Gold Rush Economics


Making money in the Gold Rush had much conflict involved. People could make money in the Gold Rush by being an auctioneer, a gambler, a shopkeeper, and finally a miner. Miners had to pay for many small things which resulted in rich businesses owned by auctioneers and shopkeepers. Gambling had an effect on the economy when gamblers lost an immense amount of money. Some auctioneers and shopkeepers couldn’t make enough money since the citizens didn’t have enough money to buy anything from them. One pound of flour cost $40.00, one pair of boots yielded $100 and just for fun miners could buy a piece of candy for $0.50. A needle and thread for $7.50 was one of the most needed things because miners ripped their clothes constantly, and it would be easier to repair their clothes than buy new ones. Food probably cost the most. One can of sardines cost $16.00 and a loaf of bread cost 2.00. The merchants had a major conflict, one of which is the problem of sales. When dealers sell food of some sort, they have to raise the prices because of the rise in population. If not, they will corrupt themselves because the onlookers will buy all their products and leave them broke. The money earned from the pursuit will not even be enough to provide for themselves. But by doing this onlookers will have a tentative feeling about buying it, leaving the peddlers with no choice. Also, if they even buy the produce they will lose food because they are giving food, until the specific area runs out of food. The produce of money in during the Gold Rush was very harsh.