Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1865-06-30
PETROLEUM.

fEGhO46ON!
Concerning this product, twO points are
now established of first Importance to the
people of this coast. In the first place,
there can be no farther presumptuous de-
NAL of the existence of oil bed in various
parts of California. And it is manifest
that an organized effort has been made to
prevent the development of these deposits,
in order to retain the monopoly Of the sale
Of the article in the hands Of the Front
street spectators Of San Francisco. To
this end, the Bulletin lent, or sold, rather,
its editorial as well as commercial columns.
And the comments and falsehoods Of that
journal were studiously circulated in the
East. Of course, there was another OBJ
iect in this-that of maintaining prices in
the East and in Europe. A leading oil
house in San Francisco-the principal
sellers of the article on the coast-an-
nounced that they had ceased to import
kerosene, as they found supply at home,
the quality of which had been thoroughly
and satisfactorily tested at their refining
works. Subsequently. these parties were
brought within the circle Of deniers of the
discovery of the genuine ile," on this
side of the Rocky Mountains. The very
fact of the wholesaleness of the statement
aroused the suspicion Of honest investors
in oildiscoyeries in New York and Boston,
and determined many Of them-as they
have since declared-to send out capital
for the true examination of the wells in
Los Angeles and Sonoma Here we have
an illustration of lamentable condition
Of affairs repeatedly alluded to BY this
journal. The suborning of our principal
metropolitan papers BY dishonest specu-
lators who having jumped q fortune in
1880, now call themselves San Francisco
merchants. All our home interests are
belittled by them and their paid journals.
that immigration may be prevented, that
foreign capital may not pour in to reduce
the rate of interest, that the market for all
things, from sour -four down to eye-cut-
ting needles, may be in the chambers Of
the higgling mushrooms. The effect of the
settled conviction among New York capt.
talists and the general understand
ing all abroad, that oil has been struck
and is found in large yield on the Pacific
Coast, is of very considerable advantage
to US. Besides reducing the price Of this
universally required article, fully thirty
per cent, It announces trade with the
nations to our west that will soon amount
to immense reciprocal benefit. a large
feet of vessels will be required to supply
markets, which will be exclusively COM
manded by our production. And this
will cheaper return freight-at reason
able estimate-full Fifty per cent. Teas
must 60 down /; the ladies will understand
that China silks and japanese nicknacks
are presently TO be had at an exceedingly
cheap figure. Better take goods than
ballast" is an ancient motto of the ship
pers. The number of ships employed
necessarily, within few years, in petro-
leum carrying hence to Asia, will reduce
the tariff of burden on the homestretch to
the last living price. Our China mail
steamships will take the choice and ex-
press freights at necessarily fair sum.
The conclusion is, that there is no discov-
cry that could tend more to our prosperity
and comfort, and even luxury, as q peo-
pie, than oil discoveries on this Coast.
We may well congratulate ourselves anew
that the comparatively unselfsh and dis.
interested agents of Eastern funds have
confirmed our hope and belief in the ex-
istence of oil beds, and have broken up
the outrageous schemes of the merchants
q of San Francisco-who desire that the
center and working commercial college
and treasury of all this section of the
country may abide forever in the dingy
and dirty counting rooms Of Battery and
Front streets. Let US indeed be thankful
there is light on the subject; and that
light may illumine the house Of every
man, rich or poor, with brilliant glow.