The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-07-24
The Sews nom Calffornia-ChoeraDg Ac-
counts from TIC mines.

counts from ito mines.
The gene al depression which seems i,r the
present t. paralyze all our co merc.al aud
financial peratipns, arts ng as much perhaps
from local anses Us from the r action OF The
influence governing the Enrop an markets,
W i be in some degree re ieved by the cheering
nature Of the ntell gence ust received RON
California. Whatever other ev | may threaten
US, it is at l. asst Satisfactory to know that the
fears entertai ed OF the proximats exhaustion
of the supplies Of old from that quarter, seem
as far from .ealization as ever.
In fact at no perio of the annals Of mining
adventure in the Golden State, have the ac-
counts from all parts Of the mines presented
more hattering prospects. whilst the old dig
gings are far from being exhausted; new veins
and deposits are continually being discovered
in other situations, some of them not only
rivalling, but even surprising in productive
ness any that had previously been laid bare.
The stories told OF the aurferous richness Of
that ridge of the Nevada, of which the Iowa
Hi forms part, would appear fabulous but
for the accuracy Of The sources from whence The
information is derived. None Of the numerou.
companies engaged in penetrating the ridge
have failed in meciing with success
exceeding their most sangune eXpecta-
tions. In single week the Jamison CON-
pany alone took out upwards of Sl5,0oo
In the meantime new t0@ns and settlements
are spri"eiDg mp with marvellous rapidity
along the whole line OF moaatsinous district
thus fortunately distinguished. ~ Forest
City, Iowa City, Minnesota, Smiths Diggings,
Cauptonvile, New Orleans Flat, ana ether IA
vored spots, the influx Of popu at on is SO great
that hundreds arr reduced t. the same $ rats
"a regards accommodate IN that attended the
labors OF ths first adventurcrs IN these districts.
The results are, however, SO encouraging. that
but few complaints are heard. This, il is true,
is in some degree owing to the less harassing
and unhealthy character of the mining opera
tions carried on in this quarter. Tnnnellng
AID sbafting have been substituted for the pre-
carious add fatiguing search after the deposits
left in the beds of the mountain streams, and
the miner is no longer subjected to tue vicis-
STUDIES caused by too great or too short sup
ply Of water--his labors beiog now directed by
tie more certain and unerring indications of
geological science, aud pursued under condi-
tons more favorable to health.
Whilst, however, the mining and industrial
portion Of the community are enjoying the ad-
vaDtages arising from this improved state of
things, the mercantile classes are still suffer-
ing from the effects of that immodcrate
thirst for speculation which even the severest
reverses have failed to check. Although
the markets are hopelcssly glutted with mcr-
chandise, the importations still continue to pre-
sent ridiculous disproportion to the actual
wants and demands of the country, and foreign
CONGREGATIONS are consequently either disposed
of at a ruinous sacrifice, or returned at heavy
loss to their owners. This is more especially
the case with cereal productions, lumber, and
other articles, of which the State grows more
than is necessary for her own consumption. In
such state of things it is not surprising that
whilst other interests are prospering, the com
mercial classes should derive little or no benefit
from causes that usually have favorable in
fiuence upon their operations. There is, unfor-
tunately, no chance Of amcloration In their
condition until the mischief works out its own
remedy. The collapse in trade caused by the
depressing influence of the existing war, has
unfortunately glutted the European markets
with large stocks of merchandise, for which 10
debonrhf can be found except on this side Of
the Atlantic. Until therefore, natural limit
is placed on production by the difficulty of di8-
posing OF the existing accumulation of goods,
the European houses will continue to export to
those markets which offer the most fayorabl,
chances OF getting rid Of them. They viii
soon discover, however, that even in an exeep-
tional condition Of prosperity. such as the vast
mineral resources Of California have enabled
her in such marvellously brief period to at
tain, there is point beyond which speculation
cannot be pushed without entailing heavy losses
upon themselves and severe suffering upon
others,