Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1850-04-17
IRON KINGS REroRT.
Conn merCisaI Resources Of Cali
fOrMia.

Conn m erCiaI Resources Of Cali.
fOrMia.
The commercial resources of Califor-
MIA are, at present founded entirely on
her metallic iceaiih-her vast mineral
treasures remaining undeveloped. and
her fertile soil almost wholly neglected;
and this must continue to be the case as
long as labor, employed in collecting gold
shall be more profitable than any other
pursuit which can furnish the slnews Of
commerce.
The day is probably not distant. how
ever. when her minerals, especially the
quick silver mines. will be extensively and
protitably worked.
Gold is the product Of the country. and
is Immediately available; i'll an uncoined
state, for all the Purp7 ses OF exchange
1t is not there. a in other countries where
the productions Of the earth and OF art
are sent 10 mark ke,s-foreign or domestic
to be exchanged for the precious metals.
or other articles Of value. There. gold
not only supplies the medium OF domes-
TIC trade. bot Of foreign commerce.
IL first view. this state of things would
Sc III 10 be untavorable 10 an extensive
intercourse with other parts OF the world.
b cause the want Of return treights OF
t5H,e production. for the vast number OF
vessels which will arrive with supplies.
These vessels, however, making no
calculations on return cargoes. will estl-
mate the entire profits OF the voyage on
their outward freIghts, and become, on
their arrival, willing carriers for COM
parativelv small consideration.
This tendency in the course of trade.
it would seem. must make San Francis
co warehouse for the supply. TO GER
tain extent. of all the ports OF the Pacific,
American, Asiatic, and the Islands.
Almost every article now exported by
them finds a ready market in California,
and the establishment of a mint will bring
there also the silver bullion, amounting
TO more than ten millions per annum,
from the west coast Of Mexico. and per-
haps, ultimately from Chilli and Peru, to
be assaved and coined.
Gold dust is worth but Sl7 per ounce
in Chill Ii is worth S1G at the United
States mint. If, therefore. merchant OF
Valparaiso has ten thousand ounces in
San Francisco, received in payment for
lumber. barley. -four, or other produce.
and desires an invoice Of goods from the
United States or Europe. he will gain
80 OcO at the outset, by sending his
gold to New York. besides saving some
thing on the freight and insurance, and
at least one months interest.
The countries on the west coast of
America have no exports which hnd a
market in China. or other parts OF Asia.
San Francisco will therefore become not
only the mart 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
or gold dust. Neither gold coin nor gold
dust will answer as remittance 10 Chi-
ma Gold, in China. is not currency in
any shape. nor is it received in payment
Of import duties. or taxes on land, or on
the industry of the people.
The v,lue of pure gold in China. is
not far from IA the ounce. Hence. the
importer Of manufactures and products Of
India into San Francisco will remit the
gold coin or dust direct to New York. for
investment in sterling bills on London
These bills will be sent TO London. and
placed to the credit of the firm in China
from whom the merchandise had been
received. and who. on learning Of the re-
illitldHCe HdNln8 gone IOT"diu ~ tltit
agents, will draw sir months sight bill
for the amount. which will sell in China
at the rate of four shillings and two or
three pence per dollar.
/ | have statement before me from one
OF the most eminent merchants and bank
ers of New York. who was for many
years engaged extensively in the India
trade, which shows that the profit or gain
on ten thousand ounces of gold. thus re-
mitted. would be SEA ,434 A
And that the loss on the same
quantity. sent direct 10 Chi
ma, would be 15,6OO 90
Total difference in profit and
loss i'll favor of the remit
tance to New York S5O.O34 A
1t Will thus be perceived. that nature
has SO arranged the winds and currents
of the Pacific. and disposed Of her vast
treasures in the hills and mountains o.
California. as to give to the harbor ofSan
Francisco, the control Of the commerce
of that ocean. as far as il may be con
nected with the west coast of Africa.
Important as the commerce Of the Pa
citic undoubtedly is. and will be, to Cali
, tornia. it cannot ow. nor will il ever com
pare in magnitude and value to the do
nessic trade between her and the oldel
: States of the MON.