The British Press; or, Morning Literary Advertiser.
London, England, 1825-05-06 00:00:00

AMERICAN MINING COMPANIES.

LAWYEES AND LEIIIII.+TORS, OR NOTES ON TIIE AMERICAN
SItNIWO COS(PJ
Murray.
•
'e have her, a writer who argues, with great force of
reasoning, as well as with a vivacity and shrewdness, which
keeps the readers attention always alive to the subject
tinder discuss!on. Those who are interested in the Ame-
rican Mining Companies, will not fail to rise from the
perusal of this pamphlet with entire satisfaction, and will
feel themselves relieved from the influence of drat dictatorial
authority which it is so well calculated• to. counteract,
while its animadversions lead to truths which would not
otherwise have been adverted .to; its facts are forcibly
put, and fully bear out the conclusions drawn from them.
It is preceded by a neat and classical dedication to the
Right I op. G FOROI CAXNINO, whosscommanding talon t.,
and valuuble application of them, the language of eulogy
parmot previa*. The highest tribute of praise is
likewise given, in the course of these pages, to the sound
ind statesman-likc. ;Views of Lord Livi.aroot., and Mr.
Husk, ssoN, and the reflective good sense with which they
have withstood al; legislative tampering with i%oint-Stbek
Colnpanies.

01.1 the more immediate subject of the American Mining
Companies, after bringing the circumstances which give
rise to them concha:ly before the reader, the writer *dela—
" Diu it is an incontestible fact .14c3, that the inhabitants of
America ceased to work their mines on.y on accoent of wars and
rem-slut:one; that tbe year immediately preceding the lireaking out
of these wars and "evolutions, these mines were more productive
than in any other year fur a century and a halfback; that during
these wars and revolutions many of the rich families who supplied
the capital by which these mines were worked, were either imp°.
verished or banished, and that during these troubled times the
mines became inundated, and that in many instances the mining
works were burnt.
" The oldest of the Companies rhichl have been formed for
working these mines has, existed only fifteen months; many of
them have not been befarethe public one quarter of a year. Yet
the Companies which hane been longest formed are scene''y in pos-
session of mines, and although this possession commenced but
eight months ago, nevertheless accredited and official ,deices have
been received, that by the operation of these Companies the mines
of the richest distficts are at this time plentifully producing ore,
although few of the improrements which had been contemplated
had been then teaorted to. Mont, ought not the wise legislators of
a free and consul...eclat people to encourage and to support under..
takings which tend so enrich a considereitle body of the inhabitants
of this country, which create a demand fur Briush machinery, and
employ British shipping?
Thus far for the,interest of redetached body, to fight whose battle
these pages are not written. We trust that we come forward on
more public grounds, and are actuated by weightier reasons.
" It is because the mining interest to. America is as the manufac-
turing interest to England ; it is because the precious metals are
the staple commodities of America; it is because the most popu-
lous cities, towns, and "tillages, the richest districts, the most em.
' played and consuming population, were situated and existed in
parts of America where the mines were worked ; it is because, on the
ceasing of the mining operations, tha population of chase cities dirni.
nisheel two-thirds. the towns becamei utterly depopulated, the villages
in ruins, and instead of being inhabited by an employed, w eat thy, and
consuming population. the mining districts became the retreat el
robbers, the seat of misery and starvation ; it is because it is the
opinion of the v inn and moat enlightened men of these countries,
that' it can only be by the introduction of new capital. that their
splendor. and prosperity can be revived ; that the working of these
mines could not be resumed until the water had been discharged,
and to effect that the wipers, poor in the midst of riches, hare nei.
ther, the machinery relaired to accomplish it, nor the capital to
procure them;' it is because we feel that tine working of the Ame-
rican mines by the English Companies must, by pouring capital
into the mining districts' revive their splendor and prosperity, in-
crease the population of the countries in which these mining dis-
tricts are situated, enforce them to develop their own immense
natural resources, and exchange their productions for our own ; it is
because these Companies introduce at the same moment, into coun-
ties convulsed by recent revolutions, mankind's best friends--
science, capital, and labour; it is, because we feel that the prospe.
city of England mainly ,depends upon its relations with America.
and that in proportion as the energies of America are developed
and her resources strengthened, will the power and prosperity of
England be confirmed and increased, that we would demand of our
legislators whether, as the Ministers of a free, a commertial, and
a powerful people, they ought--not merely to leave the American
Mining Companies aemoleated, but to assist their agency, patro.
. tie* their plans, and encourage their efforts ?
" The ft:cm which we have stated are incontestible ; they are
facts which no one versed in the history of America can have the
hardihood to deny. On what possible grounds, therefore, we may
ask, can these undertakings be denounced as rash and ruinous ape.
culatione, as reflecting little credit on their promulgators, and en-
tailing certain ruin on their supporters ?
" When we see the wisdonrofJqgea and the policy of Senators,
the denunciations of Law and the invectives of Parliament, alike
arrayed against us, we should be tempted to believe that mit judg.
ment was erroneous. Fortunately, however, the antagonists of iris
Mining Companies have been pleased to enfotee their anathema,
by facts, and have occasionally substantiated their generalities ty
detail. It is because we have found these facts to be erroneous,
and this detail utterly incorrect, that we feel our respect climienhed
for the opinions of these great authorities, however logically de-
duced, and however skilfully their conclusions may be drawn. We
conceive that the opinions which hare been expressed on the Ame-
rican Mining Companies, in the late discussions both in Courts of
Equity anti Houses of Parliament, originate in some instances
from possessing erroneous information, and is others from possess.
log no information whatever."
The part so injudiciously taken by the Loan CHAN..
CELLoa, and the injurious result, to many, of his incon.
&Aerate and premature interference with the employment
of capital, is commented upon with equal justice and seve-
rity. Pottle well-deserved strictures are likewise passed
upon the course pursued by Mr. BA al vc.
Mr. Baring is a highly respectable individual. He is a sort
of authority, as authorities run, although certain opinions delivered
by him during one or two late Seniors have made some shrewdly
suspect, that the spirit which inspires the speeches of Mr. Bating
is not precisely the prophetical offorris. Mr. Baring is the pro..
prictor of a princely fortune, acquired chiefly, we believe, by ho-
nourable and judicious enterprise. A e"
portton of that fortune
was accumulated by managing the French loan, a transaction
which was considered for a considerable time by the majority of
the nation as • ' delusion,: as a transaction which would most pro.
bably terminate in the ruin of half the bankers of Pant, and entail
destruction on large bodies of individuals both in France and Eng.
land. We are not stating these circumstances as tending in any
way to taint the fair fame of lilt. Baring : far from it. We only
plenum them to show that the majority were, as they often are,
completely in error, and that the undertaking, which, it was ex-
peeted, would have ended in the ruin of so many persons, and
which was looked upon as a complete' detusion,' ultimately turned
out to be exactly the meat, and to produce effects exactly con.
trary.
" We were therefore somewhat surprised to find Mr. Baring en.
hated In the ranks of the adversaries of the American Mining Com.
panic,, and using, in reference to them, the identical expres.ions.
with which the public honoured Mr. Baring's French loan ; expire.
dons which that gentleman never could have fergottem and which
his very speaking in the House must have reminded him of being
utterly fate and unfounded.
" Mr. Baring commenced his observations by deploring the
gambling mania at present abroad.' The evil was zerminly one
which ought to be checked, though he hardly knew how the check
should be applied. The remedy would be worse than the disease,
if. in putting a stop to this evil, they put a step to the spirit of en.
terpriem That spirit was productive of so much benefit to the
community, that he should be sorry to see any person draw a line
between fair enterprise and extravagant speculation.' Titus far we
are not tempted to take any note of the Hon. Member's remnrks,
he having resembled very much as yet in his observations, an old
end zealous anti-papist, of whom many of our readers have, per..
haps. heard, and who was wont to hold theological controversies by
himself,his left hand representing the Pope, and his tight the
Archbishop of Canterbury.
" Awakes louder and a loftier strain.' The lion. Member be.
tiered that all the mining speculations would turn out to be delu.
dons, and that many innocent persons who had embarked theta
little capital in them, with the expectation of realising large for.
tunes, would be awaker.ed some day unpleasantly from their dreams
of grandeur, by the intelligence that their all was lost. The great
mistake under which the uninformed part of the public laboured
was this : that their interference in the Spanish American mines
would render them much more productive than they had formerly
been. Be believed that the skill with which these mines was
worked was little understood by the public. Ender the Austrian
Government, heavy and stupid as it was, the gold mines of Hun.
gary were worked with a science and skill which could not be ex.
ce,ed. The same, he had reason to believe, had been the case
with the mines of Spam. lie expected that the Cornish miners.
experienced as they were, would carry as much presumption as
skill to the new task in which they were going to engage.'
" This statement of Mr. Baring produced a very great perm.
lion. It has been publicly stated, that great sales took cal_. •, n
the shares of the American Mining Companies in cen,oricreo
of it. •
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" And why were they not ? Were User, no individuals in the
weed t.'hanther of St. Strthen's Miriam them utterance ? Is 'be
duty of a Director of 1111 American Mining Company merely to re.
ceive his shares, and drive his cabriolet into the city to see what
premiums those shares may bear ? We trust not ; we had ima.
gins' that it was the duty of a Director of a Company to have made
hauself MOW' of all details connected with the Company in witislx