The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-08-01
Gold ana IT'S Works I'm enc Last Ten Heaxs-
Tne Good Time Coming.


Gold and lts Weaks I'm ene Last Ten Years
Tne Good Time Coming.
The excitement that has followed the dis
covery of gold at Frazer river promises to open
a new source of supply of the measure Of
values ard the medium Of exchange. No bet
ter criterion TO Judge Of the probable effects of
these new discoveries can be found than a re-
view of the gold fever Of eight years ago and
the results il has produced.
Al the close of the year 1S4S the commercial
world was ploddirg quietly Along in its accus-
TONED routine. We had just come out Of the
Mexican war with glory, large profits and
good deal of new territory England had got
through her Irish difficulties beaten the Sikhs
and annexed the Purjab. France had seethed
down from the fierce ebullition Of the revolu-
ton, and had elected Louis Napoleon President
OF the new republic. Throughout the rest of
Europe the popular fires were still blazing: the
Emperor Of Austria and the King of Sardinia
were about resigniDg, and the Pope was pre-
pairing to fee from Rome. Kossuth and MAJ
zini were in the ascendant, and merchants every
where cav no prospects of revival Of trade.
Suddenly the discovery of gold in California
blazed across the earth. Nuggets Of immense
size 10y scattered on every side. Princely
fortunes could be had simply by picking
them up. Men rushed to the new Ell Dorado
with frenzy such as had not been witnessed
since the time of Peter the Hermit and the
Crusade for the recovery of the Holy Land.
Ships and steamers could not be built fast
enough to carry the ti6e of humanity. Every
plough, loom and anvil in the world was set at
work to supply the necessities of the thousands
of hopeful millionaires; and commerce every
where aw oke to new hopes and new life.
Soon the returning stream Of gold came Not
indeed sufficient to repay all the labor and
hopes that had been invested, and thousands
were ruined. But yet it came, and poured into
the arteries Of the world far larger stream
than they bad ever before received Australia
soon followed California, and the river of gold
which poured into the channels of circulation
was doubled. So much new blood to the social
organism gave new life to every enterprise and
new energies to every mind. Labors that be-
fore were considered beyond the power of the
age were now of easy accomplishment Rail-
ways and telegraphs were laid across vast tracts
Of our own country, and every city in Europe
was connected by them. Steam navies were
constructed for use which the world had never
dreamed of requiring New empires sprung
up on the shores of the Pacific. New pathways
were opened for the worlds march What had
before been pronounced the dream of mad
man was now held to be an immediate necessity,
and three sections of the Union disputed for the
laying of the first rails which should bind the
Pacific to the Atlantic across our continent
The fever of trade seized upon the world. The
supply of gold-S65, 5000 from California,
100000 900 from Australia, $40, O00, 900 from
Russia and SIS ,OO0,0 900 from other sources
was not sufficient for its needs. Delirium fol-
lowed; great wars broke out, in which powerful
governments spent immense sums; peace and
reaction came, and the natural revulson swept
over the commerce of the world
Such is the history Of the past ten years: and
now commerce finds itself at the end Of the de-
cade in position very similar to that in which
IL was at the close of 1913. Trade everywhere
is depressed, consumption languid, and produc-
prosperous market But though the position
is similar, the elements of future movement are
not the same. The mighty creations of the
last decade are at hand for coming use.
Thousands Of miles Of railways radiate
through the world. Mighty navics ride In its
harbors- immense sums OF gold are gathered
at the centres Of trade and lie in unsummed
, heaps. The stream Of supply still continues to
pour its two hundred millions Of dollars an
nually into these lakes Of gold, which before
long must break their banks aud 20 forth in
life-giving streams. Gold like water breeds
death when IL Is stagnant. And now come the
new discoveries at Frazer river to augment
the stream of supply. What the effect of this
accumulation and new discoveries may he in
the Old World, we viii not stop to inquire.
They may start anew the stagnant currents Of
trade there, or they may be followed by the
bursting of the war clouds which are gathering
over Europe.
But here they are already o, work. The
floating population Of California having gather
cd the surface gold there, is leaving the
mother veins OF the precious ore 10 be worked by
capital and machinery, and rushing Off to the
new scene of the gold fever. San Francisco al.
ready experiences partial renewal Of its by
gone activity, and will doubtless gather the
first fruits. The Atlantic ports are waking up
also; transit route spectators have started up
with new life, and news from Frazer river
is anxiously looked for by all But Il is
the far Northwest that feels the most
commotion. The head Of Lake Superior,
which hitherto has been looked upon as the
end, is now the starting point Of emigration.
The hitherto silent shores Of the Red river of
the North, Lake Winnipeg, the Saskatchewan
river and New Caledonia are to become the
scene Of new migration and Of new empire
State making is with us a great branch Of bust