Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1825-05-17
HOUSE OF COMMONS.

Peruvian Mining COmpQny.-Alr Greene
mos ed the second reading Of die Fasco Peruvian
Nine COMPANY bill. Attack, the ION. I4erucr
said, Of a very understandable nature, bad been made
upon The scheme connected ith ttis tilI The
company had tie authority OF 40 les q man than
Humboldt, Tor believing al he proposed 10 be
periectJ practicable. Moreover, lie de.ied .far
the house had any right to inquire iu;o he scec4l,
tons OF individuals, nile those specuia.ions ess
ell neltLer to private nor public disadv ma r.
Mr. Hobhouse would shorty stale Tor lie ill.,
formation oil the house; the regular dean b. winch
original shareholders in companies like lie present
were daily putting large sums t.eic Iccseis
he lhing was done without tie smaiest ID. * aud
alwAys without any adv ance OF real capial. Sep
pose an instance-a company projec ed, ike lie
Paseo Mining Company F.; that there vast, -,
40, GOO shares OF Coz. each, (mulSln capital q
one millioh) and llat tie O. NAL projectors e-e
90 III number. The 90 projectors agreed a. once
to take all the shares among tAem.elves Elcl
took 200 shares, and pid deposi OF 81 o.. each
share, - advancing, il hIs who SAHoriio.., OG0I
Now low did this operate: = by nlaasge-
ment we'll u. derstood on ,het xch rye, a.
soon as prospec,dses ere Isl ;iie puol.-
came purchase Stock, tLeyB fn.o1ped i,,at
the 81 shares had risen 16L (rieaI, t,sr.3
Thus an original protector sod only &C o. his
200 shares, and sot So. over his cost prlce-h.v
ing 1874 shares 10 gel what he could for clear pront
upon Tie transaction. AID this was suplo,is.s a
moderate profit III many ases the rise had not
been rom OOL 10 al. lon depo=ie, 81. 10 GA
but tie 1901 shares had ieen iesold at COO, 700
and even high i200I,, hear, hear produ-
cling almost Immediately immense ioi,u. e. % tie
projectors, WioIt Tie sghiess risk cur. cd on ,her
part. The pufs s. adj ersnGats by which this system
was supported were aOso..LeIy dis5rac eiul so as
graceful, that he sEo Id hardly expect relief from
the house If be did STATE them IL elr precise
terms. 1t was mere thAn probable ha, tie GOV
eminent of Peru, when they came 10 have a SET
tied government Eege, ould reserve he miues Tor
the use OF the STATE aid it was are d5 iniimaied
that they 10 De o-4ered as seOuri, Eos loan
which about - be contracted Tor by Inc Fervia,
government here. Amer further ellarain. on te
folly oil mining specuauons, lie I1on member
said il the directors meant act bona fde let ,ienl
90 Tor year or two with tlen operations " th-
cut bib Lex hem prove tie thing p,ac,icaDie
and thea lie would na objection to or ming
them lie privilege OF sGeIag and being sucu ia Tie
name of 'heir Secretary but at present lie thought
the bill would only have the effec' OF keeping an
what he considered delusIon. He would there
fore move, amendment, {" Thst tie bill be
read second zine that day six months
Mr.. +. BixtOn, IL opposition 20 the opinions Of
Mr.. Hoahouse said, lie would re d az extract of
letter written by the oil tie Honorable member
for Southwark, (Sir r.. wilson who " as at pre-
sent aid de camp TO Gen. Bolivar and with him in
that country. In that letter he says, " Ii IS very
surprising 10 me- but nevertheless, it is stric "
true that silver is in such plenty that the mca1ess
utensils made OF that metal.-( Iicar) could
for few knives, other articles OF iron work
procure several pounds OF it but this abundence is
comparatively of little value, in consequence OF the
difficulty of conveyance. - Hear, hear1 In adj
dillon 10 these, he had the testimony OF an officer
who commanded part oil the independent troors
in 1921 that silver was extracted in large auanti-.
ties at that time by means of the steam engines
sent out from England. II was further proved
that there had been discovered, within short DIS
lance OF the mines, valuable coalpi hich afford
ed abundant fuel for ali the purposes ofmning
MIR. T. Wilson said, he believed thai the spec
ulation would be profitable mode oil einrlo, lar
capital, and the directors SCI his name down for five
shares. Tie directors reserved 100 each iortbs,n-
selves, int, II 1t was deusion, II was o. n en-
selves, and not on the public. They were tho
persons who were likely 10 suffer most Tor their
loss would eventually be great
Sir +. Burdet said, that The fact that persons.
were first led to enter into this company be-.
ing told that they would only be liable 10 the amount
Of their shares, and that they were afterwards in
formed that Their responsibility would extend 10 the
whole oil Uieir fortunes, was a sufficient reason to
induce the house to throw out this bill It appear
ed to HIM, that OF all the projects which be had
ever heard or read Of, this scheme most deserved
the name of bubble. Tie believed that direciors
were hoAta' u"P'' W VIC information when had
been transmitted to them but ne thought thai on
that account, as much as any other, iho house WIS
bound so interfere and protect them from the COM,
sequences Of their own credulity.
Mr.. Barring said 1t was deplorable TO see tho
gambling mania that was al present abroad il had
seized upon all classes, and was streadinr
itself in ali parts of the country. Il was
10 be lamented that men of the frst
rank and family in the country haunie5
gambling houses at the yves, end Of Tie town,
stSil more 70 be lamen.e1 t.ai rnerelrn.s at lie