The Frazer River Ferment

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The FRAZER RIVER FERMENT.

The arrival of the Moses Taylor,¹ yesterday, put us in possession of the fact that the Frazer River excitement, so far from having abated, is on the increase at San Francisco, and the wildest excitement prevails. The correspondent of the Tribune,² writing from that place, makes it appear still more intense than was conveyed by the telegrams of yesterday. He says:

The summary of news which has absorbed public attention here during last fortnight may be expressed in two words—“Frazer River.” Everything else sinks into insignificance in comparison with it. To describe the excitement, or to convey a full idea of it, is impossible. Your stick-in-the-mud population is incapable of becoming so agitated, or of understanding the extent to which we are excited. Everybody knows what a ferment was caused throughout the Union in 1849 by the emigration to California. Multiply that excitement by ten, and you may form an appropriate conception of the present ferment here. There were then 4,000,000 adult white men in the Union, of whom 100,000, or one in 40, left for California during the year. On the 1st of April, there were 150,000 adult white men in this State; 12,000 (some say 22,000) or one in ten, have already gone to Frazer River, and 30,000 more are preparing to go.

These figures show the extent to which the mania prevails. It seems to be an absolute infatuation. To give an instance we may mention that, as the Alta states, mining claims paying from $8 to $10 per day are being actually given away for $150 or $175 by those who are infatuated by the Frazer fever and are willing to give up everything to join in the stampede. The principal California towns begin to wear the appearance of deserted villages. The price of real estate is falling with the most appalling rapidity and “houses to let” are to be seen everywhere. The cry is “Northward!—to the Land of Gold and of Promise!”

From the accounts hitherto received it is evident that gold exists in great quantities in New Caledonia, but whether in so much greater quantities than at the old California diggings remains to be seen. They will have to be great indeed to save the thousands who are now hastening thither and leaving a certain present good for an uncertain “better” in the future, from reaping the sad and bitter fruits of their folly. Nothing will justify such extravagance but the most brilliant success—that success which sanctifies all things. It is impossible at present to predict what will be the effects of this great movement. That they will be momentous there can be but little doubt. The people of the Atlantic States, however, we hope have learned something by their California and Nicaragua experiences and will not rush hastily into this new enterprise. The ruined constitutions, the blasted hopes that accompanied the former excitements are far from having been overbalanced by either the gold that was gathered or the glory that was achieved. Let our young men take heed. Before they venture on such a wild expedition let them have “confirmation strong as proof of Holy Writ,” that there is not only a possible but a probable prospect of a substantial and safe return for their labor and enterprise.

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