The California Gold Rush of the 19th century was a momentous event that attracted people from all over the world, hoping to find wealth in the gold fields. However, while the discovery of gold at Sutter’s Mill in 1848 sparked mass migration and radically transformed California, few became rich.
John Sutter, an entrepreneur with a large property in Coloma, California, found himself at the center of this turmoil. When his carpenter, James Marshall, found specks of gold in the river, the two tried to keep it a secret, but failed. Sam Brannan, an enterprising businessman, spread the news by waving a golden vial in the streets. Brannan did not search for gold, but he made his fortune selling equipment to prospectors.
In just a few years, between 1848 and 1852, California’s population exploded from a few hundred to 90,000 people. This rapid growth led to the emergence of mining towns filled with shops and saloons. However, this frenzy caused enormous suffering for indigenous peoplesdisplaced and decimated by violence.
Many prospectors found gold, but their riches often quickly vanished due to the high costs of living in boomtowns and the temptations of alcohol, gambling and other vices. Some, however, managed to maintain their fortune. George Hearst, for example, father of publishing magnate William Randolph Hearsthe made his fortune not by prospecting for gold, but by extracting quartz and investing in silver mines.
The real rich men of the Gold Rush were often the merchants. Levi Straussfor example, founded a consumer goods company that later became famous for its riveted jeans (by the way, what is that little pocket in jeans for?). Sam BrannanInstead, he bought and resold prospecting equipment, becoming California’s first millionaire.
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