"This system would, when agriculture shall become a pursuit in California, make this valley one of the most beautiful and productive portions of the Union."
With regard to the present state of the commerce and of the commercial resources of California, it is observed, that her resources are confined almost entirely to the metallic wealth of the country, and that such a state of things would seem unfavorable to an extensive commercial intercourse. Undoubtedly, this metallic wealth of itself, could not long maintain an extensive commerce with the various nations of the earth. But when the _mineral_ wealth begins to be developed, as it soon will, there will be no lack of return freights for vessels arriving with supplies. The quicksilver mines already yield an enormous profit, and will soon be extensively worked. Respecting the present state of the commerce of the country, extent of her resources, and facilities of communication with the Atlantic States of the Union, and other countries, Mr. King's Report furnishes the following account--
"Gold is the product of the country, and is immediately available, in an uncoined state, for all the purposes of exchange. It is not there, as in other countries, where the productions of the earth and of art are sent to markets--foreign or domestic--to be exchanged for the precious metals, or other articles of value. There, gold not only supplies the medium of domestic trade, but of foreign commerce.
"At first view, this state of things would seem to be unfavorable to an extensive intercourse with other parts of the world, because of the want of return freights of _home production_ for the vast number of vessels which will arrive with supplies.
"These vessels, however, making no calculations on return cargoes, will estimate the entire profits of the voyage on their outward freights, and become, on their arrival, willing carriers for a comparatively small consideration.
"This tendency in the course of trade, it would seem, must make San Francisco a warehouse for the supply, to a certain extent, of all the ports of the Pacific, American, Asiatic, and the Islands.
[Illustration: LIFE AT THE "DIGGINGS,"--SUPPER TIME.]
"Almost every article now exported by them finds a ready market in California, and the establishment of a mint will bring there also the silver bullion, amounting to more than ten millions per annum, from the west coast of Mexico, and, perhaps, ultimately from Chili and Peru, to be assayed and coined.