New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1846-02-05
The Lake superior Copper Mines.

,r.h,,c nnon the subject ofthe Copper Mines IN the
rerion of Lake Superior, we are informed by 'he
.,s;,ar ,b,, he has had access 10 some authentic
.onrces Of information" upon the subject. And as
:. there is a disposition among the knowing ones 10
,oonopolizc. he thinks it important that whatever
"a, be known in relation to ii should be made pub
lie" There being in the communications thus far
made 10 the public an unaccountable scarcity of
facts and results
Without reference to the profits of mines worked
in other countries, where the pitiful compensation
given to the leborer bears no comparison TO the
value of labor in this country, the first and most
natural inquiry is to ascertain the probable amount
Of expenditures that will be required TO work the
mues-or TO make suitable preparations for work
ing them and the value oil the VEN rock per loh-
so as 10 determine whether 1t be an object 10 en-
gage in the business or not. To invite people 10
consider of the subject favoraby seems to be the
decisive object of the writer.
The reader after perusing this Introductory four-
ish which we have cited above II he has not IKE
this writer had access some authentic sources oil
information would conclude ne was about 10 have
full definite and exposition oil the subject
80 10 correct any he may have entertained
in consequence of partial and imperfect statements
previously published in the papers, when in fact
there is no information of the kind given On The
had access to some OF these authentic sources Oi
information he would at conclude that the
writer knew bnt little Of the sublect-or that ms
pockets are full of " Copper Stock III many oil inc
companies named by him--and which he Is anxious
10 sell al the prices he stated 10 be their rated value
He saws the cost of getting ore TO the surface Is
about four dollars per ton. The cost OF smelling or
working go far is about halt that prlce-say alto
together some six dollars per ton. ii the ore yield
five per cent of metal it is worth, at sixteen
cents per pound eighty dollars thus leaving large
profit after the expenses of working the mines are
paid" This is all he says upon the subject oil eX-
penses except paragraph which we will presently
notice He evidently desires 1t TO be inferred that
six dollars per ton Of rock will pay the expenses
of working 10 fit the ore for market-ior which eX.
penditure the value OF eighty dollars worth OF mineral
will be obtained. Thus making an'immediate profit
of seventy four dollars for the filing up his large
margin" What tendency can this have but TO ex-
cite mania for the business, leading hundreds and
thousands of people deluded with the false hope oil
large and speedy profits, TO invest means necessary
10 a comfortable subsistence In tue purchase OF
..Copper Stock" created rresponsibly for the sheer
purpose of selling--a species of swinding already
extensively resorted to- and which every good man
will oppose Another remark of the writer might
favor this conclusion. He says the stockholders
cannot be made personally liable, SO company
NAV be formed, the stock g0sed away in market at
high prices until majority had changed hands and
The balance can only be forfeited. The original pro
pretors cannot be held responsible to pay Just
proportion of the eXpenseaso much greater then Is
the inducement 10 be villainous The organization
of an association upon such principle dld nor orS
nate with honest men.
But his facts are untrue. 1t has not as yet been
ascertaned by the experience of any company upon
the shores OF Lake Superior, that SIX dollars per
ton will pay the expenses OF raising the ore TO the
surface aud of washing or smetng-so Tar as eX
pcrience proves twice that sum will be requisite
II IL IN oigp surface
case for less than five dollars 1t must then be
broken up into small pieces with hammers; that con-
tanning native must then be crushed, washed and
atcrward smelteo.
He saws the only mines in the world-eXcept
those of Cuba and jamaica of which he is ignorant
that rival in richness those of Lake Superior, arc
those of Russia" Ii is singular fact, and one not
tatterng TO his general Intelligence, that he can
speak SO positively of the mines in Russia-and OF
the mines of Lake Superior. OF which but little can
at present be known-when he is ignorant OF those
in Cuba and Jamaica, much nearer than Russia,
and which have been wrought for years with sue
cess. and in the working them distinguished bust
ness men in New. y ork and Boston have been en-
gagged, why be anxious to go 60 Tar as RUSSIA 10
lind rival mine Did he ever hear oil Tue copper
Mines in Missouri
.These veins vary in width from SIX inches TO
sixteen feet" Will he condescend TO inform the
public, where or by whom, well developed VEN
sixteen feet in width has been discovered And
any man Of character undertake to answer! we
have often heard of such veins but the individual Is
scarce who can say where one ofthcm ls located
He saws the ores yield an average about
twenty five per cent. OF pure copper some oacA
oxide veins have been discovered especially at
Copper Harbor about six inches in width that yield
over twenty-five per cent They arc in the con-
glomcraic rock which is extremely hard TO work.
the rock must be cut several feet In Width Tor The
convenience of the miner These veins are occa
sionally interrupted by the conglomerate,' and
the labor in obtaining the is great TINT az yet
il 10 n question whether they will yield any con-
siderable profit. If aside from these narrow black
oxide veins, there are any known In that region
which will yield on average, say OF hundred
tons of rock any thing like twenty Five per cent of
metal, their locality and very fortunate possessor
can be easily named. What respectable geolosist
can certify to the existence OF such vein!-Even
that deceived and egotistcal all knowing geologst
of Massachusetts, Dr. Jackson cannot do II.
He informs usthat the amount of money required
toprosecute these undertakings rendered it expedi-
emf 10 form such associations Copper Stock Com.
paues Again he says :" we understand that ii re-
uuires but small suni--some three or four THOUSAND
dolars-to commence these operations IN mining
probably" Now ii is manifest that no draf, upon
the owner, other Than drawn from the mine. need
be made after mining has been prottably commenced,
even when il is desirable to extend the scale OF
o leraiions. When an opportunity is presented To
engage in business that affords an outlay OF three
or four thousand dollars, such " a large margin ior
profit as is represented by this writer, did such
men as David Henshaw, DR.. Thomas Jones, Ram
sew Crooke William Ward or Guerdon Williams,
or any of the Presidents of the several companies
he names ever think Ii eNpedlent 10 form such an
association in order prosecute the enterprise =
The idea is absurd. II was probably intended and
is well calculated to deceive. Statements similar to
those Of This writer have been frequently published,
and they are generally admirably calculated 10 mis-
lead the unwary, who are usually least able TO
afford it People will be disappointed in their san;
cQne expectations of the amount OF money required
for the business as well as in the amount OF profits
to be obtained The subject is Ofisef delusve. No
enterprise can be named that Will more strongly
excite, the multitude ,hnn that of mining when pub
licy discussed, particularly when the more precious
metals are the subject of consideration. an ex;
perience proves that much time skiil, CAPITA anu
patience Is requisite 10 develop mines, even The
most favorably situated as those of Lake Superior
are said to DE. And too much caution cannot De
used in giving this subject 10 prevent
the guilty rise of wild speculative spirit,
II the information and statements of the writer