COMMERCE. 333 
while those from New York, Boston, aud China, are chiefly 
American c!ipper-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, which 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, thcugh dangerous, particularly to the stupid, are agree- 
able to the bold and enterprising, and contribute to render 
our trade peculiar and different from that of other states. 
The business of California is conducted boldly. Men make 
money rapidly, spend it freely and hastily. Changes in occu- 
pation are frequent, and in wealth rapid. Hazardous specula- 
tion is the body of our commercial system. 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- 
tury wealth is unknown. 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 
