The Gold Rush Created Get Rich Quick Schemes and ‘Move Fast and Break Things’

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On the morning of January 24, 1848, a carpenter named James Marshall climbed into a ditch beside a half-finished sawmill in the Sierra Nevada foothills, stooped down, and found gold. He crawled out clutching his hat to his chest like a hurt child, showed the men a teaspoon of yellow flakes, and said "I have found it." Within a year, fifty thousand people from all six continents were racing to California. Within a decade, 848 tons of gold had been ripped from the earth, nearly five times the amount Spain had extracted from the Americas in 150 years. Within two decades, the nation had been torn apart by civil war and four Sacramento shopkeepers with no engineering experience had built a…