Today at worked I had a surprise visit by Oscar Walker, a former mentor and good friend. We talked about a number of things. One of them was the Gold Rush that happened in California and Alaska as gold diggers sought their fortune. Many of America's best, brightest and strongest men went west to claim the American dream. After respected public figures such as President James Polk confirmed the rumors of massive gold deposits in the West, the Gold Rush was on.
By early 1849, the gold fever had become an epidemic across the country. Young men explained to their wives why one year apart doing hard work would produce a lifetime of riches. Thousands of young adventurers headed west for a year of toil to produce a better life. They were dubbed "forty-niners" because they left home in 1849. When they would return, was another matter entirely.
Men traveled West via boat or by foot. Many died making the journey. Dehydration and a lack of water cost many dreamers their very lives. Many young men went West without really counting the cost or making the necessary provisions for the trip. Opportunists discovered this secret and made their wealth supplying the gold diggers who were traveling to the West. The price for water could go as high as $100 per drink. Those without money were sometimes left to die. It was a harsh lesson in supply and demand that would be repeated many times over in frontier California.
While the dreams and rumors continued to grow, the easy gold had been mined by mid 1849. People kept coming and arrived in the West only to discover a much harder job than they had ever imagined. Beyond the backbreaking work, their efforts seemed to produce little reward. There was still gold in the riverbeds, but it was getting harder and harder to find. A typical miner spent 10 hours a day knee-deep in ice cold water, digging, sifting and washing.
Miners began using more advanced techniques as panning became less and less effective. But it was a losing battle as the gold reserves were declining as the number of miners continued to increase. It was all an issue of timing. The easy money had been made by the first movers. Forty-niners dealt with severe frustration and depression. Many left and went home. There was the occasional lucky strike well into the 1850s which kept people at it. But the numbers of depressed dreamers rose steadily. Dejected and disappointed, many would never return home to their loved. Some died chasing their dream. Others were psychologically broken by a dream that never came true. They refused to return home and admit their failure.
The Gold Rush changed the face of the nation and fueled westward expansion. It left a lasting impact on the American culture. There have been other get-rich-quick ideas that have influenced the American society since then. The roaring 20s led to the Depression. The Internet bubble burst to produce the Dotcom crash. Many of those who achieved their dream did so because of timing as much as anything.
So what's the key lesson to take away from the Gold Rush? I think it is that if something looks too good to be true, it probably is. The unexpected is what always ends up costing you in the end.
