The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-03-22
The Cause OF the Deprcsslon In Trado-The
Cure.


We live on trahc and speculation dependent on
other countries tor food and on our own soil for the
lessnsss Of our condition As long Is the gold ao"sd
to our towns and cities In steady stream We could
get bread and all other necssssries. Commercs was
stimulated. Real estate and rents went up. with
every kind Of foreign product poured into tho COUNTRY
oious metal was quiolIy taken o to tie fathsss
ners Of the earth. We had . merry time of It. We
cheap and plenty, and could sell for higher proe
still! We've oil made fortunes at jump. But the
chilling ost comos torrent from tho Sierra Nevada
bottoms destined to remain there another year We
rerest to the plains and gulches Again the elements
coming. In the mesntime, what gold We had taken
out having flown to where every thing Is chsaper We
are pretsed for money to pay necessary expenses and
part with some OF our wares 1t cost-sti pressed
sell below cost, and now the suctoneers hammer be-
gins to rattle and We willing to take Whatever we
The medium Of exchange l. scarce with all CLASSES and
We s feel the pressure alike. We all engaged in
Now mu.t not rsiy altogether upon tn. soil o,
califorI 10 to produce the gold money where With
to purchase TODD clothing, other nscsssares The
real truths by far the largest pert Of the gold sent
to other countries to supply with was
taken IRON tho river banks with comparatively little
viii yield as they have yielded The Dream Of
the guiohes, wherever water could be got has also
the quartz veins, but 70 es IN. soS s and
must employ gold. The man who lives upon his Ia
bor from day to day must hereafter be employed by
the man who has In bis possession
or money, the representative OF labor The mines viii
afford better wages to Thousands for years to come
than can be made In any other country and they will
create good demand for food clothing and other pro
ducts OF industry but to keep the gold In the ooun
try, and become great and prosperous people, we
must live more within our own resources The true
wealth OF State exist In It's riches Of gold
This metal is our only article Of export
We give In exchange to other States and stions
for food clothing and all the necessaiss
OF life or all other commodities or products 1t is
the most dangerous and seductive. An excess is
fAught with ss many evils as Q scarcity In either
psralyEed- 1t has now become q well established
fact that no country earth possesses productive
particularly for small grsns-ss the sea board
portion OF California including the San Joaquin and
sacramento valleys. Here is wealth that will make
the new State perpetusly rich and strong
We may dig our gold mines and those who have gold
10 fpare may give 1t for the enjoyment Of luxuries
We may engage In great enterprises md take tribute
from the world but let be prepared for the muta
tons OF time-for the fluctuations In the supply OF
clmes, which we need but cannot supply. Let us be
ready to turn upon our resources and rely upon
our own energy and power. We have, say, the
energy, the power, the resources Let US make them
available. One great blessing 10 that we produce our
own meat. Let us produce own breai IL nothing
preaching .or the commencement Of the great work;
We have the scil and the labor raise our own
bread, and bye and bye will make our own clothing
GOLD mines may be discovered and exhsusted-com
merce may rot upon tho oceans-but We can, IL We
Will stand upon our own independence. The sxohsnge
OF gold for foreign pro due ts and will not sup
port ps Raising from soil the necesssriee OF
life, with the commerce Of the Pacific at command
and the gold Of the Sierra Nevada back u.s. We can
become great, prosperous and happy.