California Gold Rush, the biggest get-rich-quick scheme in American history
How Sam Brannan became the wealthiest man in California without selling a single ounce of gold
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1/ On January 24, 1848, a carpenter named James W. Marshall discovered gold at John Sutter's Mill in Coloma California (close to present-day Sacramento), where he was employed.
Californian residents were the first to rush into the area in late 1848.
2/ By 1849, the word had spread around the world with almost 100,000 gold-seekers and merchants immigrating to California from across the US and abroad, being named forty-niners.
By 1855 the number reached 300,000. It was the biggest immigration movement at the time.
3/ The gold influx into the money supply system rejuvenated the country's economy giving statehood to California.
The rise in population led to an expansion in various sectors, such as agriculture, ranching, and merchandising.
4/ The San Francisco population exploded from 200 residents in 1846 to 30,000 in 1852.
Many cities and infrastructure was built across California.
New methods of mining and transportation were developed creating a technological boom.