CALIFORNIA. STATE CURRENCY OF CALIFORNIA. [From the " Pacific News," June 3.]

New Zealander, Volume 6, Issue 457, 31 August 1850, Page 3

CALIFORNIA. STATE CURRENCY OF CALIFORNIA. [From the " Pacific News," June 3.]

The ignots bearing the stamp of the State Assayer, have commenced to be a part of the currency of the people of California, There is »till a hesitation on the part of a portion of the business community to take them at their computed value, but we think without any degree of reason in their refusal. The merchants, above all others, have a deep interest in checking that speculutive flow of gold from our midst, which is constantly draining our circulation, creating refluxes in trade, and preventing the investment of capital here at home. We do not wonder at the clamor of those who have been realizing fortunes by taking advantage of the present state of things, aud whose sols busineis is to cripple the monetary condition of the State for their own private advantage. This class will probably exercise as much influence to impede the establishment of a Government Mint, as they are now in deicrying the State ingots, but with the exception of those who ship gnld dust for speculation alone, every other class in the community have a deep interest in lustaining the assaying department of the State. It will have the effect to keep in our own business circles all the gold not required to pay the balances of trade agaimt us. As it is now, with rates of intereit here, ruling far beyond what can be realized in any other part of the globe for money, millions upon millions are drained from us at the departure of every steamer, because of the systematic depreciation of gold du6t iv this market. It is idle to argue as many do, that gold is merely a commodity ; and must bj subject to the mutation of

supply and '.demand. Our conviction recognizes this precioui metal as the standard of value in an intrinsic sonsei that undeigoes but ttifling fluctuations in value. Besides, we see no leason why there should be a difference of ten or twelve percent, in the pi ice of gold bullion between California and other parts of the world except that dealers may thereby be enabled to aniasa immense fortunes by its exportation. Another great necessity for running the dust into ingoti, arises from the fact that a large portion of the gold ni w coining into market, is extracted by quicksilver process, and forms an ama'gam of uncertain value— borne having not more than three per cent, of quicksilver, and other lots as high as fifteen per cent. Many refuse to take this amalgam at all, as it can be counterfeited with facility, and becauae of its uncertain value. In a short time much the largest quantity of gold brought into market, will consist of amalgam, for the preparation for working quicksilver machines i», this spring, almost universal iv the mining regions. There is besides a growing discontent amongst the mining class, because of the systematic effort to keep gold dust under its true value, and they demand a remedy. They can see no leason why gold shall pass here for ten or twelve per cent, less than in other parts of the world. So great has this feeling become, that the State Assayer has been petitioned to establish branches under the provisions of the law, and this very week, he will establish an assay office at Sacramento City. The amount that the assay office can prepare in ingots, will be absorbed in the revenue of the Stat«, as also for the legal fees, &c, under one municipal organiznlion, and the large Bum likely to be realized irom the foreign miners' tax, wi'l most likely be paid in this currency before a great while. The assay office has been opened but a few days, and from the third page of the assaying record, we are allowed to extract the following statement : The origininal weight of common dust, more or less mingled with quicksilver amalgam assayed ii 17,744 dwts. ; value, at #16" per oz., <8M4,190'; original amount of quicksilver amalgam, 6,073£ dwts. ; value at #14peroz, #4,25127; total weight, 23,714.^ dwti, ; total value, #18,447 27 ; loss in smelting, 1,310 dwts., about 5| per cent.; picsent weight, 22,508£ dwts.; present value, #20,f,000 03 j increate, -8"2,152 76— « about 11$ per cent. The Bouid of Trade meet this evening to discuss the propriety of taking this currency by general assent, and we hope they will weigh well the question. The law is of immense utility to the mercantile class, and we hope they will not be guided in their deliberation by any parties among them who confine their operations to shipping of dust, and who may oppose the State currency for their private ends.