All the gold sent to the Mint did not, however, come from California. A part consisted of specie sent from Europe, in exchange for American stocks or merchandize. The treasure found in 1848 in the Valley of the Sacramento, belonged, as it has been stated, principally to foreigners. Up to the month of March, 1850, the United States’ Mints had not received above 11,000,000 or [96]12,000,000 dollars of Californian gold. At the end of August in that year the amounts paid in did not exceed [97]24,500,000 dollars. A year later, the mints had received in gold from that source [98]80,000,000 dollars. The United States have naturally sent the larger number of the emigrants to California. It is with the United States principally that the trade is carried on. It would appear, then, to be natural that the principal flow of gold from the Sierra Nevada should take that direction. Doubtless a portion of the gold found annually in California will remain there, and form the circulating medium. Considerable amounts also will have been spread throughout South America, and amongst the various commercial countries of Europe, either in payment of goods shipped, or as the free capital arising from the accumulations of labor. I shall not be exaggerating, however, in supposing, that seven-tenths of the gold annually produced is coined in the United States, and that one-tenth of the produce only is shipped directly to Europe. Thus, then, the United States having received from California [99]100,000,000 dollars up to the end of 1850, the total produce of the four years, including 1848, (during which year there did not appear to have been any coinage from Californian gold), ought to have been from [100]750,000,000 to [101]800,000,000 francs.