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

tinue, and that the time would soon arrive
when tic yield would be one hundred millions
Per aunum, and predicated their specllat.oas
accordingly.
The effect in the principal Atlantic cities Of
tie United States was soon developed. Real
estate rapidly advanced, soon doubled and in
some cases quadrupled in value. Rents ad-
vanccd in the same ratio. Habits of great ex-
travagance in living became developed on every
hand. Immense importations Of costly goods
from France and England and other points of
Europe were made. Credit was easily OBJ
tanned, and the goods imported were rapidly
sold on credit at good profits.
Under State free banking laws immense num-
bers of new banks started up--not only in New
York, but in New Jersey, New England, and in
theWestern States, based upon stock securities
If gold became short from unequal distribution
or foreign expectation, paper money was album
dant, and ready to supply its place and buoy
up credit With increased expenses of living
increased wages for labor were demanded.
From the great demand for ships all materials
used in their construction advanced about
twenty-five per cent The impetus given to
building caused work and materials to advance
in about the same ratio.
In connection with all this sudden and unexam-
pied prosperity thousands of schemes Of specula-
ton were engendered Hundreds ofmining COM
panies were formed or revived, embracing
searchers for zinc, lead, iron, gold, coal and
"copper" scattered from the Lakes to the Gulf of
Mexico, and from the Atlantic to the Pacific
Ocean, with ramifcations in Mexico and
Canada
New steamboat routes multiplied, with q vast
increase in the number of this class of vessels
A railroad mania seized the country-vast
lines were commenced or projected. Millions
upon millions of bonds were issued and sold at
low figures to raise the wind to enable many Of
them to work those built or to complete those
unfinished. New Life and Fire Insurance Com
panies sprung into being by scores. Indeed,
in no former in no former age of the world
did such sudden food of prosperity appear to
burst on the nation. With this sudden pros
perity there was engendered a rank spirit Of
corruption, of unblushing roguery, both in
low and high places. Rogues seeing the sud-
den wealth acquired by "Tom,'' +" Dick and
Harry" in California, while they were likely
to remain poor, resorted to stealing to enrich
themselves. Hence the Galphin claim and the
Gardiner and Mcir swindles, with kindred ope-
rations in various sections of the country.
Truly Money (gold) is the root Of all evil"
From recent Developments we have reason
to believe that the year 1853 was the culminat-
ing point in this universal gold intoxication and
speculation From the facts we shall give it
will he seen that !" all is not gold that gltters"
Another side to this picture is coming rapidly
into view. English merchants and ship
pers have largely lost by Australia speculations,
and we find tremendous ebb tide has set in
against the States from California.
AS heavy as the yield of gold in California
was in 1853. we have reason to believe that the
shipments ofproduce and merchandise sent there
to purchase it greatly exceeded it in amount We
find that the amount paid in San Francisco in
1858 for frcights alone shipped to that port
amounted to the enormous sum of Sl0736, 1O7
on Eastern shipments, and s1,976, 661 on TO-
reign shipments, making total of $12, 712, 76S,
or over five per cent of all the gold yielded by
the mines.
In 1853, 1902 vessels arrived against 1888
in 1862, with tonnage in 1853 of 549,755,
against 445, O44 in 1852.
Among the vast amount of produce and mer-
chandise landed in California in 1853, for the
consumption of $4,000 people, against 5000
in 1852, we may notice the following 1t may
be observed that while the population Of the
State in 1853 was only $4,000 over that of 1852,
yet the articles shipped for its consumption in
1853 were about in the proportion of and 6 to
l in 1852.