"These wants will exist as long as immigration continues to flow into the country, and labor employed in collecting gold shall be more profitable than its application to agriculture, the mechanic arts, and the great variety of pursuits which are fostered and sustained in other civilized communities.
"This may be shown by mentioning the prices of a few articles. Last summer and autumn, lumber was sold in San Francisco at $300 to $400 per thousand feet. At Stockton and Sacramento City, at $500 to $600. At these prices, it could be made in the territory, and many persons were engaged in the business. I perceive, by recent accounts, that the price had fallen at San Francisco to $75. At this price, it _cannot_ be made where labor is from $10 to $15 per day; and the difficulties attending its manufacture are much greater than in the Atlantic States. Lumber can be delivered in our large lumber markets for an _average_ of the various qualities of $16, and freighted to San Francisco for $24, making $40 per thousand feet. This price would cause the manufacture of it in California to be abandoned. We may add $20 per thousand, to meet any increase of price in the article itself, or in the freight, and the result would be the same.
"It is probable that the demand, for several years to come, will not be less than twenty millions of feet per annum, which, at $40 per thousand, will be $800,000.
"When California comes to have a population of 200,000, which she will have before the close of the present year, she will require nearly half a million barrels of flour from some quarter, and no country can supply it so good and cheap as the old States of the Union. Including freight and insurance, this may be set down as an item of about $5,000,000. The article of clothing, allowing $20 to each person, would be $4,000,000.
"There is no pretension to accuracy in these items, and they may be estimated too high; but it is quite as probable they are too low.
"We have no data on which to found a calculation of what the value of the trade between the States east of the Rocky Mountains and California will be during the current year. I will venture the opinion, however, that it will not fall short of twenty-five millions of dollars. It may go far beyond that sum. At present, I can conceive no cause which will retard or diminish immigration.