Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1870-07-23
THE PAST AND PREsENT CON
pITIoN OF CALIFORNIA.

The tide does not always run In the
same direction, and business closely
assimilates itself in this respect to ma
ture. A marked illustration of this
fact Is seen In the present trade condl-
ton Of California. From the date of
the discovery Of gold there, in ls4s,
everything has been upward, and, in
deed, so long continued has been its
prosperity that many persons were
coming to the conclusion that the Pa
cifc coast was an exception to this
natural law Of revulsion. But since
the opening Of the Transatlantic rail-
way a change has come, and the accom-
plishment Of the thing most desired
NAV be presented as the date Of the un-
favorable change. All accounts, both
from private and public sources, indl-
cate a state Of extreme depression In
business matters along the entire Pa
ciic coast. Real estate in San Fran
cisco Is "dead," mining stocks are In
little demand, retail and wholesale
business Ia very dull, and there seems
no money floating in the community.
Every one "feels poor" and for the
first time since the foundation Of the
State, there Ia talk Of economy, and
the need Is felt Of retrenching every
branch of expenditure. The cause Of
this Ia In q nutshell. There, as every
where else, under like circumstances,
long continued prosperity begat idle
ness and extravaganza, which are al
ways closely followed by poverty and
want. Mexico and Peru were, In the
long run, poorer from the discovery Of
their mines Of precious metals, which
gave great wealth in a short time to
the neglect Of those more lasting inter
ests, the cultivation Of the soil, the
mechanic arts, etc. In California those
more substantial pursuits were not so
entirely given over to gold hunting,
hence its longer exemption from re-
vulsion. There Is no better way Of
obtaining a correct idea Of the pro-
gress of California than by citing
some few particulars from statistics
published by the San Francisco papers.
With a population Of 6O0,O 600, Of whom
10000 are Chinese, Indians and ne
proes, we are told there were produced
last year 100000 900 bushels of wheat,
5000 600 bushels Of barley, 100000
bushels Of oats, 100000 bushels of
corn, 1000, 600 gallons Of wine. $780,
900 gallons Of brandy, 220, 0QO, 900 feet
Of sawed lumber, 10000 900 pounds Of
butter, 10000 900 pounds Of wool.
Of metals there we're produced 3,00O,-
900 pounds Of quicksilver, all the rest
Of the world producing but 3,5OO.OOO
pounds 81, ZOO. 900 Of silver, and $2l,-
472, s6l' Of gold. Manufactures yielded
last year $75,OOO,OOo, and the total
value Of Industrial products was $751;
0OO,0 Notwithstanding all these
evidences Of wealth, California Is to-
day essentially poor. That Is to say
there Is an urgent demand for cash
mean largely in excess Of supply.
Credit has been overstrained, and the
tendency Is now all the time to lower
prices, when 1t was previously all the
time to higher figures. There was no
fear In entering upon enterprises, for
there was no apprehension that the
future would not show an increased
price. This being now changed, con-
siderable time will be required to fully
r~e-establlsh former confidence. though
a. a fact, 1t may be considered that
California Is as yet only upon the
threshold Of her history, and the most
astute may we'll hesitate to assign a
limit to her future greatness. But she
must touch bottom in her present dis
trust before she can hope to perna-
nently advance. The South having
suffered extremely In the last ten
years, Is now prepared to rise, and all
indications favor the conclusion OF
greater advancement and more general
prosperity there than in any part Of
the entire country.