The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-04-08
California md its consequences.

The extraordinary results which accompanied
the discovery of rich gold fields in California
and Australia astonished the civilized world.
Prior to The opening Of these new fields of
treasure the chief supplies of the precious
metals had been extracted from the mines of
South America, including those of Mexico.
Humboldt, in his work on New Spain, had pre-
dicted that the richest gold mines would be dis
covered in the northwestern provinces of Mexi-
co. The bare assertion of this suppostion led
to no practicable explorations and it was not
until the digging of race at Suffers mill acct
dentally brought to light the existence of i'm
mensely valuable gold deposits in California.
With this important discovery on the Pacific
a new era dawned upon the world. An i'm
mense tide of emigration was set in motion to
the new Ell Dorado; while another tide from
Europe was set in motion for the States, filing
the vacuum of those departing thence for the
Pacific.
With each returning year there was an aug
mentation of treasure. Cities suddenly rose
from the arid sands or uninhabited plains and
valleys of California; property suddenly adj
vanced to fabulous prices; men long bankrupt
suddenly became millionaires which inflamed
the imaginations of their early companions
with desire to acquire wealth by process
equally sudden Cities were burnt down, and
again as quickly rebuilt All became game Of
speculation, and while some miserably failed
others became as speedily rich-among whom
were the early saloon and gambling gents.
The first food of gold which poured into the
Atlantic States Of any considerable magni-
tude was in 1S49 and 1850. In 1851 the amount
shipped from California amounted to S34 492,-
634 in 1852 the amount was 5,559, III, and
in 1858 about $50, 900 ,000-which immense
sum averaged about four and half millions per
month for the year. Thus the total shipments
by manifest for the three years of 1851-'52-'53
amounted to the aggregate sum Of 6,051, 751,
to which may be added the coin and treasure
brought away by passengers, s30,000O00, max
ing grand total for The three years named of
s166,0O0,OOo The years of 1919, 1850 and 1852,
were years of immense profit to those engaged
in the trade. Nearly all descriptions of goods
sent out paid enormous profits. Large vessels,
including new and splendid clippers, paid for
themselves in single voyage to California and
back via China, or other East India ports.
In 1852 and 53 the Australia gold fever broke
out. 1t ragged with perfect Juror in England,
and spread with more or less intensity to Cana
da and the United States. The most marvel
lous accounts reached Us regarding the golden
wealth of New South Wales and Victoria.
Many supposed that these new fields would
eclipse those of California. Some imagined
that gold would become so abundant as to
cause great depreciation in value, and that
silver would become proportionably dear.
The enormous returns from freights, an the
shipments of gold, caused an immense amount
OF tonnage, with large quantities of goods,
to be despatched to the gold regions OF the Pa
ciic and Southern Oceans. The great rush of
people. for those countries it was supposed
would create markets which could not be
gluttcd.
The effect of all this movement produced
great change among the people st home IN
fation followed imitation in the Atlantic States.
The yield of California in 1919 was greater
than that oflS4s; that Of 1850 still larger; that
Of 1852 in advance of il; and that of 1855
proved to be the greatest of all. Many sup
posed that this annual increase would con-