The New York herald., 1850-06-06
Late California Eews-Is Important
Character.

The very late news fIom California, which comes
down TO th. LIST of May published yesterday. part
ly by telegraph from New Orleans, and given
IN detail m this mornings paper, continues 20 be
highly favorable respecting the commercial views
and rosPec,s Of hat interesting couniry-the mod
err lndla Of the United States The probable ag-
sregate amount Of gold dust, including that in the
trunks of passengers that may be expected at this
port, may reach nearly iiro millions. The com
nercia prospects for the present year are also inn
proving in very material degree. The difficulties
Of last years speculatons seem TO have been re-
movcS the docks clear for fresh starts, and,
we have no doubt, every additional arrival will
bring better accounts, with more gold from that
rich Western county.
California IL now beginning 10 develope its vast
isEuebce on the commerce and power Of the Uni
bed States and in a certain sense, on the general
movements of The whole commercial world. During
fie last yeaI-mesning 10y that lSi9-it is estimated
thai tho exports from the Atlantic States to Cahlor
mia, by rcary five hundred vessels, reached forty
10 my RtbiOrs Of dollar, This grea, amount Of
merchandise left a vast vacuum in tho sale rooms
ol the Atlantic States, and accordingly, that has
given rise 70 a large import into the Atlantic ports
from Europe, duringtbe same period Of time, there
BY increasing the aggregate imports from Europe
60 this country, much beyond the figure Of late
years ard almost parallel with the great epoch
ofsreculsiion rl 80 and 'S7-bui the sxiraord-
nsry commercial movement set on foot by Califor
are has resulted, and will result, much more favor
ably to the interests of the republic, both on
the A,laniic end Pacific, than the paper bub-
bic of lS56 end -. The amount Of exports
nom the Atlantic States 10 California, has been
probably payed for in FULL very nearly 80, by
forms, or systems. Of liquidation. Let us explain.
During the last year, and mp 70 this iime We have
received across the Isthmus, from California, gold
dust TO the amount of fiTissn 0r scrcn;,cn million,
tfdolo's. Il is estimated, however. that sirfg. oy
al i,gsf mr. ,piEi0as have been extracted from the
sines during the :. me period Of time The balance
Of kirfy millions or more has been sent to Eurepe,
principally to London. iliing up the vaults Of the
banks ot England. and has been made in Cali-
foruia The ts.i. Of bills cf exchange. drawn by the
agents &C Rothschid aud other rold-dus, pur-
shssers. who have been crowdng to that mart.
thus, large portion of our vast imports into the
Atlantic ciurs have been liluida,cd, in great
measure. by California. under these two modes Of
direct or indirect payment; and the clcaresi indi-
cation that such hes been the natural operation Of
trade is the singular equalization Of the foreign
changes between New York ard London during
the same period Of time. In 1896 and %, the
fortign exchanges tCld different tale.
Probably no country has taken such start, in
20 sbou time, IN commercial progress, az the
United States since the discovery Of California.
Various hazardous individuals. It Is true, both in
San Francisco aud in the Atlantic cities. have
oversieIfed the limits Of Just commercial opera
uous, and fallen in the contest But the few specu-
lators who have broken to pieces IN California or
here, bear q very small ratio to the great amount
of trade, or the prosperity, Of the remaining
The On eTnse and industry Of the old United States
have received an accession, by California alone Of
thirty or forty pcr centum, In the last two years.
The prospect Of the future. according to all ac-
counts IL equally brilliant with that Of the past
ard. possibly, the coming year will surpass m
profit. enterprise and wealth, that which has lust
left ne.
But while we have the highest opinion Of the
commercial progress Of California, Of its natural
wealth and great accession, which its commerce is
producing on the United States and the world
while we believe that that wonderful territory will
create grea' revolution 10 the commercial world,
by the opening Of the Nicaragua Canal and thus
change the great current II trade to the East-wbie
We admit all these facts, brilliant as they are, with
their still more brilliant inferences we must, how
ever, acknowledge that there Is one dark SPOT one
black feature, in the progress Of California, and