American Notes SOUTH CAROLINA

In 1857, on its 44th voyage carrying passengers and gold from Panama to New York, the S.S. Central America ran into a killer hurricane and sank in 8,000 ft. of water 200 miles off the South Carolina coast. On board were an estimated 77,000 ounces of gold bullion worth at least $28 million today. Last week a salvage syndicate that located the wreck two years ago began recovering what engineer Thomas Thompson, 37, said was "like the classic sunken treasures you read about as a kid. It is like a garden of gold growing from the bottom and hanging from beams. It is dripping with gold coins." One gold brick weighed more than 62 lbs. No one can guess how much more gold might have been brought aboard by the 425 passengers who died in the sinking; many were Californians fresh from the gold rush.

The salvage operation is financed by a group of Ohio investors who put up $7 million. Aboard the recovery ship Arctic Discover is a team of scientists studying the ecosystem around the sunken steamer. But Thompson concedes that new knowledge is merely a fringe benefit. Says he: "Without the gold, we would not be here."