Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1850-11-01

Shipped to the United states =: 49,. - ssl00o. GOA
taken to Oregon by miners 100000
nakcn TO Mexico by miners 20 900 900
Taken to England through Mexico. 15O0OOOO
Taken to England via Panama 10000 900
Shpped to South America 25.OOO 900
SShhppe9 70 sandwich Islands 100000
shipped direct to England via Cape Horn 10000 900
Shppeo TO other parts of the world 100000
Total $3.50 600 600
1t will be by this portion of tho pro-
duct up to this time, has reached the United
We find the above estimate going the rounds Of
the press and publish it now for the purpose of
making some remarks upon it in connection with
another subject which is intimately related to it,
and concerning which all sorts of mistaken notions
seem to be entertained and promulgated. 1t appears
to be taken for granted that because the amount of
gold actually and directly received in the United
States from California does not equal the amount Of
goods sent out there that therefore the California
trade has been losing to the amount of the APP
parent difference between the value of the goods sent
out and the returns in bullion actually received 1t
has also been argued that because the amount of du
ties actually collected at the port of San Francisco
is inadequate to defray the additional expenses en-
tailed upon by the government and protection of
possessions on the Pacific, that therefore these
possessions must necessarily be drain upon the Uni
ted States Treasury. slight examination of the
fallacies, arising from want of due reflection and
an ignorance of the laws of trade.
1t would appear, from the estimate made, that on
ly about one-ffth of the gold which California has
sent into the world has found its way into the United
States, while at least ghths of the goods used
in California have come from the Atlantic ports
The whole amount of foreign goods imported direct
y into California cannot have been more than four
Millions will appear from the fact that the dute,
collected have not cquaIled Million all told-which
allowing an average of twenty-five per cent for du
ties, would show Importation of less than four mil
lions the rest of the foreign goods used in Califor
nia--at the least calculation twenty-five millions
worth-hayc been imported through New York OF
some other of the Atlantic cities, and had already
paid duties to the amount of at least six millions
certainly sufficient to defray the annual expenses Of
| the State or Territory. as the case may be- 1t is
therefore, argument that California is unprofta
bic to the United States Treasury because the duties
collected at her own ports small. She con.
sumes large amount of goods, and the consumer
eventually and inevitably pays the duty: matter
where Or by whom the goods may be imported.
But more than this. 1t would appear that nearly
twice much gold has found its way to England as
to the United States In what way has England paio
for this gold Not in goods for, as we have already
shown, the amount Of direct importations has beer
comparatively trifing Taking out of account the
small quantity that may have been sent home by mi
ners, the great bulk of the gold shipped to Europe
has been paid for by bills upon England which bill:
have passed into the hands of the American merchant
in payment for goods sent out to California and the
abundance of these bills has kept down the rate O
how rtot;o rod =,
exceed our exports to an undue extent. Gold is a.
much the crop or produce of California as cotton i
of the Southern States and regulates the rates o
exchange in the same manner. In addition to thu
thirty millions of gold dust which have reached tn
States from California, probably bills of exchang
have been RENTED covering threefourths of all tn
gold shipped to Europe, which have answered pre-
cisely the purpose.