HISTORY OF CALIFORNIA. 179 



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 search 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 : but those who dig lose what 

 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 



