The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-05-06
EDITORS CORES
From our regular correspondents
New YoRx, May H.

New YORK, May ~ l.
The sailing Of The Grsai Wstsyn- The lais nstc, oea
Canada.--INining dslLsior The gold mining dsla'
sions in the sollhsrn States prior 70 ls36.-TM
bursting up Of The grsai paper bubble, he United
States Bark and other paper eoneers, worhsd par
hdi eue-Ths copper teper; is rise aud progress
The formation and speculation Of all sorts Of eonpa-
niss.-yNOds Of proceeding pih sonu nsU companies
dsscribsd-The mntasr Of making dupts and duPins
operating under false preisncss IN sone cases makes
stances sends man 10 The Stale pr,on.Not opposed
10 the copper region, but 20 the practices based upon
H-ShA dsllsion 10 be described IN my merit -
Markets, Se.-Posiscript IN reference TO the Cam-
bria
The Great Western has over one hundred pas
sengers engaged. She sails on Thursday, the 7th
instant.
Our Montreal dates come down to the LIST inst.
The papers contain nothing Of much importance.
The Gazette discusses the free-trade movement in
the Canadian Parliament and expresses itself favor
able 10 wheat, and -four ground from il in Canada,
being admitted into England the same footing
as Canadian produce, or duty free; and thinks the
gain thereby TO the Canadian carrying trade would
eounisrbasnce any imaginary influence upon the
interest OF Canadian farmers. BY admitting flour
and wheat transported from the western States
through Canada into England, on which dheren-
tial duty might be imposed when exported directly
from tho States would certainly have the effect Of
and thereby infict an injury upon this city But il
does appear TO be the intention of ministers in
England 10 sanction any measure Of this character
They look TO the early and total repeal Of all corn
laws, from whatever part Of the world imported,
making exception reservation in favor OF
| Canada or other colonies. Indeed, Mr.. Gladstone,
Secretary for the Colonies, has announced, in sub
stance, such be the intention Of ministers. BY
putting wheat, -four, cotton, &C., the free list in
the ns,O rsrenus bin, we shall have no competition in
the carrying trade to fear A project is on foot and
| fsvorably spoken Of for connecting Quebec and
Halifax by railroad. Such road would no
doubt add greatly to the trade of both places.
Mining or metallic dsItisiOns Il have not time
to enter upon the mining decisions, in the pro.
duction Of which this country has been so fruit
full in reference TO gold and silver hunts" and
"humbugs." Decisions with regard to these
metals have prevailed with greatest intensity in
North Carolina, Georgia and Virginia. To tell
Of all the "saing," the rich mines discovered and
! sold out TO companies, who have again sold out
stock an enormous profit TO dupes and "noodies, v
| would fill volumes. The sections Of country in
which such specuations were laid, are rich beyond
conception in details, which are too yoluminous for
| your columns. must, therefore, hurry over the
period Of the wild decisions of the gold and silver
"hunting" in the Southern States.
North Carolina was the theatre Of the earliest
speculations in gold mines Large companies were
| formed mines purcha some Of which had been
well sailed specimens were eNnlDlteu as evil
dences of their richness, which had been borrowed
from far distant points, if not from some part of
South America, for the occasion. Those who sold
out land or stock first always made the most mon
ey Those who purchased last, or before the club.
BILE" burst always lost. From North Carolina the
disease spread into other States. Virginia, South
Carolina, and Georgia, felt in succession its shock.
For several years nothing was talked of but gold
mines. All other baser metals were neglected.
Some miners found il necessary to shave the heads
Of the blacks employed in the mines, in order TO
prevent their conccalng particles Of gold in their
| "kinky" hair. The papers abounded with vast dis.
coverles Of auriferous wealth. scrip in newly
formed companies to operate in Virginia freely
| sold in the northern cities. Biologists were en-
ployed, who (being deceivcd) made very favorable
reports. This mining delusion received no decided
check till the great revusion and great fall of paper
money in 1886. -
The bursting of the great head "bubble," the
"bubble" Of "bubbles," the United States Bank
crushed an immense brood Of smaller satellites, or
rather parasites which hung about it for counenance
and support as lecches adhere TO the limbs Of a
mud turtle Hard money, sound-currency times
poisonous to specializing deluders Of all kinds Of
decisions Hence the great change in 1886 acted
upon them as a cold northwest wind in autumn
acts upon mosquitoes; it blew them all away and
left pure, clear, and healthy atmosphere. From
that time to this, have heard of serious cases
Of the American gold mining fever. The labor and
now, as at all other times, if employed in we'll
directed agricultural pursuits, would yield more
gold than can be obtained from the best mining dis
tricts in the country. This the infected can never
be brought to believe. Considering that the years
1886 and 1887 measurably dispelled the gold deu-
coed to new mining delusion which has succeed
ed it. .'..
As far back as 1890, Henry Schoolcraf, esq,
made an examination of the southern shore of Lake
SUPERIOR in reference to its mineral character and
prospects He made an interesting report to the
Secretary of War, {see state papers,) on the copper
region, part compiled, part original and part ira
ditonal. He also visited the mass of native cop
per- and described it, now lying in the open yard Of
the War Department, in Washington. His report,
although embracing great variety of facts excited
no disease delusion at the time. He was sue
ceeded by DR.. Houghton, who spoke favorably Of
the copper indications of the country, but not
more SO than Sohoolcraft had done. The govern
ment next ordered explorations, but not until a
Boston company had been organized to work To-
cation, made on Eagle river for General Wilson, by
a friend of his. Then DR.. Charles T. Jackson fol-
the said Boston company. His opinion added fuel
to the fame. The disease or copper deluson burst
forth first in Boston with all it's viruence,
and has continued to spread until 1t reaches nearly
over the length and breadth Of the land. Company
after company has been formed; oceans of scrip have
and secretary or trustees, directors, and put
afloat in the market. | am not running down the
mineral region of lake Superior. There are lots of
copper scattered about the country, which time and
patient labor may possibly make productive. 1t is
not the country condemn, (although greatly exag-
gerated for its mineral treasures by speculators,)
but the operators in fancy scrip, who take advan-
tage of the prevailing delusion which they them
selves assist in exciting, to cheat the unwary and
innocent-to sell them bits of paper under false pre-
fences; to obtain money without giving considera-
tion to rob the Ignorant and the deluded public
This barefaced, open-handed, highly respectable
practice it is which deserves the utter detestation Of
all just men. He that dupes the merchant with his
note for bill Of goods the value of which is falsely
represented, is sent to the State prison. He that
makes his fortune by selling the worthless scrip Of
a humbug mining or other company, is highly
respectable gentleman u The first holders in the
Boston Eagle River stock, paid Some $40 or $40 per
share. Every new company formed since seemed
to give an advance ill it reached, it Is said, $500
per share, then $500, and there was talk OF Its