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84-659: 50 Beale Street is a 328 ft (100 m), 23-floor high-rise office building in the Financial District, San Francisco between Market Street and Mission Street . It is on the list of tallest buildings in San Francisco . Completed in 1967, the building served as the world headquarters for Bechtel before the company moved to Reston, Virginia . The building has also served as headquarters for Blue Shield of California between 1996 and 2018. In 2006, Blue Shield renewed its lease and acquired naming rights to

168-652: A 1920 railcar used by Steve Bechtel. The private railcar was the Bechtel family home in the 1920's and was the living quarters of the Bechtels when constructing the Hoover Dam. Financial District, San Francisco Since the 1980s, restrictions on high-rise construction have shifted new development to the adjacent South of Market (SoMa) area surrounding the Transbay Transit Center . This area

252-408: A businessman who went on to great success was Levi Strauss , who first began selling denim overalls in San Francisco in 1853. Other businessmen reaped great rewards in retail, shipping, entertainment, lodging, or transportation. Boardinghouses, food preparation, sewing, and laundry were highly profitable businesses often run by women (married, single, or widowed) who realized men would pay well for

336-483: A few years, there was an important but lesser-known surge of prospectors into far Northern California, specifically into present-day Siskiyou , Shasta and Trinity Counties . Discovery of gold nuggets at the site of present-day Yreka in 1851 brought thousands of gold-seekers up the Siskiyou Trail and throughout California's northern counties. Settlements of the gold rush era, such as Portuguese Flat on

420-633: A gold rush in the region. The Mexican–American War ended on May 30 with the ratification of the Treaty of Guadalupe Hidalgo , which formally transferred California to the United States. Having sworn all concerned at the mill to secrecy, in February 1848, Sutter sent Charles Bennett to Monterey to meet with Colonel Mason, the chief U.S. official in California, to secure the mineral rights of

504-476: A large sea; underwater volcanoes deposited lava and minerals (including gold) onto the sea floor. By tectonic forces these minerals and rocks came to the surface of the Sierra Nevada, and eroded . Water carried the exposed gold downstream and deposited it in quiet gravel beds along the sides of old rivers and streams. The forty-niners first focused their efforts on these deposits of gold. Because

588-488: A method that involved digging a shaft 6 to 13 meters (20 to 43 ft) deep into placer deposits along a stream. Tunnels were then dug in all directions to reach the richest veins of pay dirt . In the most complex placer mining, groups of prospectors would divert the water from an entire river into a sluice alongside the river and then dig for gold in the newly exposed river bottom. Modern estimates are that as much as 12 million ounces (370  t ) of gold were removed in

672-575: A multitude of countries. Following Californian independence and American annexation and the California Gold Rush , the area boomed rapidly and the Bay shoreline, which originally ended near Montgomery Street, was filled in and extended to The Embarcadero. Gold Rush wealth and business made it the financial capital of the west coast as many banks and businesses set up in the neighborhood. The west coast's first and only skyscrapers , were built in

756-454: A possession of the United States, but it was not a formal " territory " and did not become a state until September 9, 1850. California existed in the unusual condition of a region under military control. There was no civil legislature, executive or judicial body for the entire region. Local residents operated under a confusing and changing mixture of Mexican rules, American principles, and personal dictates. Lax enforcement of federal laws, such as

840-410: A previously claimed site. Disputes were often handled personally and violently, and were sometimes addressed by groups of prospectors acting as arbitrators . This often led to heightened ethnic tensions. In some areas the influx of many prospectors could lead to a reduction of the existing claim size by simple pressure. Approximately four hundred million years ago, California lay at the bottom of

924-415: A prospector, but that claim was valid only as long as it was being actively worked. Miners worked at a claim only long enough to determine its potential. If a claim was deemed as low-value—as most were—miners would abandon the site in search of a better one. In the case where a claim was abandoned or not worked upon, other miners would "claim-jump" the land. "Claim-jumping" meant that a miner began work on

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1008-413: A service done by a woman. Brothels also brought in large profits, especially when combined with saloons and gaming houses. By 1855, the economic climate had changed dramatically. Gold could be retrieved profitably from the goldfields only by medium to large groups of workers, either in partnerships or as employees. By the mid-1850s, it was the owners of these gold-mining companies who made the money. Also,

1092-712: A small civilian outpost named Yerba Buena that served to support the military population of the Presidio and the Mission Dolores . The sandy, marshy soils of the tip of the San Francisco Peninsula discouraged the Spanish, and later Mexican governments from establishing a preeminent town there, who focused their pueblo settlement efforts in the Pueblo of San José with its extremely fertile land. It

1176-624: A small gold nugget in the roots among the bulbs. He looked further and found more gold. Lopez took the gold to authorities who confirmed its worth. Lopez and others began to search for other streambeds with gold deposits in the area. They found several in the northeastern section of the forest, within present-day Ventura County . In November, some of the gold was sent to the U.S. Mint , although otherwise attracted little notice. In 1843, Lopez found gold in San Feliciano Canyon near his first discovery. Mexican miners from Sonora worked

1260-510: A small number (probably fewer than 500) traveled overland from the United States that year. Some of these "forty-eighters", as the earliest gold-seekers were sometimes called, were able to collect large amounts of easily accessible gold—in some cases, thousands of dollars worth each day. Even ordinary prospectors averaged daily gold finds worth 10 to 15 times the daily wage of a laborer on the East Coast. A person could work for six months in

1344-531: A state . At the beginning of the gold rush, there was no law regarding property rights in the goldfields and a system of "staking claims" was developed. Prospectors retrieved the gold from streams and riverbeds using simple techniques, such as panning . Although mining caused environmental harm, more sophisticated methods of gold recovery were developed and later adopted around the world. New methods of transportation developed as steamships came into regular service. By 1869, railroads were built from California to

1428-413: A tiny settlement before the rush began. When residents learned about the discovery, it at first became a ghost town of abandoned ships and businesses, but then boomed as merchants and new people arrived. The population of San Francisco increased quickly from about 1,000 in 1848 to 25,000 full-time residents by 1850. Miners lived in tents, wood shanties, or deck cabins removed from abandoned ships. There

1512-614: Is sometimes called the South Financial District by real estate developers, or simply included as part of the Financial District itself. The early 2020s have seen high office vacancy rates in the Financial District, driven by remote work since the COVID-19 pandemic , particularly among tech companies. Several owners of office buildings and hotels have defaulted on their loans, raising concerns about

1596-416: Is that some US$ 80 million worth of California gold (equivalent to US$ 2.6 billion today) was sent to France by French prospectors and merchants. A majority of the gold went back to New York City brokerage houses. As the gold rush progressed, local banks and gold dealers issued "banknotes" or "drafts"—locally accepted paper currency—in exchange for gold, and private mints created private gold coins . With

1680-733: The Accessory Transit Company . Many gold-seekers took the overland route across the continental United States, particularly along the California Trail . Each of these routes had its own deadly hazards, from shipwreck to typhoid fever and cholera . In the early years of the rush, much of the population growth in the San Francisco area was due to steamship travel from New York City through overland portages in Nicaragua and Panama and then back up by steamship to San Francisco. While traveling, many steamships from

1764-794: The BART system. The nickname "FiDi" is occasionally employed, analogous to nearby SoMa . The area is commonly referred to as "Downtown" as well, although "Downtown" may include the broader Union Square, Chinatown, Tenderloin , and SoMa districts as well. The District is home to numerous corporate headquarters, including half of San Francisco's eight Fortune 500 companies— Wells Fargo , Salesforce , Visa , and Gap — as well as Levi Strauss , Kimpton Hotels , Dodge & Cox , Prologis , Docusign , Yelp , and SoFi among others; and formerly Bank of America , Bechtel , Pacific Bell , Crocker Bank , Transamerica , Chevron , PG&E , McKesson , URS , and Charles Schwab among others. The headquarters of

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1848-673: The Embarcadero that rings the waterfront , and north of Market Street . The district includes Northern California's two tallest buildings, the Salesforce Tower and the Transamerica Pyramid . Montgomery Street (sometimes called " Wall Street of the West ") is considered the traditional heart of the district. Under Spanish and Mexican rule , the area had been the site of a harbor named Yerba Buena Cove with

1932-614: The Fugitive Slave Act of 1850 , encouraged the arrival of free blacks and escaped slaves. While the treaty ending the Mexican–American War obliged the United States to honor Mexican land grants, almost all the goldfields were outside those grants. Instead, the goldfields were primarily on " public land ", meaning land formally owned by the United States government. However, there were no legal rules yet in place, and no practical enforcement mechanisms. The benefit to

2016-757: The Isthmus of Panama and the steamships of the Pacific Mail Steamship Company . Australians and New Zealanders picked up the news from ships carrying Hawaiian newspapers, and thousands, infected with "gold fever", boarded ships for California. Forty-niners came from Latin America, particularly from the Mexican mining districts near Sonora and Chile. Gold-seekers and merchants from Asia, primarily from China, began arriving in 1849, at first in modest numbers to Gum San (" Gold Mountain "),

2100-584: The Pacific Telephone Building . With the onset of the Great Depression and statewide height restrictions due to earthquake fears, few new buildings were constructed, and the district remained relatively low-rise until the late 1950s. Due to new building and earthquake retrofitting technologies, the height restrictions were lifted, fueling a skyscraper building boom. This boom accelerated under mayor Dianne Feinstein during

2184-551: The Rincon Center complex. Parks and plazas located there include Sue Biermann Park; Justin Herman Plaza , which is the current location of the city's New Year's festivities, and Transamerica Redwood Park. St. Mary's Square and Portsmouth Square are near the borders of the district, but are usually considered as part of Chinatown. Several consulates are located in the financial district. Countries with consulates in

2268-655: The Sacramento River , sprang into existence and then faded. The Gold Rush town of Weaverville on the Trinity River today retains the oldest continuously used Taoist temple in California, a legacy of Chinese miners who came. While there are not many Gold Rush era ghost towns still in existence, the remains of the once-bustling town of Shasta have been preserved in a California State Historic Park in Northern California. By 1850, most of

2352-543: The San Francisco Bay in 1849, only 700 were women (including those who were poor, wealthy, entrepreneurs, prostitutes, single, and married). They were of various ethnicities including Anglo-American, African-American, Hispanic , Native , European, Chinese, and Jewish. The reasons they came varied: some came with their husbands, refusing to be left behind to fend for themselves, some came because their husbands sent for them, and others came (singles and widows) for

2436-679: The Transbay Terminal , many height limits were raised in the area. As a result, nearly all new high rise construction since the 1980s (and for the foreseeable future) has taken place South of Market. Notable examples include the JPMorgan Chase Building , 555 Mission Street , 101 Second Street , the Four Seasons Hotel , The Paramount , and the Millennium Tower . According to TRI Commercial,

2520-488: The tailrace of a lumber mill he was building for Sacramento pioneer John Sutter —known as Sutter's Mill , near Coloma on the American River . Marshall brought what he found to Sutter, and the two privately tested the metal. After the tests showed that it was gold, Sutter expressed dismay, wanting to keep the news quiet because he feared what would happen to his plans for an agricultural empire if there were

2604-403: The "first world-class gold rush," there was no easy way to get to California; forty-niners faced hardship and often death on the way. At first, most Argonauts , as they were also known, traveled by sea. From the East Coast, a sailing voyage around the tip of South America would take four to five months, and cover approximately 18,000 nautical miles (21,000 mi; 33,000 km). An alternative

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2688-789: The 12th district of the United States Federal Reserve is located in the area as well. Prior to their disestablishment, AirTouch , South Pacific Air Lines , Pegasus Aviation Finance Company , and the Pacific Exchange all had their headquarters in the Financial District. There are several shopping malls in the area, including the Crocker Galleria, the Embarcadero Center , the Ferry Building Marketplace , and

2772-414: The 1980s, something her critics labeled " Manhattanization ". This caused widespread opposition citywide leading to the "skyscraper revolt" similar to the " freeway revolt " in the city years earlier. The skyscraper revolt led to the city imposing extremely strict, European-style height restrictions on building construction citywide. Due to these height restrictions , lack of buildable lots, and changes in

2856-421: The California foreign miners tax passed in 1851, targeted mainly Latino miners and kept them from making as much money as whites, who did not have any taxes imposed on them. In California most late arrivals made little or wound up losing money. Similarly, many unlucky merchants set up in settlements that disappeared, or which succumbed to one of the calamitous fires that swept the towns that sprang up. By contrast,

2940-625: The Financial District include France , Brazil , Guatemala , Japan , Luxembourg , Mexico , Ireland , the Netherlands , Singapore , and the United Kingdom . The Hong Kong Economic and Trade Office and the Taipei Economic and Cultural Office is located in the Financial District. California Gold Rush The California gold rush (1848–1855) was a gold rush that began on January 24, 1848, when gold

3024-546: The Methodist church deemed it necessary to send missionaries there to preach the gospel, as churches in that part of the state were not to be found. The first missionary to arrive was William Taylor who arrived in San Francisco in September 1849. For many months he preached in the streets to hundreds of people without salary, and ultimately after saving often generous donations from successful miners, he built and established

3108-638: The Modocs . The first people to rush to the goldfields, beginning in the spring of 1848, were the residents of California themselves—primarily agriculturally oriented Americans and Europeans living in Northern California , along with Native Californians and some Californios (Spanish-speaking Californians; at the time, commonly referred to in English as simply 'Californians'). These first miners tended to be families in which everyone helped in

3192-639: The Native American population's decline from disease, starvation, and the California genocide . The effects of the gold rush were substantial. Whole indigenous societies were attacked and pushed off their lands by the gold-seekers, called "forty-niners" (referring to 1849, the peak year for gold rush immigration). Outside of California, the first to arrive were from Oregon , the Sandwich Islands (Hawaii), and Latin America in late 1848. Of

3276-547: The adventure and economic opportunities. On the trail many people died from accidents, cholera , fever, and myriad other causes, and many women became widows before even setting eyes on California. While in California, women became widows quite frequently due to mining accidents , disease, or mining disputes of their husbands. Life in the goldfields offered opportunities for women to break from their traditional work. Because of many thousands of people flooding into California at Sacramento and San Francisco and surrounding areas,

3360-480: The approximately 300,000 people who came to California during the gold rush, about half arrived by sea and half came overland on the California Trail and the California Road ; forty-niners often faced substantial hardships on the trip. While most of the newly arrived were Americans, the gold rush attracted thousands from Latin America, Europe, Australia, and China. Agriculture and ranching expanded throughout

3444-618: The area along Market Street . The neighborhood was nearly completely destroyed in the 1906 Earthquake and Fire , as the area's skyscrapers survived. By 1910, the area was largely rebuilt with low-rise, masonry-clad buildings ranging from six to twelve stories in height. During the late 1920s, several Neo-Gothic high rises, reaching 300 to 400 feet in height, were constructed, including the Standard Oil Building , Russ Building , Hunter-Dulin Building , Shell Building , and

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3528-587: The building of the San Francisco Mint in 1854, gold bullion was turned into official United States gold coins for circulation. The gold was also later sent by California banks to U.S. national banks in exchange for national paper currency to be used in the booming California economy . The arrival of hundreds of thousands of new people in California within a few years, compared to a population of some 15,000 Europeans and Californios beforehand, had many dramatic effects. A 2017 study attributes

3612-554: The building. The building has formerly been known as the Bechtel Building and subsequently the Blue Shield of California Building . Broadway Partners acquired the building in 2007. A joint venture of The Rockefeller Group and Mitsubishi Estate New York acquired the building in September 2012. The building was sold to Paramount Group, Inc. for approximately US$ 395  million in September 2014. The building features

3696-515: The clear intent to distinguish their higher class power over those that could not afford those accommodations. Supply ships arrived in San Francisco with goods to supply the needs of the growing population. When hundreds of ships were abandoned after their crews deserted to go into the goldfields, many ships were converted to warehouses, stores, taverns, hotels, and one into a jail. As the city expanded and new places were needed on which to build, many ships were destroyed and used as landfill. Within

3780-634: The dominant activity held throughout the steamships was gambling, which was ironic because segregation between wealth gaps was prominent throughout the ships. Everything was segregated between the rich vs. the poor. There were different levels of travel one could pay for to get to California. The cheaper steamships tended to have longer routes. In contrast, the more expensive would get passengers to California quicker. There were clear social and economic distinctions between those who traveled together, being that those who spent more money would receive accommodations that others were not allowed. They would do this with

3864-572: The easily accessible gold had been collected, and attention turned to extracting gold from more difficult locations. Faced with gold increasingly difficult to retrieve, Americans began to drive out foreigners to get at the most accessible gold that remained. The new California State Legislature passed a foreign miners tax of twenty dollars per month ($ 730 per month as of 2024), and American prospectors began organized attacks on foreign miners, particularly Latin Americans and Chinese . In addition,

3948-402: The eastern United States. At its peak, technological advances reached a point where significant financing was required, increasing the proportion of gold companies to individual miners. Gold worth tens of billions of today's US dollars was recovered, which led to great wealth for a few, though many who participated in the California gold rush earned little more than they had started with. Gold

4032-419: The eastern seaboard required the passengers to bring kits, which were typically full of personal belongings such as clothes, guidebooks, tools, etc. In addition to personal belongings, Argonauts were required to bring barrels full of beef, biscuits, butter, pork, rice, and salt. While on the steamships, travelers could talk to each other, smoke, fish, and other activities depending on the ship they traveled. Still,

4116-479: The effect on San Francisco's tax revenues and the financial stability of local government services. Many retailers have also cited high levels of crime, open-air drug use, homelessness , doubts about San Francisco's viability as a relevant commercial center, and closed storefronts in the areas in and around the adjacent Union Square. The area is marked by a cluster of high-rise towers in the triangular area east of Kearny Street , south of Washington Street, west of

4200-404: The effort. Women and children of all ethnicities were often found panning next to the men. Some enterprising families set up boarding houses to accommodate the influx of men; in such cases, the women often brought in steady income while their husbands searched for gold. Word of the gold rush spread slowly at first. The earliest gold-seekers were people who lived near California or people who heard

4284-488: The first Methodist church in California, and California's first professional hospital. When the Gold Rush began, the California goldfields were peculiarly lawless places. When gold was discovered at Sutter's Mill, California was still technically part of Mexico, under American military occupation as the result of the Mexican–American War. With the signing of the treaty ending the war on February 2, 1848, California became

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4368-437: The first five years of the Gold Rush. In the next stage, by 1853, hydraulic mining was used on ancient gold-bearing gravel beds on hillsides and bluffs in the goldfields. In a modern style of hydraulic mining first developed in California, and later used around the world, a high-pressure hose directed a powerful stream or jet of water at gold-bearing gravel beds. The loosened gravel and gold would then pass over sluices, with

4452-565: The first supply stores in Sacramento, Coloma, and other spots in the goldfields. Just as the rush began, he purchased all the prospecting supplies available in San Francisco and resold them at a substantial profit. Some gold-seekers made a significant amount of money. On average, half the gold-seekers made a modest profit, after taking all expenses into account; economic historians have suggested that white miners were more successful than black, Indian, or Chinese miners. However, taxes such as

4536-400: The forty-niners was that the gold was simply "free for the taking" at first. In the goldfields at the beginning, there was no private property, no licensing fees, and no taxes . The miners informally adapted Mexican mining law that had existed in California. For example, the rules attempted to balance the rights of early arrivers at a site with later arrivers; a " claim " could be "staked" by

4620-454: The gold in the California gravel beds was so richly concentrated, early forty-niners were able to retrieve loose gold flakes and nuggets with their hands, or simply " pan " for gold in rivers and streams. Panning cannot take place on a large scale, and industrious miners and groups of miners graduated to placer mining , using " cradles " and "rockers" or "long-toms" to process larger volumes of gravel. Miners would also engage in "coyoteing",

4704-559: The gold settling to the bottom where it was collected. By the mid-1880s, it is estimated that 11 million troy ounces (340 t) of gold (worth approximately US$ 15 billion at December 2010 prices) had been recovered by hydraulic mining. A byproduct of these extraction methods was that large amounts of gravel, silt , heavy metals , and other pollutants went into streams and rivers. Court rulings (1882 Gold Run and 1884 "Sawyer Act" ) and 1893 federal legislation limited hydraulic mining in California. As of 1999 many areas still bear

4788-440: The gold-bearing quartz. Once the gold-bearing rocks were brought to the surface, the rocks were crushed and the gold separated, either using separation in water, using its density difference from quartz sand, or by washing the sand over copper plates coated with mercury (with which gold forms an amalgam ). Loss of mercury in the amalgamation process was a source of environmental contamination . Eventually, hard-rock mining became

4872-423: The goldfields and find the equivalent of six years' wages back home. Some hoped to get rich quick and return home, and others wished to start businesses in California. By the beginning of 1849, word of the gold rush had spread around the world, and an overwhelming number of gold-seekers and merchants began to arrive from virtually every continent. The largest group of forty-niners in 1849 were Americans, arriving by

4956-721: The hills near Genoa , Italy were among the first to settle permanently in the Sierra Nevada foothills ; they brought with them traditional agricultural skills, developed to survive cold winters. A modest number of miners of African ancestry (probably less than 4,000) had come from the Southern States , the Caribbean and Brazil. A number of immigrants were from China. Several hundred Chinese arrived in California in 1849 and 1850, and in 1852 more than 20,000 landed in San Francisco. Their distinctive dress and appearance

5040-638: The huge numbers of newcomers were driving Native Americans out of their traditional hunting, fishing and food-gathering areas. To protect their homes and livelihood, some Native Americans responded by attacking the miners. This provoked counter-attacks on native villages. The Native Americans, out-gunned, were often slaughtered. Those who escaped massacres were many times unable to survive without access to their food-gathering areas, and they starved to death. Novelist and poet Joaquin Miller vividly captured one such attack in his semi-autobiographical work, Life Amongst

5124-402: The land where the mill stood. Bennett was not to tell anyone of the discovery of gold, but when he stopped at Benicia , he heard talk about the discovery of coal near Mount Diablo, and he blurted out the discovery of gold. He continued to San Francisco, where again, he could not keep the secret. At Monterey, Mason declined to make any judgement of title to lands and mineral rights, and Bennett for

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5208-511: The late 1890s, dredging technology (also invented in California) had become economical, and it is estimated that more than 20 million troy ounces (620 t) were recovered by dredging. Both during the gold rush and in the decades that followed, gold-seekers also engaged in "hard-rock" mining, extracting the gold directly from the rock that contained it (typically quartz ), usually by digging and blasting to follow and remove veins of

5292-476: The local real estate market, new development in the area has shifted to South of Market Street since the 1980s. The area south of Market, east of Third Street , north of Folsom Street , and west of the Embarcadero is sometimes called the South Financial District , or simply included as part of the Financial District itself. To encourage new development south of Market, and to help fund the replacement for

5376-553: The name given to California in Chinese. The first immigrants from Europe, reeling from the effects of the Revolutions of 1848 and with a longer distance to travel, began arriving in late 1849, mostly from France, with some Germans , Italians , and Britons . It is estimated that approximately 90,000 people arrived in California in 1849—about half by land and half by sea. Of these, perhaps 50,000 to 60,000 were Americans, and

5460-504: The news from ships on the fastest sailing routes from California. The first large group of Americans to arrive were several thousand Oregonians who came down the Siskiyou Trail. Next came people from the Sandwich Islands , and several thousand Latin Americans, including people from Mexico, from Peru and from as far away as Chile, both by ship and overland. By the end of 1848, some 6,000 Argonauts had come to California. Only

5544-528: The northwest is Chinatown , and to the north is North Beach and Jackson Square . To the east lies the Embarcadero waterfront and the Ferry Building . To the south lies Market Street and the South of Market district. The Financial District is served by more than two dozen Muni bus and rail lines, including one cable car line , as well as Montgomery Street Station and Embarcadero Station in

5628-582: The placer deposits until 1846. Minor finds of gold in California were also made by Mission Indians prior to 1848. The friars instructed them to keep its location secret to avoid a gold rush . In January 1847, nine months into the Mexican–American War , the Treaty of Cahuenga was signed, leading to the resolution of the military conflict in Alta California (Upper California). On January 24, 1848, James W. Marshall found shiny metal in

5712-467: The population and economy of California had become large and diverse enough that money could be made in a wide variety of conventional businesses. Once extracted, the gold itself took many paths. First, much of the gold was used locally to purchase food, supplies and lodging for the miners . It also went towards entertainment, which consisted of anything from a traveling theater to alcohol, gambling, and prostitutes. These transactions often took place using

5796-560: The recently recovered gold, carefully weighed out. These merchants and vendors, in turn, used the gold to purchase supplies from ship captains or packers bringing goods to California. The gold then left California aboard ships or mules to go to the makers of the goods from around the world. A second path was the Argonauts themselves who, having personally acquired a sufficient amount, sent the gold home, or returned home taking with them their hard-earned "diggings". For example, one estimate

5880-466: The record-long economic expansion of the United States in the recession-free period of 1841–1856 primarily to "a boom in transportation-goods investment following the discovery of gold in California." The gold rush propelled California from a sleepy, little-known backwater to a center of the global imagination and the destination of hundreds of thousands of people. The new immigrants often showed remarkable inventiveness and civic mindedness. For example, in

5964-475: The rest were from other countries. By 1855, it is estimated at least 300,000 gold-seekers, merchants, and other immigrants had arrived in California from around the world. The largest group continued to be Americans, but there were tens of thousands each of Mexicans, Chinese, Britons, Australians, French, and Latin Americans, together with many smaller groups of miners, such as African Americans, Filipinos , Basques and Turks . People from small villages in

6048-517: The scars of hydraulic mining, since the resulting exposed earth and downstream gravel deposits do not support plant life. After the gold rush had concluded, gold recovery operations continued. The final stage to recover loose gold was to prospect for gold that had slowly washed down into the flat river bottoms and sandbars of California's Central Valley and other gold-bearing areas of California (such as Scott Valley in Siskiyou County). By

6132-521: The single largest source of gold produced in the Gold Country . The total production of gold in California from then until now is estimated at 118 million troy ounces (3,700 t). Recent scholarship confirms that merchants made far more money than miners during the gold rush. The wealthiest man in California during the early years of the rush was Samuel Brannan , a tireless self-promoter, shopkeeper and newspaper publisher. Brannan opened

6216-441: The state to meet the needs of the settlers. San Francisco grew from a small settlement of about 200 residents in 1846 to a boomtown of about 36,000 by 1852. Roads, churches, schools and other towns were built throughout California. In 1849, a state constitution was written . The new constitution was adopted by referendum vote; the future state's interim first governor and legislature were chosen. In September 1850, California became

6300-621: The tens of thousands overland across the continent and along various sailing routes (the name "forty-niner" was derived from the year 1849). Many from the East Coast negotiated a crossing of the Appalachian Mountains , taking to riverboats in Pennsylvania , poling the keelboats to Missouri River wagon train assembly ports, and then traveling in a wagon train along the California Trail . Many others came by way of

6384-544: The third time revealed the gold discovery. By March 1848, rumors of the discovery were confirmed by San Francisco newspaper publisher and merchant Samuel Brannan . Brannan hurriedly set up a store to sell gold prospecting supplies, and he walked through the streets of San Francisco, holding aloft a vial of gold, shouting "Gold! Gold! Gold from the American River!" On August 19, 1848, the New York Herald

6468-566: The traditional Financial District provides approximately 30 million square feet (2,800,000 m ) of office space, and the South Financial District offers about 28 million square feet (2,600,000 m ). In the 2020s, the COVID-19 pandemic has stimulated an exodus of business from the downtown core of San Francisco. Adjacent to the Financial District to the west is the Union Square shopping district . To

6552-457: Was discovered in California as early as March 9, 1842, at Rancho San Francisco , in the mountains north of present-day Los Angeles. Californian native Francisco Lopez was searching for stray horses and stopped on the bank of a small creek (in today's Placerita Canyon ), about 3 miles (4.8 km) east of present-day Newhall , and about 35 miles (56 km) northwest of Los Angeles. While the horses grazed, Lopez dug up some wild onions and found

6636-623: Was found by James W. Marshall at Sutter's Mill in Coloma, California . The news of gold brought approximately 300,000 people to California from the rest of the United States and abroad. The sudden influx of gold into the money supply reinvigorated the American economy; the sudden population increase allowed California to go rapidly to statehood in the Compromise of 1850 . The gold rush had severe effects on Native Californians and accelerated

6720-476: Was highly recognizable in the goldfields. Chinese miners suffered enormously, enduring violent racism from white miners who aimed their frustrations at foreigners. Further animosity toward the Chinese led to legislation such as the Chinese Exclusion Act and Foreign Miners Tax. There were also women in the gold rush . However, their numbers were small. Of the 40,000 people who arrived by ship to

6804-410: Was no churches or religious services in the rapidly growing city, which prompted missionaries like William Taylor to meet the need, where he held services in the street, using a barrel head as his pulpit. Crowds would gather to listen to his sermons, and before long he received enough generous donations from successful gold miners and built San Francisco's first church. In what has been referred to as

6888-548: Was not until 1835 that the first settlers established themselves on the shore of Yerba Buena Cove, with the first town plan surveyed in 1839. Yerba Buena's potential as a seaport made it the eventual center for European and American settlement. After gold was discovered in the Sierra Nevada Foothills in 1848, Yerba Buena's location on the natural harbor of San Francisco Bay acted as a magnet for European and American settlers, as well as gold and job seekers from

6972-605: Was the first major newspaper on the East Coast to report the discovery of gold. On December 5, 1848, US President James K. Polk confirmed the discovery of gold in an address to Congress . As a result, individuals seeking to benefit from the gold rush—later called the "forty-niners"—began moving to the Gold Country of California or "Mother Lode" from other countries and from other parts of the United States. As Sutter had feared, his business plans were ruined after his workers left in search of gold, and squatters took over his land and stole his crops and cattle. San Francisco had been

7056-555: Was to sail to the Atlantic side of the Isthmus of Panama , take canoes and mules for a week through the jungle, and then on the Pacific side, wait for a ship sailing for San Francisco. There was also a route across Mexico starting at Veracruz . The companies providing such transportation created vast wealth among their owners and included the U.S. Mail Steamship Company , the federally subsidized Pacific Mail Steamship Company , and

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