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The days of Forty-Nine, considered as a social phenomenon, did not come to a term when the placers ceased to yield and there were fewer rich chances for the single miner or the wandering pair of "pardners." Nor did they end in 1854, when the easy years of disorder, speculation and high-living climaxed; when the tide of immigration began to ebb, and when the world began to realize that fortunes could be won in California only on the same hard terms as elsewhere.
The financial depression of 1855 ended many bright hopes and swallowed up much wealth that luck and labor had wrested out of the rich earth. Many one-time miners took up farm land. Others who failed to find "even the color" in their pans returned to the home towns from which they had set out with high hopes and boastful words. And still one could not say that the great adventure had come to an end.
The old free-and-easy independence of life in the gold rush days deteriorated into license and abuse, became insolent, and brought down on itself the wrath of the "better element" during 1856. Amid general approval, the reign of law and order was instituted by illegal but understandable means. As society began to stratify, the bonds of convention began to tighten and conduct became more decorous. Californian industry, by 1858, was no longer an uproarious, single-minded search for El Dorado; for as the commercial life of the state revived, the economic structure was reared on broader bases, and new industries and occupations came to the fore. In the great march of time, the accidental facts of the gold rush dwindled in importance and disappeared, but its spirit and symbolism remained. It is even yet an immortal American memory; a tale told by fathers to sons; a legend of high heroism and laughter in adversity, from which the darker elements have long since been purged away.
No less does the gold rush survive in the permanent impress it left on the character of Cali­fornia and Californians. In the spirit of the pioneers, the people of the state have always taken pride in their ability to accept troubles as healthy challenges to head and hand. Just as the Forty -Niners looked to qualities proved on the trails and deserts, in flood and fire, for their measure of a man, so Californians of later times tend to judge their fellows by man-standards rather than by the accidents of birth or bank-account. They have never lost the awareness of special character, so well expressed by one of the pioneers:
"The world, you know, is composed generally of three classes—good, bad and indifferent. But California is an exception to this rule. I haven't made up my mind whether it always formed a com­ponent part of the earth, or whether it is an offshoot of some comet that dropped into this spot by the law of gravitation. California is either very good or very bad. The soil is very wet or very dry, the land is very high or very low, the people very good or very bad. It is either percussion or squib, and but small chance for indifferent. If you get a farm, it will be No. 1 or No. 0. If you go into business, it will be good or good for nothing."
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