civilization, and the discovery of the new world itself, exerted a material influence in extending the operations of commerce, augmenting wealth, and enlarging the demand for the precious metals. The increase of gold from California will be attended by circumstances of a similar nature. The establishment of the European race on the shores of the Pacific, and the direct communication thereby created with China and the Sandwich Islands will widely extend the operations of commerce, and open new springs of wealth. If the California mines, therefore, should increase the supply of gold by ten-fold, we need not entertain any uneasiness on the score of the metal's becoming too much degraded to answer the purposes of a convenient commercial currency. We may safely conclude, from the results of former experience, that in that case it would not be depreciated more than four-fold. Even with that reduction of value, it would be much more precious than silver, which is found to answer very well the purposes of currency. The value of gold, as compared with silver, may be stated to be in Europe about as 15 to one, although according to Baron Humboldt, it is in China only as 11 a 13 to one, and in Japan only as eight or nine to one. With the supposed reduction, its value in Europe would still be to silver as 3 87 to one.

"But will the California placers and quartz rock increase the gold of the world tenfold. I answer emphatically never. All the mines of America only effected such an increase of the precious metals at a time when their amount was at least ten times smaller than at present. Mr. Jacobs estimated the total currency of Europe in the 10th century at £33,000,000, and it was not probably much more at the period of the discovery of America. It is a much easier task to increase £33,000,000 by ten-fold than £313,000,000, the present estimated currency of the world. It is not at all probable that the California mines will do more than double the supply of gold, in the next half century. If I am right in estimating the total amount of gold and silver in the world at $4,500,000,000, and the proportion of gold at one-fourth, or $1,125,000,000, then it will require nearly fifty years for the California mines to double the existing supply of gold, even if they should yield the yearly average of $25,000,000, which is far beyond what they have yet done. Such an increase would not, probably, diminish the value of gold more than 40 per cent, (if at all,) a diminution which being distributed over the period of half a century, would amount to less than one per cent a year, and would not be sensibly felt.

"The products of all the mines of America, Europe, and Africa, during the 18th century, are estimated by Mr. Jacobs at £870,000,000, or $4,210,800,000, and yet the total coinage of the world at the end of that century, is only supposed by him to have been £387,000,000, or $1,921,480,000. What, may be asked, came of the remainder of the gold and silver, amounting to $2,289,320,000, in addition to the preceding amount, that it neither entered into the currency of the world, nor sensibly diminished the value of these metals? The answer is, it was either converted into plate and jewelry, or was lost by abrasion, fire, shipwreck, and other casualities. A like destiny awaits the gold to be extracted from the California mines. It is neither going to make money so plenty as many imagine, nor to diminish sensibly the value of gold. I have not taken time to systematize or elucidate; but these random thoughts may serve to correct some false notions about California gold."

VALUATION OF PROPERTY IN MASSACHUSETTS.

The Committee of Valuation in the Commonwealth of Massachusetts completed their Labors in December, 1850. The following table shows the valuation of property in each county for the year 1850, as determined by the Valuation Committee, compared with that of 1840:

Showing an increase, in ten years, in the valuation of property in Massachusetts,

amounting to $290,653,552.

9,546,926 Total... $590,531,881

$299,878,329

PUBLIC DEBT OF THE UNITED STATES.

The following table, prepared at the United States Treasury Department at Washington, shows the principal and interest of the public debt, including the $10,000,000 stock to Texas, payable annually from the 1st of January, 1851, to its final redemption in 1868:

$72,999,090 78 $59,732,084 22 $132,731,175 00

Add debt of the District cities assumed by Congress, whereof there is payable annually $60,000 and interest..

The old funded and unfunded debt, a great proportion whereof will never be called...

$990,600 00

119,585 98

And outstanding Treasury notes, which, when issued in stock, will be payable in 1868

209,561 61

$74,288,238 37

Deduct Texas stock......

10,000,000 00

Debt, 1st of December, 1850, as per statement ....

$64,228,238 37

Should the condition of the Treasury permit the purchase of any portion of the above stocks before the period of redemption, it will, of course, affect the amounts.

ASSISTANT TREASURER'S STATEMENT FOR DECEMBER, 1850.

The annexed statement will show the operation of the office of Assistant Treasurer of the United States, at Philadelphia, for the month of December:

OFFICE OF ASSISTANT TREASURER OF THE UNITED STATES, PHILADELPHIA.

NAUTICAL INTELLIGENCE.

SAILING DIRECTIONS FOR THE PACIFIC COAST.

We published in the Merchants' Magazine for January, 1850, (vol. xxiv., page 128,) directions issued by Lieutenant Commanding W. P. MCARTHUR, assistant in the United States Coast Survey, for sailing from Monterey to Columbia River. Charts have been published, from the surveys made by him and Lieutenant BARTLETT, under the direction of Professor BACHE, of the United States Coast Survey, and the following specific instructions as to the several points upon that coast, though intended to accompany the Charts, will be found useful even in their present form:—

BOUND INTO SAN FRANCISCO OR MONTEREY, use every opportunity to observe for latitude and longitude, so as to know the vessel's position up to the latest moment, as fogs and haze, preventing observations, prevail near the land. Allow generally for a southerly set, of half a mile an hour, until within about fifty miles of land; after which, at times, it is not appreciable. With these precautions, vessels may steer boldly on, shaping a course for the South Farrallon, an islet about 250 feet high, and a mile long, having fourteen fathoms water, and good holding ground on the S. E. side. This islet has been reccommended as the site for the outer light of San Francisco.

On approaching the soundings the water becomes of a pale green color. Soundings may be had in sixty to forty fathoms, soft ooze, if approaching Punta de los Reyes. Below forty fathoms is near the land, and the surf should be heard if haze prevents the land from being seen. If the soundings are thirty fathoms, or under, and the sea smooth, anchor with a kedge, until the land becomes visible, so as to take a compass bearing, as the position cannot otherwise be relied on.

If up with the South Farrallon and night approaching, or there are appearances of fog, anchor at the Farrallon and wait daylight, when the morning breeze will carry the vessel to the bar or pilot ground, course N. E. E. (by compass) twenty-seven miles. Inside the Farrallones the "set" is generally towards the north shore, but it may be approached without risk, keeping outside of the KELP, which marks rocks under water.

Duxbury Reef, is six miles W. by N. N. from Boneta Point, projecting nearly two miles from the bluff; is well marked with the kelp, and the sea generally breaks on it. TO ENTER SAN FRANCISCO WITHOUT A PILOT, bring Alcatraz Island (see chart and view) in range with Fort Point, and run on. This gives Point Boneta a good berth, and all dangers on the south shore, are plain in sight.

IF BOUND INTO MONTEREY, shape the course for Point Ano Nuevo, in order to avoid Point Pinos. At Ano Nuevo there is no danger clear of the shore line. When up with Cape Ano Nuevo, the Point Pinos (the only point where the pines reach the sea) will be clearly seen, and as the beach rises to view the Town of Monterey also. Give the south shore a good berth, (most necessary if near night, as it generally falls calm,) and stand on anchor nearest to the western shore, a short distance from the wharf.

The holding ground is good, and with good tackle vessels can ride at anchor in safety all seasons of the year.

Going out, make long stretches towards Ano Nuevo, in order to avoid the "set" and swell of Point Pinos.

The Bay of Carmel, south of Point Pinos, must be carefully avoided.

Punta de los Reyes is a high, bold, and very prominent headland, visible in clear weather fifty miles.

Between May and October vessels may anchor in Sir Francis Drake's Bay, but it is not advisable, as a kedge is equally safe to preserve position outside, in case of fog. From Punta de los Reyes, to Bodega the coast is variable in hight, but clear of danger, and with a commanding breeze may be approached at pleasure: should the wind fail when to the northward of Punta de los Reyes, drop the kedge on reaching thirty fathoms, as the swell will set the vessel gradually towards the beach.

Bodega Head is known from Punta de los Reyes by having a beacon on the sea bluff, like a block house, twenty-five feet square, and near it a staff, on which there is usually a flag. For course and distances, see table.

Falling in with the land northward of Bodega, do not pass inside of fixed kelp, as it indicates foul ground. It is near the shore.

From Bodega to Cape Mendocino, the coast consists of high, bold cliffs, with but few inundations: the dangers are only at the shore line.

Near Cape Mendocino is Blunt's Reef, (a small patch of rock, under water, sea generally breaking upon it.)

There is a clear channel, 24 miles in width, between the reef and the sugar loaf rock at the Cape.

There are no dangers from Cape Mendocino to Trinidad head: the beach may be approached to within one mile, and the anchorage is good all along the shore in thirteen fathoms.

Having put to the westward of Cape Mendocino, Trinidad head will be readily known by referring to the view. Trinidad Bay is an open roadstead, only available from April to November. The southerly winds of winter render it an unsafe anchorage. To enter, pass between the main round bluff, or headland, and the islet, until the town is opened, when anchor in eight fathoms, good holding ground. In April and October, anchor well outside, to have room for getting under not pass inside the Turtles, (see chart,) as the ground is broken, and the swell generally heavy. way, if necessary. Do

For the entrance to Humboldt harbor, see the chart.

Captain Ottinger, United States Revenue Service, reports three fathoms at low water, on the bar of this harbor, no directions can be given for entering until surveyed. Northward of Trinidad head do not approach the shore closely, unless the breeze is steady. The dangers are in plain sight. At night it generally falls calm, and if calm, the swell will set the vessel too near the beach.

Klamath River has fifteen feet on the bar, at low water. It is not difficult of entrance with a good breeze, but very difficult to get out of, the current running so strong that sailing vessels must come out STERN FOREMOST, TO BE STEERED. There is a staff on the south side of the river, on which a white flag with a black ball is generally hoisted.

Port St. George is a safe anchorage in the summer, at the point indicated by the anchor. The reef off Cape St. George consists of rocky islets. The in-shore channel is good and clear, and shown by the track of schooner Ewing. From Pelican Bay with a breeze, take this channel.

From Cape St. George to the Toutounis, or Rogue's River, there are no special dangers. In the summer, vessels may anchor anywhere along the coast, and there are landing places south of all the rocky points. The Toutounis, or Rogue's River, has but ten feet on the bar, is rapid, and passes between high mountnins.

Avoid the KELP, which indicates rocks under water, and do not approach the shore at night.

Ewing Harbor is a safe anchorage in summer. There is no surf in the landing cove. FROM CAPE ST. GEORGE TO CAPE ORFORD, THE COAST IS THICKLY INHABITED BY BANDS OF WILD INDIANS, AND CARE IS NECESSARY NOT TO BE SURPRISED BY THEM. There is a reef of rocky islets off Cape Orford.

From Cape Orford to Cape Arago there is no danger clear of the beach.

The Kowes River has not yet been examined. The anchorage to the northward of the bluff is good.

The Umpqua is accessible for steamers, and for small sailing vessels only, under very favorable circumstances.

When off Cape Arago, in clear weather, the high sand bluffs of the Umpqua are plainly seen.

The coast from the Umpqua River to the Columbia, is generally bordered by a sand beach, with white sand-hills, and the interior is densely wooded with fir or pine. The cliffs, when they occur, are bold, but afford no shelter for anchoring. In the summer a vessel may anchor in twenty fathoms, off any of these beaches.

The Alseya, Yaquinna, and Killamook rivers require further examination.

In proceeding to the northward, in winter, make Killamook head, and if the weather renders approach to the bar of the Columbia undesirable, keep to the southward of Cape Hancock, (Disappointment,) as the current is northwardly in winter.

There are good pilots in attendance at the mouth of the Columbia, and the Chart of the entrance to the bar, will give directions for approaching. The pilots are usually off the south channel, in a small schooner, showing a fly at the main. If not seen, fire your guns.

Cape Hancock (Disappointment) has several trees trimmed up, showing a "broomtop," and may be thus known from the Cape, to the northward of Shoal- Water Bay. To avoid mistaking Shoal- Water Bay for the mouth of the Columbia, the sound

ings being similar,-MAKE KILLAMOOK HEAD. Never omit this in winter. There are no dangers off the beach, northward of Killamook head, and the soundings in approaching it are regular.

NOTE. Notwithstanding the remarks as to the general fact of the winds prevailing in the N. W. and N. N. W. quarter, during the summer, it is proper to state, that in the month of June, 1850, the winds to the northward of San Francisco were light, from the southward and westward, with showers north of Mendocino for the whole month, and the coasters ran to the northward with all steering sail,

It is yet to be demonstrated whether June is a regular period of southerly breezes. TABLES OF LATITUDE AND LONGITUDES OF THE PORTS, RIVERS, ISLANDS, REEFS, CAPES, &C., FROM MONTEREY, TO THE COLUMBIA RIVER.