from 1850 to 1853; emigrants continued
to come by land and sea, from Europe and America, and in the last named
year from China also. In 1854 the migration fell off, and since that
time until the completion of the Union Pacific Railroad California
received the chief accessions to her white population by the Panama
steamers.

The whole world felt a beneficent influence from the great gold yield of
the Sacramento Basin. Labor rose in value, and industry was stimulated
from St. Louis to Constantinople. The news, however, was not welcome to
all classes. Many of the capitalists feared that gold would soon be so
abundant as to be worthless, and European statesmen feared the power to
be gained by the arrogant and turbulent democracy of the New World.

The author of a book entitled _Notes on the Gold District_, published in
London in 1853, thus speaks of the fears excited in Europe on the first
great influx of gold from the Californian mines: "Among the many
extraordinary incidents connected with the Californian discoveries was
the alarm communicated to many classes and which was not confined to
individuals but invaded governments. The first announcement spread
alarm; but as the cargoes of gold rose from one hundred thousand dollars
to one million dollars, bankers and financiers began seriously to
prepare for an expected crisis. In England and the United States the
panic was confined to a few; but on the Continent of Europe every
government, rich or poor, thought it needful to make provision against
the threatened evils. An immediate alteration in prices was looked for;
money was to become so abundant that all ordinary commodities were to
rise, but more especially the proportion between gold and silver was to
be disturbed, some thinking that the latter might become the dearer
metal. The Governments of France, Holland, and Russia, in particular,
turned their attention to the monetary question, and in 1850 the
Government of Holland availed themselves of a law, which had not before
been put in operation, to take immediate steps for selling off the gold
in the Bank of Amsterdam, at what they supposed to be the highest
prices, and to stock themselves with silver.

"Palladium, which is likewise a superior white metal, was held more
firmly, and expectations were entertained that it would become available
for plating. The stock, however, was small. The silver operation was
carried on concurrent with a supply of bullion to Russia for a