The British Press; or, Morning Literary Advertiser.
London, England, 1825-03-18 00:00:00

THE AMERICAN MINING COMPANIES.

A pamphlet has been published, entitled An .Inquiry
info 'tile Plans, Progrees, and Policy. of Me American
Mining Cumpanies, which should bt consulted be, those
wbo are desirous of obtaining information on the subject. to
which it relates. 11-fore the appearaocc of the clear and
convincing work of Sir William Adims on the Mexican
Mines, the public, generally, knew nothing of the vast
extent to be derived from that source by the applica-
tion of British skill, capital, and machinery. The pam-
phlet now before us contains some account of the rlans anti
prospects of all the new mining associations. Front the
conclusion we extract the following observations, the first
portion of which is a reply to the late number of the Quar-
terly Rt view, and the second a vindication of these tinder-
takings from the attacks made upon them by the Lord
Chancellor :
We are not ever desirous of meeting the assertions of anonymous
writers by a counter-statement as bold and apparently as groundless ;
but, on the present occasion, we will state, that after much diligent
inquiry, we have every reason to believe, that the directors of the
American Mining Companies are the most considerable holders of
the shares of the respective companies whose affairs they manage,
and possess many shares, which they have purchased at consider.
able premiums,
" But," says the Quarterly Reviewer, '• the frenzy of speculation
appears to rage highest among the mines of South America, from
whose bowels the ' aurum irrepenum' which the Spaniards have
left, because the spaniards had muted to find it profitable, is to be
dug out by means of English capital. English men, and English
machinery." To prove this frenzy of speculation in Synth Ame-
rican mines, the Reviewer, as usual, quotes a North American one,
and triumphantly demands " to what will not men persuade them.
selves, when we find that a Jiggle share of a certain mine, named
the Real del Monte, on which 701. had been advanced, rose to a
premium of 1,4001. a share, or 2.000 r. per tent. ?
A certain mine, named the Real del Mobte we shall hear, we
suppose, next of a certain poise Honied the Goana.ripatu ! Is it
possible that the Reviewer, who talks so boldly of " the frenzy of
speculation, and of modern speculators who bike rint the tpooble to
irefaile into what has been or what may be;" is it possible that be
can have mistaken a whole mining district for a single mute ?
The Reel del Monte no•ice terminates with an elaborate perora-
tion, to which is appended this note, a note to which we beg to call
the reader's most particular attention :
" The Stock Exchange history of this wonderful mine is this :
It belonged to • private gentleman or Mexico, who derived sugh
wealth from it, that he made a present, during the last war, of two
seventy-four gun ships to the Kiag of Siicin. We could another
' tale unfold,' rdspecring this golden bubtle and its Awe!, at the
west end of the town, where news from the mine is rep-
fatly malitfactured, from St. Jamie -street down to Charing-crots,
to catch the city gulls, who in return lay their daily baits for the
gentlemen of the west."
This private gentleman here alluded to " in this Stock Exchange
history of this wonderful mine" is Don Pedro Terms, better known
as Count de Regla. The story here related of him is as well au-
thenticated as any one in modern history. and is given with many
more particulars by Humboldt. Humboldt is a great authority,
and it shows at any rate the discrimination of the Stock Exchange,
to found their tales upon the data of the learned Baron. But why
say we the data of the illustrious German ? There is another au-
thority supposed to be of as great weight, and which, being an Eng-
lish one, it is more probable the gentlemen of the Stock Exchange
followed, when they related the history of " this wonderful mine."
The following is an extract from a celebrated publication, which
may throw some light upon this tale :
• Don Pedro Tereros, Count Regis, one of the richest men in
Mexico. drew from the mines of Bin:eine, between the years 1762
and 1774, a net profit of more than a million sterling. Besides the
two ships of war, one of 120 guns, and the other of 74 guns, which
he presented to the King of Spain, he lent to the Government of
Madrid five million francs, which he has neeer been repaid. The
works erected on his mine cost him more than 400,000 pounds ster-
ling, and he purchased estates of vast extent besides, and left money
to his family, in amount only equalled by the bequests of Count
Valeneiana."
Hue is a gorgeous account ! why " the Stock Exchange history
of this wonderful mine" is mere prose to this ! What are )heir
two second rates to a net profit of more than a million sterling, to
two ships of war, one of 120 guns, and five millions of francs to the
Conn of Madrid to boot, and four hundred thousand pbunds ster-
ling expended in his mines, aid the purchase of vast estates and
enormous pecuniary bequests besides?
We anticipate the questions of our readers—From what authority
is this taken ? from some contemporary writer ? from some fond
chronicler of the glories of the Regla family ? Oh no ! it is de.
rited itom it very different source. It is not put forth by "repub-
lican governments, the permanency and honesty of which temain
to be proved:" it is not promulgated by agents of " the pretended
associations to work the mines of Mexico and the other South Ame-
rica, States." This glowing account, this magnificint statement.
may be found detailed as indubitable fact, in the Quarterly Re-
view itself for last April !!!
• • • • • •

We should here close these obstervations, did we not think it
might be expedient to notice in opinion which is now very preva-
lent, and, we believe, very fallacious. A parallel has been recently
termed between the present age end the one which generated the
Mississippi and the South Sea Schemes.
Of the virtuous and venerable noblemen by whom this compa-
rison has been made, it is impossible for us to speak in any other
spirit than that of sincere respect. His opinion must necessarily
always possess peat weight. There is a considerable body of in-
dividuals in this world, who, fortunately, are very fond of being
saved the trouble of thinking for themselves ; and *Maps there is
no man to whom they would sooner have recourse for a ready-made
opinion than the Earl of Eldon. His di:ta, therefore, independent
of the support which their soundness generally brings them, are al-
ways very strenuously backed ; and, on the present occasion, ever
since be drew his parallel between the present times and those of
Law, and Cram, and Aislable, all the political parrots have been
dashing about their gilt cages, pluming their feathers; for action,
looking very fierce and very indignant, and, as if to show their dis-
approbation of the times, and their determination not to be taken
in, have, with untired lungs anti moat praiseworthy perseverance,
been bawling " Bubble ! Bubble !" fur the last six weeks.
Let us examine the grounds on which this pi.allei has bceo drawn.
The plans which have been fortned for working the mines of
America by means of British capital, must be considered with re-
ference to the state of society in which they have been promulgated.
During the last half-century international relations have been
considerably extended, and, consequently, the representative signs
of wealth have been considerably increased.
In conducting the operations of the late war, a great quantity of
the capital of England was employed, and on the termination of
that war, this quantity became for a moment inactive. The exist-
ence of what was deemed to be umreductive wealth, confounded
the theories of certain politicians, and in the phtase " surplus ca-
pital" they have expressed an idea which is utterly fallacious. The
minds of the proprietors of title inactive capital were, however, im-
mediately directed to the discovery of means by which it might be
employed.—They naturally at first sought for those means in their
own country ; and in the execution of plans for the improvement of
our internal communication. our domestic trade, and national ar-
chitecture, some opportunities were found for the desired investment.
But the wealth of this country was equal to mightier ends; and
the merchants of Great Britain have disseminated the advantages.
which capital bestows, throughout other climes besides the British
Isles.
The undertakings of the present day hare grown then out of the
wealth of the times in which they have been formed. 'the Missis-
sippi and South Sea Schemes grew out of the poverty of the times.
The Mississippi and South Sea schemes were the unnatural
efforts of an impoverished people; unnatural, because they sought
by means, which only the greatest iiituence of commerce, and the
greatest extent of internatirioal relations, could justify, to extricate
a people from a situation which the imperfect possession or that in-
fluence of commerce and those international relations had pro-
duced.
Now in proportion as international relations beeomemore ex-
tensire, more numerous also become the means and opportunities
of employing capital ; and consequently the least support will be
'1 given to means less prorniaing. And thus, as a state possesses wealth
and commerce, anti thereby extended international relations, will
it have more opportunities of employing its capital, and become
mote cautious as to the modes of that employment. And thus it
is, that wild and groundless schemes are only generated and sup-
ported in impoverished states; for the impoverishment of a state
always arises from the imperfection of its international relations.
Intercourse produces knowledge—We must not confound the
spirit of enterprise, which arises from this knowledge, with vision-
ary speculetions. The enterprise of the present day arises from
knowledge; that knowledge has been gained by the extent of its
international relations. The South Sea shares rose 2or 306 der'
cent. in one day, without any data having been given, by which
the public might have formed an opinion as to the nature of the
property which they were purchasing. In the present day, an im-
perfect or indefinite prospectus throws a cloud immediately over
the shares of the Company ; for in proportion as the acquaintance
with the subject matter of a speculation is limited, is its derecia-
thin in value. Were the South Sea scheme to be introduce. to the
notice of the world to-morrow, there is every reason to believe that
alarm would go to a discount.
Thus, far from the present being a time in which the Legislature
is called upon to interfere, from the anticipation of the same evils
as attended the Mississippi and South Sea schemes; we, on the
contrary, have a right to inlet, that there reser was a state of
'witty front which those evils were less likely to ensue.
NVere the principle, which we have demonstrated not perfectly
sufficient to prove, that the parallel so often made between the
present age and that of the South Sea scheme is utterly fallacious,
we might add. that the South Sea scheme was the acknowledged
undertaking-of the nation; that by authority of the Legislature
persons were invited " to exchange their goverimisnt fur the se-
curities of their South Sea Company." and thus, of curse, inyuire
was, in a great incieute, atifird. The most cautious might be
excused a very strict examinetion of what the Lepel...a:re had
I adopted.
We beg to cal, with tt'e greatest respect, the attention of the Earl
of }-346" to ilieseubsdevations—He is a wise and expellent-AI Ataft-a •
mans " • shepherd of the prairie, understanding the iurognorties or
Stair &vests, hollow blasts of wind seemingly at a distance, arid