Figure 1.--The California Gold Rush shows up in the American photographic record. We rarely see gold in the 1840s, but we see a lot iof gold in the 1850s Anbros. Here in this Ambri, the buttons or brass, but the rings and two rings are gold.

The California Gold Rush had a huge impact in California. Less well reported is the impact on the national economy. The United States was just beginning its industrial development. One of the major impediments o American development beyond the agricultural level was money. The United States was cash poor. The Federal Government minted coins, but this required specie--gold and silver. There was no Federal paper currency, what would be the green-backs, yet. et. Paper money existed, but this was issued by state banks and of questionable value because they were often just printed, with nothing to back them. As a result. the California gold was a much needed infusion of gold. The major powers at the time were on the gold standard. We have not found any assessment of the impact of the California gold was. It did not end with Gold Rush, but was undoubtedly very important at a critical time in the economic development of the United States. Actually the industrial development it helped finance in the 1850s would be the critical difference in the Federal victory in the Civil War (1861-65).

Created: 5:52 AM 3/21/2023
Last updated: 5:52 AM 3/21/2023