CALIFORNIAN GOLD 250 YEARS AGO.—Pinkerton, in an account of Drake's discovery of a part of California, to which he gave the name of New Albion, states:—"The country, too, if we can depend upon what Sir Francis Drake or his chaplain say, may appear worth the seeking and the keeping, since they assert that the land is so rich in gold and silver, that upon the slightest turning it up with a spade or pick-axe, these rich metals plainly appear mixed with the mould. It may be objected that this looks a little fabulous; but to this two satisfactory answers may be given: the first is, that later discoveries on the same coast confirm the truth of it, which for anything I can see ought to put the fact out of question; but if any doubts should remain, my second answer should overturn these. For I say next, that the country of New Mexico lies directly behind New Albion, on the other side of a narrow bay, and in that country are the mines of Santa Fé, which are allowed to be the richest in the world; here, then, is a valuable country, to which we have a very fair title."
EFFECTS OF THE CALIFORNIAN NEWS IN ENGLAND.—A glance at the advertisements in the daily papers (says the Examiner) will show that the public appetite for California is likely to be promptly met. The burden of the various vessels already announced as ready for immediate departure amounts to about 5,000 tons, distributed in ships ranging from 190 to 700 tons, to say nothing of the West India mail-steamer, which leaves on the 17th, carrying goods and passengers to Chagres, or of a "short and pleasant passage" advertised to Galveston, in Texas, as a cheap route to the Pacific. The rates range from £25 upwards to suit all classes. Thus far, however, we have only the arrangements for those who are able to move. The opportunities provided for those who wish to share the advantages of the new region without its dangers are still more ample. Indeed, so imposing are the plans for an extensive investment of capital for carrying on the trade in shares of £5 each, that it would seem as if the first effect of the affair would be to cause a scarcity of money rather than an abundance. About a million and a quarter sterling is already wanted, and the promoters stipulate for the power of doubling the proposed amounts as occasion may offer. There is a "California Gold-Coast Trading Association;" a "California Gold Mining, Streaming, and Washing Company;" a "California Steam Trading Company," a "California Gold and Trading Company;" and a "California Gold Mining, etc., Trading Company." The last of these alone will require £600,000 for its objects, but as half the shares are "to be reserved for the United States of America," the drain upon our resources will be lessened to that extent. Some of the concerns propose to limit their operations to trading on the coast, sending out at the same time "collecting and exploring parties" whenever the prospect may be tempting. Others intend at once to get a grant from the legislature at Washington of such lands "as they may deem necessary," while others intend to trust to chance, simply sending out a "practical" manager, accompanied by an adequate number of men "accustomed to the extraction of gold in all its forms." Along with these advertisements are some of a modified nature, to suit parties who may neither wish to go out with a batch of emigrants, nor to stay at home and wait the results of a public company. One "well-educated gentleman" seeks two others "to share expenses with him." Another wishes for a companion who would advance £200, "one half to leave his wife, and the other half for outfit;" a third tells where "any respectable individuals with small capital" may find persons willing to join them; a fourth states that respectable persons having not less than £100 are wanted to complete a party; and a fifth, that a "seafaring man is ready to go equal shares in purchasing a schooner to sail on speculation." What number may be found to answer those appeals it is impossible to conjecture. Common sense would say not one, but experience of what has been practised over and over again reminds us that the active parties on the present occasion are not calculating too largely upon the credulity of their countrymen. That the country will be a pandemonium long before any one can reach it from this side is hardly to be doubted, unless, indeed, the United States government shall have been able to establish a blockade and cordon, in which case the new arrivals will have to get back as well as they can.
PROBABLE EFFECT ON THE CURRENCY IN EUROPE.—In the description of gold mines, and rivers flowing over golden sands, we must be prepared for a little over-colouring. Such discoveries have always excited sanguine hopes, and dreams of exhaustless wealth; but if the accounts—and they really appear well authenticated—of the golden treasures of California be true, quantities of the most precious of all metals are found—not buried in mines, but scattered on the surface of the earth, and the fortunate adventurer may enrich himself beyond the dreams of avarice, almost without labour, without capital, and with no care but that which cupidity generates. The principle that the value of the precious metals, like other products of industry, is determined primarily by the cost of production, and then by scarcity, ideas of utility, and convenience, seems to be neutralized by this new discovery; and it becomes a curious question, how far it may affect the value of gold and silver in Europe. If the abundance of gold flowing from America be such as to exceed the demand, the value of gold will fall, and the price of all other commodities relatively rise, and the relative proportion between gold and silver be disturbed so as to affect the standards of value in each country and the par of exchange between one and another. The productiveness of the silver mines, there is no doubt, is greater and more regular than those of gold; but the enormous increase of the silver currency on the Continent, in the United States, and even in India, and our own colonies, has kept the price of silver a little below five shillings an ounce. On the other hand the English standard of value being gold only, the drain of gold is generally towards England, while that of silver is towards the Continent. We do not doubt that the English Mint price of gold, £3 17s. 10½d. an ounce, and the price at which the Bank of England are compelled to purchase, £3 17s. 9d. an ounce, are causes which not only regulate, but, within certain limits, determine, the price of gold throughout the world. Suppose, for a moment, the circulation of England, exceeding thirty millions and the Bank store of fifteen millions, to be thrown on the markets of Europe, by an alteration of the standard of value—how material would be the fall in price! It is equally obvious that England would be first and most materially affected by any large and sudden production of her standard of value; for though America would be enriched by the discovery of the precious metals within her own territories, it is only because she would possess a larger fund to exchange for more useful and necessary products of labour. The value of silver would not fall, assuming the supply and demand to be equalised, but gold would fall in relation to silver, and the existing proportion (about 15 to 1) could no longer be maintained. Then prices would rise of all articles now estimated in our currency—i.e. an ounce of gold would exchange for less than at present. And, assuming the price of silver to keep up as heretofore, about 5s. an ounce, our sovereign would be valued less in other countries, and all exchange operations would be sensibly affected. The only countervailing influence in the reduction of gold to, say, only double the price of silver, would be an increased consumption in articles of taste and manufacture, which, however, can only be speculative and uncertain. It is said by accounts from California that five hundred miles lie open to the avarice of gold-hunters, and that some adventurers have collected from 1,200 to 1,800 dollars a-day; the probable average of each man's earnings being from 8 to 10 dollars a-day, or, let us say, £2. The same authority avers there is room and verge enough for the profitable working, to that extent, of a hundred thousand persons. And it is likely enough before long that such a number may be tempted to seek their easily acquired fortune in the golden sands of El Sacramento and elsewhere. Now two pounds a-day for each man would amount to £200,000, which, multiplied by 300 working days, will give £60,000,000 a-year! That is, £600,000,000 in ten years! A fearful amount of gold dust, and far more than enough to disturb the equanimity of ten thousand political economists. The gold utensils found among the simple-minded and philosophic Peruvians (who wondered at the eager desire of Christians for what they scarcely valued), will be esteemed trifles with our golden palaces, and halls paved with gold, when California shall have poured this vast treasure into Europe. Assuming in round numbers each 2,000 lbs., or troy ton, to be equivalent to £100,000 sterling, the above amount in one year would represent six hundred tons, and in ten years six thousand tons of gold! The imagination of all-plodding industrious England is incapable of grasping so great an idea! Can there be any doubt, then, of a revolution in the value of the precious metals?
PROHIBITION FROM THE GOVERNMENT.—It would seem that the government have at length taken measures to preserve the gold districts from the bands of foreign adventurers who are daily pouring in from every quarter. Towards the end of January we learn that General Smith had been sent out by the United States government, with orders to enforce the laws against all persons, not citizens of the States, who should be found trespassing on the public lands. Official notice to this effect was issued to the American consul at Panama and other places, in order that emigrants on their way to California might be made aware of the determination of the government previous to their arrival. The punishment for illegal trespassing is fine and imprisonment. It was not known, at the date of the last intelligence from California how this notification, which makes such an important change in the prospects of the numerous bodies now on their way thither, has been received by the population assembled at the land of promise.
JOURNEY FROM ARKANSAS TO CALIFORNIA.
The following general view of the nature of the country which divides the United States from California is taken from a narrative, published by Lieutenant Emory, of a journey from the Arkansas to the newly annexed territory of the United States.