within that time, at least two hundred thousand
people have left the United States for that country
and the rapidity with which money has been ac-
CURED there, has made nearly all Of those who
have emigrated much larger consumers of the
1ecessaries OF life than they were before.
This has created extensive markets for goods,
wares, and merchandise of all kinds, which have
been principally supplied from the United States.
We have cleared cut immense quantities Of old
goods OF foreign manufacture, and supplied their
place BY new importatons. We have, in this way,
largely increased the aggregate value of imports,
without exhibiting corresponding increase In the
value OF merchandise exported This on the face
we will admit, looks rather unfavorabe but it does
not follow that the balance represented against us
really exists. 1t must be borne in mind that Cali
fornia is part OF this country and that the imports
and exports OF San Francisco go towards making
up the total foreign trade Of the United States as
much as those of Boston, Philadelphia, Baltimore,
or any other port the Atlantic
IL is has been officially stated that the exporta-
ton of gold dust from California for the year 1S49
amounted to about $4,000, 900 fifty millions Of
dolars,) of which S12 600 600 were Skinned 10 the
United States, $4,000, 900 to Mexico and Souih
America, and the balance, S25, 600. .000 to England
most Of it via the Isthmus of Panama and hy
British steamships. Now, there is no doubt
that most of the shipments Of gold from California
to London were made on account Of merchants in
this and other Atlantic cities, and in payment for
merchandise imported into the United States
We have been paying for a large amount Of imports
on the atlantic BY our expectation Of gold on the
racine, and the balance on our foreign trade has in
this way been much smaller than anticipated Had
this California gold come direct to this port in pay
ment tor goods shipped from this port to.San Fran
mot haxv l..
would have gone forward in the course Of trade to
London, In liquidation of our indebtedness Ii
would only have been a more indirect way of get
ting the gold to those to whom il was due Had il
been landed at this port from steamer from Cha
gres, and the next day been put on board steamer
going to Liverpool it would have created great
excitement in financial circles, and created great
nue. and cry among the protectionists against
tarln that was draining of all our specie But
between twenty and thirty millions of gold have
been shipped quietly out of the country and il has
created no panic, and has not checked the expan
sion in public private credits going on so RAPIDLY
IN the Atlantic States 1t thus appears that while
we have been largely importing, and moderately
exporting, our California friends have been fur
nlshlng the means to keep down the balance
against u.s. and have in this indirect way been
l1quidating part Of the immense amount thew are
indebted to us. This is not unusual course for
trade to take. The ramifcations of commerce are
SO extensive that all parts Of the world are included
IN the held OF operations and payments for imports
from the extremes OF the earth are usually made
with drafts on London. When the United States
Bank was In operation, merchants used fire.
quently to pay debts due in London by drafts on
the East Indies; and nations are so intimately
connected with each other in their commercial
relations, that the whole world is somewhat similar
to small community Of manufacturers aericultu-
rlsts, and neutrality-suspicious. and consumers ::
and the balances in favor of one and the other are
regulated, from time to time, by exchanges or
movements in specie.
The small amount Of gold dust received in the
United States from California, compared with the
aggregate amount reported having been extracted
from the mnes Is accounted for by the fact thai it
has taken the course named above, as the most
advantageous to all parties concerned To our
merchants engaged in the import trade, the gold
dust of California would be more valuable in Lon
don than in New York, and best answer their pur-
pose in the way Of business It will therefore con-
tlnue to take the same channel, and will form the
basis Of any increase beyond our usual mportations
OF foreign manufactures.
The proceeds of the public stock remitted to
Europe have been, doubtless, appropriated to the
payment of debts contracted by the purchase of
merchandise for shipment to this country which can
be considered as temporary for foreign debt but
California will provide the means for iquidating it,
if the production Of gold in the country continue at
the rate already realized, and the demands upon
the Atlantcports for goods continue large as at
present, we shall have resources sufficient TO meet
any public private Indebtedness due to foreigners
There have been seasons when we have imported
twenty and twenty-five millions Of specie from
Great Britain. In the event Of our foreign trade
again being so large in our favor, the balance will
be lquidated by return of our stocks, instead of
shinmPnts of snecie.