The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1850-01-14


comparison of prices current at the close of the
market yesterday with those ruling the close of the
previous week. exhibits a decline in Erie Railroad of Il
per cent; Farmers Loan, az; Canton Company, n;
Morris Canal, q; Hudson Railroad, al New Haven
Railroad, u; North American Trust Company, q Erie
rs, 1865, al Erie rs 1859, and advance la uni
ted States 6's, 1867 of y per cent Pennsy 5 Vi
Harlem -. The lowest point touched by Erie Bond,
was 81, and by Erie Stock, SO.
By the arrival Of the steamship Cherokee from Cha
eres, have intelligence from California fifteen days
later than that received by the Empire City We have
by this arrival full files Of san Francisco papers the
LIST of December inclusive The accounts in every
point Of view, exceedingly interesting. The Cherokee
brings about three hundred and forty thousand dollars
In gold freight and il is estimated that the psssen
gers board have in their trunks, &C.. much more
The steamship Unicorn at Panama. from San Francisco
brought down about hundred thousand dollars In
goldfour hundred thousand dollars of which welesrn
remains At Chagres, 1t being stipulated in
the bills Of ading that be shipped Chagres board
the Crescent City and 1t will probably wait for that
steamer. II the shipments gold from San Frsuc..co
by the steamers for Panams any criterion Of the
product Of ne mines Of California the production
far, has been much limited than antiopa but
We have no idea that such IL the There Is no
doubt but that the production Of geld in California
this yerr rather since the discovery OF the mines
has been enormous, but It has been distributed
the world to sach extent that the effect yet has
been riaing. In California, where the bulk Of II still
remains and Is required for currency the effect Of such
amount Of gold suddenly produced has been very
great lie shown by the prices current for every spe
oies Of property and for all kinds OF labor.
Next to San Francisco the cities OF London and New
York are the two great receiving and distributing
points; and the effect Of the Influx Of such large
Of gold Is slightly visible In prices for property
and the reduced value Of money At other points the
effect not APPARENT and the circle Of dstribu
ton extends the influence becomes less discernibe
In time the effect Of the large production Of gold
fornIa- provided the supply continues uuJiminshed
will be felt In the most renste sections OF the world.
In London and In New York there l. already plethora
Of precious sls and unless the banking syems Of
both England and the United States undergo a very
material alteration the standard Of value for gold will
soon be reduced The first movement necessary to
prevent any important arrangement In the present
standard Of value Is to substitute gold for portion Of
the paper issues Of the banks Ia each country II this
will not absorb the prcsent and prospective Of
precious metals the standard Of value will have be
changed The circulation Of bank bills Of small de-
nominations in this country amounts to full hfty mil
lions Of dollars, and cannot spprehend any serious
arrangement In the currency until, at least that
amount OF paper Is displaced the currency Of
must continue Of pure specie character; and a. the
business Of that country, aud Of all countries bor
defng the Pacific, Increases there viii be larger
amount Of gold required 10 Afford proper facilities
for commercial Transactions 10 will require many
millions Of gold to pay for the construction % fhppicg
that win ind employment in the commerce OF the
Pacific; and 80 isa question In mind whether the
rettl.nent az California will not exert such In
fuspce upon that part Of the world aud give such an
impetus TO commercial pursuits In those seas, as will
absorb the surplus production Of aorais gold and
give active employment to s the capital thu mine. Of
that country will produce This Il endless subject
for speculation, and space will not permit
TO follow IL out
The population Of the countries bordering the
Pacific and indian Oceans IL ten times greater than
those washed by the Atlantic; and when consider
what an immsnse capital 10 actively employed In the
trade Of the Atlantic with comparatively limited
population What amount may not be required 10 carry
on the commerce Of the Pacific 9TH the hundreds Of
millions OF population. and usdeveloped resources q
that part Of he world The trade Of the Atlantic sith
the rscac IL yet In Its infancy and can hardly form
idea Of its ultimate extest and produstvensss In
this view Of the commerce ef he world cannot en-.
teran the least apprehension Of too rapid increase
Of the presious metals As California increases in
population, aud a. her commercial agrioultursi and
mineral resources become developed there will be
demand for more capital and her gold mines must
continue nearly productive they have been thus
FAR 90 supply the natural Increase in trade be.
tssen her territory aud other parts OF the world