CALIFORNIA. [From the Times, January 3.]

New Zealand Spectator and Cook's Strait Guardian, Volume V, Issue 409, 4 July 1849, Page 4

CALIFORNIA. [From the Times, January 3.]

Wise people are fond of repeating, generally too late for practical purposes, that K there is nothing new under the sun." They do not, however, tell us the converse of this proverb. There is no event, no crisis, no prodigy, no discovery, which we may not eypect to see repeated, and possibly eclipsed, by some new birth of time. Changes utterly inconceivable by the rule of the present generation become possible on a more extended induction. We will forbear to recall the numerous examples spontaneously suggested by the memorable year of which we have taken leave, and go at once to the last nine days' wonder — the fields of gold in California. The supply of the precious metals in the hands of the civilised world has always been subject not only to fluctuations, buf to extraordinary accessions. The conquering empires of antiquity accumulated gold and silver at their victorious capitals, to an extent which produced many changes, and not a few e\ils. Ransoms, tributes, bribes, contributions, and plunder flowed in a golden stream to the great cities' of Asia and of Greece, and lastly to Rome. The discovery of America, the sack of its palaces, and the opening of its mines so augmented the stock of precious metals in Spaiu and Portugal, and through those nations in Europe at large, that prices which had remained almost stationary for ages advanced per saltum nearly to their present average level, kince that great era there ha& been a continual current of the precious metals into Europe. Their uses, however, have equally multiplied and increased. The demands of luxury and trade have grown upon the .supply, A metallic circulation in the British isles approaching to £70,000,000, and another in France exceeding the sum in silver, alone ; circulations proportionally increased in all Europe ; besides a vast consumption in gilding and jewellery absorb annual millions without much impression on the value of the precious metals. The boasted ie ief from the Oural mountains has hitherto proved but a drop in the ocean. Hence ior some time past gold has been regarded as the type of unchangeable value, and there has even been a show of popular clamour against the national acts by which the debts of the state have been represented in a medium more likely to be enhanced than depreciated. It was scarcely to be suspected that we should once more witness the ships of Tarshish, the spoil of Corinth, the treasures of Arabia, the chambers of Montezuma, or the hall of Incas ; but — " there is nothing new under the sun," nor yet anything olcT'which shall not be again — the plains of gold in California seem to beat them all. Gold is a vulgar material, < much decried by poets and forbidden by philosophers ; but its history belongs to romance, and its vicissitudes are associated with the fortunes of our race. Every now and then an El Dorado has been announced in some remote region, some new continent or world. At one time the mines of Spain and the rivers of Portugal j at another time commerce with India ; then Mexico and Peru ; then

the deadly coast of tropical Africa ; and, still more recently, the frozen mountains and plains of Siberia — have suddenly presented themselves to the aid of bankrupt exchequers ; creating the wildest desires and rendering some real assistance, but more generally diffusing misery and ruin. The glittering commodity has not been found amongst us ; we have not lighted upon it in our subterranean wanderings ; no stratum has been found " cropping out" on the hill side, no gold-stone has caught the eye of the wandering miner ; all the rivers and mines once of fabulous splendour have been utterly worked out ; no sooner is the spot fairly embraced within the pale of civilisation than gold seems to vanish like a legend of the past. The rock no longer glitters, the sand is washed in vain. But forthwith a cry reaches us from the ends of the earth. Gold is found again. What region is so inaccessible as the western coast of North America ? It is " the far west" of the whole world, for after that begins the east again. Though now included within the territory of the United States, it cannot be reached from New York within less than six months by Cape Horn, or about three months by Chagres and Panama, and about the same time overland by Santa Fe. In that remote rorner, the banished genie reappears. If he seems to promise a greater abuudance, or a more constant supply than in times past, he yet preserves his dignity, by interposing twenty thousand miles of ocean between himself and civilised man. The golden fleece of Colchis, and the golden apples of Hesperides, were not more remote or more carefully guarded. Speculation, of course, will be active, not merely as to the actual profits of the working, but, what is more important, its effect upon the commerce of the world. Till the region has been more widely surveyed, any estimate of the product must be premature. We only know there have been many such discoveries, if not on so large a scale, and that they have all been speedily exhausted. The sands of the Tagus and the Pactolus have long since been sifted to the last flake of gold. The great mines of the New World are generally exhausted. What chiefly leads one to suspect that even the vast gold field of California may follow the fate of its predecessors in the old world, is, that the form in which the mineral appears is the same as of yore ; virgin gold in flakes, grains, and occasionally in larger pieces, charily diffused over the soil, and brought to light in ravines, gulleys, and watercourses. It looks the old story over again. This does not augur inexhaustible abundance. Experience is equally against the presumption that California, be its treasures great or small, will prove a real benefit to the United States. The invariable fate of the finder of hidden treasure, or the pauper heir, has ofte.) come to pass with nations. Gold-hunting, whether pursued by the solitary Indian or the great commercial company, is not one of those branches of ordinary and legitimate trade which train men to useful arts and steady habits, and so draw down a blessing on society even when they fail. It is mere gambling — an unhealthy flush of prosperity, indisposing the population for regular industry, and entailing a subsequent collapse of national energy, and to some extent of the national independence. Myriads it is said, ai c now hastening from the ports of the Union having relinquished their trades and social positions. Merchants and shipowners are preparing to supply the adventurers. The enterprise promises to absorb a vast amount of industry and wealth. Whether we look to the pi ospects ( f the new colony assembled in California, or the spirit diffused over\the whole Union, we see little to regret that the region is not ours. The universal increase of population, commerce, and wealth requires a corresponding increase in the precious metals, besides what is wanted to repair the constant waste. Should California yield three or four millions a year, which some will think an extravagant estimate, it is questionable whether that will do more than meet the demand. Should it affect the price of gold even in a small degree it would close many mines now worked at a mere nominal profit. An annual supply of many tons, which some American journals anticipate, would of course depreciate the metal ; but as that would probably cause its more general use, both for ornament and for coin, the dep eciation would so far be checked by the increased demand. It cannot, however, be denied that there is now some likelihood that gold will fall rather to a lower value as compared with silver and all other articles. In these days an abundance of gold in the United States will be immediately communicated to other nations, and i equalised over the world. The result will i show itself in that general rise of prices | which some ingenious philosophers think i so necssary an element of prosperity and happiness. It will also depreciate all existI ing money rents, dividends* and charges ;

enhancing, in a corresponding degree, all other kinds of property. It will thus avenge the old quarrel of the " inconvertible" financiers, by reducing the public debt and all other mortgages towards or to the war standard. We cannot think, however, that any great change will be experienced for some years to come.