Every single commodity
of civilized life, such as we understand it, had to be imported. As
there was then no remote semblance of combination, either in restraint
of or in encouragement of trade, it followed that the market must
fluctuate wildly. The local agents of eastern firms were often
embarrassed and overwhelmed by the ill-timed consignments of goods. One
Boston firm was alleged to have sent out a whole shipload of women's
bonnets--to a community where a woman was one of the rarest sights to be
found! Not many shipments were as silly as this, but the fact remains
that a rumor of a shortage in any commodity would often be followed by
rush orders on clipper ships laden to the guards with that same article.
As a consequence the bottom fell out of the market completely, and the
unfortunate consignee found himself forced to auction off the goods much
below cost.
During the year 1854, the tide of prosperity began to ebb. A dry season
caused a cessation of mining in many parts of the mountains. Of course
it can be well understood that the immense prosperity of the city, the
prosperity that allowed it to recover from severe financial disease, had
its spring in the placer mines. A constant stream of fresh gold was
needed to shore up the tottering commercial structure.
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