338 RESOURCES OF CALIFORXIA. 



fornia. The Constitution of the state prohibits " banking," 

 and "the creation of paper to circulate as money." No bank- 

 notes have ever been current in this state or on this coast ; nor 

 are bank-notes used on any part of the coast between Aca- 

 pulco and Sitka, and we are so far from the countries in which 

 paper money is current, that no attempt is made to introduce 

 it here. In our banks there are great piles of double eagles, 

 but no bank-notes are visible. Wherever you go, or whatever 

 you buy, you see only gold and silver ; people do not think of 

 paper. All large sums are paid in double eagles, and three- 

 fourths, if not nine-tenthSj of our coin is of that size, which is far 

 more convenient than the smaller coins common in other coun- 

 tries. A large proportion of our shipment of treasure abroad 

 is in double eagles, and nine-tenths of the gold coined at the San 

 Francisco Mint is in pieces of that size. In 1860, $11,178,000 

 of gold were coined, and $10,899,000 were in double eagles. 

 The general character of our coin is large. No copper money 

 is current, nor can any thing be bought with a cent. The 

 smallest coin commonly used is a dime ; half-dimes are rarely 

 seen, and when used two of them are ordinarily put together 

 to make a dime. The general sentiment among the people is 

 opposed to the use of any coin less than a ten-cent piece ; they 

 like high wages and high prices, and think that the introduc- 

 tion of half-dimes and cents would have a tendency to make 

 us feel poor and to introduce low Avages. Many retail dealers, 

 even in the sale of candies and fruits, will therefore not take 

 a half-dime, and not a few persons would be ashamed to offer 

 to purchase half a dime's worth of any thing. A half-dime is 

 looked upon with more contempt and is far more rare in Cali- 

 fornia than a cent in New York. During the last three months, 

 for instance, though I purchase little articles every day, I have 

 not seen a half-dime. That coin is not made in our mint, nor 

 is there any demand for it. Three-cent pieces, coppers, and 

 nickels are never seen here except as curiosities, and are of no 

 value to make purchases. 



§ 243. Opportunities for Investment. — The opportunities 



