HISTORY OF CALIFORNIA. 



1T9 



and value is not accurately ascertained, the allure 

 ments held out by the continued success of the gold- 

 miners and the continued discovery of new and profit 

 able placers being too strong to permit any sqarch for 

 the baser, but more useful metals. Respecting the 

 propriety of the establishment of a mint in California, 

 Mr. King makes the following observations 



" I have already alluded to the propriety of estab 

 lishing a mint in California. This is important in 

 many respects. At this time, there is not coin in the 

 country to supply a currency. Much difficulty is 

 experienced in procuring enough to pay the duties on 

 imported goods. The common circulating medium is, 

 therefore, gold dust, which is sold at $15 50 to $16 

 per ounce. In the mines, it is frequently sold much 

 lower. The miners, the laboring men, are the 

 sufferers from this state of things. 



"Those who purchase and ship gold to the Atlantic 

 States make large profits : lut those who dig lose ^vhat 

 others make. 



"I have estimated that there will be $50,000,000 

 collected during the current year. At 16 per ounce, 

 that sum will weigh 3,125,000 ounces. 



" Gold, at the United States mint, is worth 18 

 per ounce, making a difference in value on that quan 

 tity, between San Francisco and New York, of 

 $6,250,000, which would be saved to the miners, by 

 the establishment of a mint. 



" I have also suggested its importance as a means 

 of promoting and increasing our trade with the west 

 coast of Mexico and South America. 



"It is not doubted that the construction of a rail 

 way across the Isthmus of Panama, and, perhaps, the 

 establishment of other lines of communication between 



