The New York herald., 1851-10-21

From the Alta California Sept IL
NO little anxiety has been felt throughout this
state to ascertain what effect the large losses by
the recent ares, and the nsettled condition OF pao
lie affairs, which brought abOu. extra judicial pun
ishment was likely TO produce upon other portions
OF the world. IL has been surmised by some that
he consequences would be extremely disastrous 10
Cahiorbia, by preventing emigration and keeping
out foreign capital; whilst others have imagined
| that on the whole the effect would be beneficial,
iuasmuch as IL would have tendency to take iro u
the California trade and emigration every particle
| o. that spirit Of adventure which has heretofore
characterized IL, and necessarily bring il down 20
well uDders God, settled, and established Ter Of
things.
There is no doubt tha; the emi grafton 70 and
from California IL very nearly balanced at the pre-
sent time. And this could scar,ely be Otherwise,
when II is re solicited in woat torrent the gold.
seekers poured upon Us for the first two years the
excitement. That state Of things could not he
expected TO continue. No one, with a particle Of
iorethoug at, believed IL would though many men
Of sense could not resist the nfatlation and we're
carried away in the popular tide OF speculation.
but there is nothing in the present depressed
OF afsIrs which ought to dishearten our citizens.
The facts that the emigration vi the last year Is
small, that the returns for capital invested are
comparatively light, that some uncertainty aad
alarm has perysded the public mind, and that the
general profits to al classes have oeen lessened,
though urpleasan: aud unfortunate, are not of Sc
rous import, whea IL is recolecsd that the yield Of
gold during the present year has been from twenty
h'e TO hfty per cent more than in the previous one,
ana Otner resources Ol tac
country have been developed at least a thousand
fold.
II happens, also, that at least one half Of those
who return to the atlantic on each steamer go tor
the pufpcse Of establishing permanent business
arrangements, and then retnrning here with taeir
families and friends; whilst many return u dispose
oi what property they possess in tha. patt OF the
nion, having satisfied them selves by personal ek.
pererce that California does present advsna yes to
the intelligent, industrious. aud eu.erprising such
az no Otner country ever did hold out.
The excitement relative to California gold Is nov
over But California is still where she was. and
just az rich In precious metals to-day as she was
prio- to the extraction Of the three hundred millions
which have been taken from her soil The gold
which has been carried asay, j. as nobiug-lte-
rally nothing-to that Shich rernains and the sue
Gees Of her miners, as general thing. Fever 50
great as on this very day. she his passed through
mary extraordinary vicissitudes-his Undergone
most wCnderiul luc.ua,ioas-has been, la tact, a
problem but The tolgtiOn is fact becoming yi.iole
After all her disasters, ana notwithstanding al her
trials, she still stands forth to the world az the
greatest ted for the aborer, the mechanic, the far
mer, or the capitalist, which the sun shines upon
be very facts which are urged against her-her
misiOrtunes thepselvts-pfos how uch real worth
snd stability she pas at bottom for IL appears an
undeniable proposition that no other country upon
tie globe could have rsen superior to :alamities 80
general ard oyerw helming.
The two main causes which have contributed 70
sustain California. and enabled her to recuperatt,
are the immense pital she bas In her mines, and
the increase Of her population by emigration. The
second CT there causes IT, OF course DEFENDANT upon
the hst &c that, IN point Of fact, the real Of
her prosperity is her mines Foreign capital, intro
duoeG Into the country, both 10 and wares, has
no doubt contributed largely to swell the general
tide, but the gold dust removed from among US TO
pay tor the imporia;iobs consumed, has been much
larger N is aggregate value than the cost Of the
productions themselves, and tue practical result has
been general Improvement Of trade throughout
the commercial world
Now, suppose the evils anticipated by the weak
est among us become facts. suppose that foreign
capital ceases to come in in the shape Of cash. and
that the emigration should ent rely cease Does
any one believe that the country would retrogradel
Certainly, II could not 20 backwards, though il ,
might not go forwards as rapidly as we could
wish. And the reason is this-that the state pos.
sesses in reality more capital than all the rsmain-
ing portions Of the globe. She hes in her gold
as gold remains standard Of value; and when the
standard Is changed, California will still be as rish
as any, because she must occupy the same relative
position that she does Just now. IL, therefore,
foreign capital ceaee TO come to shores, foreign
goods will not. Merchandise and provisions will
,ontrue TO find their way TO our markets, because
We shall be able to pay for them n an exchange
bic product, whose value 10 not liable to serious
luctuations The practical result, therefore, of
the non introduction Of foreign cash would be the
'sying Of all the gold dust which now goes out Of
the country in the shape Of interest.
but the cessation Of emigration e an evil Of \
rseer lts FIRST effect Is to produce general stag
nation Of business and that we are now expert
sncing lts ne1t effect is 10 entirely destroy some
particular classes Of business which are more imme.
uie.ey uepehda upon emigration for profits and
s0PfNI bW lhs n only an interruption Of the