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The author of a book entitled _Notes on the Gold District_, published in
London in 1853, thus speaks of the fears excited in Europe on the first
great influx of gold from the Californian mines: "Among the many
extraordinary incidents connected with the Californian discoveries was
the alarm communicated to many classes and which was not confined to
individuals but invaded governments. The first announcement spread
alarm; but as the cargoes of gold rose from one hundred thousand dollars
to one million dollars, bankers and financiers began seriously to
prepare for an expected crisis. In England and the United States the
panic was confined to a few; but on the Continent of Europe every
government, rich or poor, thought it needful to make provision against
the threatened evils. An immediate alteration in prices was looked for;
money was to become so abundant that all ordinary commodities were to
rise, but more especially the proportion between gold and silver was to
be disturbed, some thinking that the latter might become the dearer
metal.


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