"Gold, at the United States mint, is worth $18 per ounce, making a difference in value on that quantity, between San Francisco and New York, of $6,250,000, which would be saved to the miners by the establishment of a mint.
"I have also suggested its importance as a means of promoting and increasing our trade with the west coast of Mexico and South America.
"It is not doubted that the construction of a railway across the Isthmus of Panama, and, perhaps, the establishment of other lines of communication between the two oceans, will give to the products and manufactures of the older States of the Union command of the market of California to the exclusion, in a great degree, of those of the west coast.
"A mint will, therefore, become of the utmost importance, to give such marketable value to silver bullion as to enable the merchants of those countries to keep up and increase the intercourse with our principal ports on the Pacific.
"The silver bullion shipped to Europe from the west coast of Mexico amounts to more than ten millions of dollars per annum. From the countries on the west coast of South America, probably an equal quantity. That from Mexico goes to pay for European importations into her ports on the Atlantic side.
"A market at San Francisco for this bullion will be the means of substituting American and Chinese fabrics for those of European manufacture in all those countries. This will greatly increase the trade between China and California."
A bill for the establishment of a mint at San Francisco was introduced into Congress, during the present session, (1849-50) and passed both houses; thus securing to California the advantages mentioned in the above extract, by Mr. King.
We have thus given a complete description of California, in respect to population, climate, soil, productions, commercial resources, and metallic and mineral wealth, as accurate and comprehensive as the most authentic sources could furnish, or as could be ascertained at the present time. Although the territory already contains a large population and has produced a great amount of treasure in the short duration of its existence; although it is already a large State, which has sprung into existence, as it may be termed, there is every evidence that this is but the "beginning of the end." "The greatest is behind." To what such commercial facilities, mineral and metallic resources, and an active and progressive population will conduct California, it is easy to imagine. They will build up a State, which, although the member of a confederacy, will be powerful enough to maintain itself, independent of the aid to be derived from the Union. Its ports will be the resort of the vessels of all nations, and its valleys and hill-sides will become the homes of an agricultural population, reaping the rich reward of their toil. Canals and railroads, the children of enterprise, will soon intersect the territory, transport the riches of one section to another, and increase the social communication of the inhabitants. Such a State will add greatly to the power of the confederated republic, and form an additional stimulus to the rapid filling up of the vast territory situated between California and her sister States.