hubert howe bancroft - Central Pacific Railroad Photographic History ...

CHAPTER VI.
FOREIGN COMMERCE.
1848-1889.
EABLT TRADING VESSELS—EFFECT OF GOLD DISCOVERT—FLUCTUATIONS m
PRICES—AT THE MINES—FOLLY OF EASTERN SHIPPERS—FIRST TO AR-
RIVE—INFLUX OF VESSELS—ALTERNATE SCARCITY AND PLETHORA OF
MERCHANDISE—REVIVAL OF MININO—WAGES AND PRICES—IMPORTS AND
EXPORTS—SOCIAL INFLUENCE AND TRADE REVOLUTIONS—TREASURE EX-
PORT—TRADE CHANNELS—ABANDONED VESSELS OF THE ARGONAUTS—
ADVENT OF CLIPPER SHIPS—OCEAN STEAMERS—LATER DEVELOPMENTS.
THE sudden unfolding of wealth in California led
naturally to a corresponding development of commerce.
The congregation of people in a hitherto
desert quarter, and the immense influx from abroad,
called into existence fresh avenues and means for traffic,
and new implements and larger supplies for a
novel field of enterprise, while the abundance of gold
bred a wasteful extravagance which greatly swelled
the demand.
Hitherto trading vessels had been peddling their
cargoes along the coast, and occasional supply ships
from Mexico provided for the easily estimated wants
of a small and steady population. The people relied,
indeed, too much upon this ready source, for many
articles were purchased which could have been produced
at small cost from resources within reach, such
as dairy produce and lumber. 1 When the gold excite-
1 Instance pressed candles bought at 75 cents a pound when tallow was
sold for 5 or 8 cents; flour brought from Chile and Oregon at $4 or $6 per
cwt., while wheat was offering at 50 cents a buaheL And so with dairy
produce and lumber, although the farms and hills abounded with live-stock
and trees. Thus local resources were neglected; and even direct trade, to the
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