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Show 196 PERSONAL ADVENTURES " Don't you think that the great money· making season is over, even for the speculators?" " It's bard to say what there is left in the mines; but, supposing they should continue to yield abundantly, as they doubtless will for some little time longer, their reputation for inexhaustible resources will attract an incalculable number of emigrants, who will alior the majority of them, at least-flock to the "diggins;" but in proportion as the num· hers of the diggerR increase, will their chances diminish of picking up any very great quan· tity of gold; and their failure, in this respect, must necessarily affect the traders and specu· lators ; .for a man who has realized by the hardest labour only eight dollars a day, is not so likely to pay thirty or forty dollars for a coat, as he is who has dug out a hundred dol· lars' -worth in the same time. Then there are the markets which in consequence of the ' ' influ_x of so many strangers, will become glutted with all sorts of goods. This must bring down the prices of thi11gs, and will en· IN CALIFORNIA. 197 tail great losses upon all, if not ruin upon the majority. Only those who shall have already made the largest fortunes will be able to withstand the crash ; for they can hide their time, and afford to pay, during a dull season, the enormous ground-rents demanded for stores and dwelling-houses. Yon may depend upon it, we shall have immense fluctuations in prices; and they who are compelled to effect ready sales on these occasions, will not recover. At least, this is my individual opinion." "But surely, folks will reply to that-the more people that come into the country, and go t~ the mines, the more gold will be dug out, In the aggregate, and the greater will be the demand for goods. Even should prices come down-as, in the natural course of business operations, they must-the merchants 'vill make up for the decline by the greater bulk a~d amount of sales. I have invariably met With this reply, when I have ventured to express opinions shnilar to your own." . "Such an argument rests upon an assumption '• £o r I· t I·S taken for granted that all who |