333 RESOURCES OF CALIFORNIA. 
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-tenths, 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 wages. 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 rafe 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 halfdime. 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 
