COMMERCE. 333 



while those from New York, Boston, and China, are chiefly 

 American clipper-ships, the finest class of sailing-vessels in the 

 world. 



§ 238. Unsteadiness of Business. — The mercantile business 

 is very lively and fluctuating in California. There is no peo- 

 ple in the world who, in proportion to their numbers, import 

 so largely of foreign goods, or who pay such high prices for 

 them. The amount consumed is not very great, the supplies 

 are irregular, and the time required to obtain shipments round 

 Cape Horn about four months, and therefore it is not a very 

 difficult matter to forestall the market ; and it is a frequent 

 occurrence that a few wealthy men combine together and try 

 to buy up all of a certain kind of merchandise, and then con- 

 trol the market and raise the price. In other countries it is 

 impossible to get any accurate information about the supply 

 of an article, w^hich is stored in large quantities in fifty cities 

 and owned by hundreds of merchants and producers; but in 

 California the main stock of all imported goods is stored in 

 San Francisco and is held by a few men. Our business of 

 dealing in merchandising is therefore full of speculations, 

 which, though dangerous, particularly to the stupid, are agree- 

 able to the bold and enterprising, and contribute to render 

 our trade peculiar and diflferent from that of other states. 



The business of California is conducted boldlv. Men make 

 money rapidly, spend it freely and hastily. Changes in occu- 

 pation are frequent, and in wealth rapid. Hazardous specula- 

 tion is the bodv of our commercial svstem. Most of our busi- 

 ness men are young, and they still are under the influence of 

 the feverish times of '49. Our business is unsteady. Heredi- 

 tary wealth is unknoAvn. Our rich men all came to California 

 poor, and they are prominent advertisements of the victories 

 that may be achieved by enterprise and bold speculation. We 

 are speculators by our very position. The people who come 

 to California are bold adventurers naturally. We were dis- 

 satisfied with life in Europe and the Eastern states, because it 

 was too slow. We came here to enjoy an exciting life and to 



