The southern press. [volume] (Washington [D.C.]) 1850-1852, 1852-06-29

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tts wses. and m sxpstts6te I'll mash Iossf
some ssles wsfs ma1ev 81 de early part Of <h'
week at Sos. and 64s, and 1t auction Il oams
down to 8Ss. I'D per ouncs-ths large quantity
coming into the market, combined With the did
cllty Of procuring advances. depressing thu
price, Exchange on London Drafts sgains
gold, eight per cent. Freight, half pei
cent
i Less apprehension appeared to exist in refe
renee to securing the clip Of wool. Consdera
BILE numbers of Chinese had been brought from
Annoy, who made suitable shepherds. There
had been large quantity of wool received al
Sydne,, especially from the south country but
most of the clips were Unconditional, and few
free from either grass or burr. A considerable
quantity had been offered at auction, and
although there WAS a marked decline in prices,
az compared with the early part Of the year,
they were equal to what might have been ex.
pected under the pressure now upon the money
market; nearly the whole that was offered was
sold. Prices current were Wool, superior
clips, Is. 3D. ditto, fair, Is. 25d. to Is. 3d.;
grease, 63d. to SID; taIlow; beef, f28l 1885,;
ditto, mutton, EI27O; hides IS. to rs. Cd; sheep
skins, per h., 81 to 81.
From The London Times Of June IL.
We are just recovering from the feverish ex-
element induced by dreams ofimaginary riches
to be obtained by working California gold mines
Having done. some little to dsfe the Illusions
Of the public mind on this subject, we will en-
body in very few words some of the lessons
most prominently taught by recent experience
Ii is Abundantly clear that mere respecta-
bilty in directors is guarantee for the success
or even the soundness Of an undertaking. Men
nf thu Oraofaot rosuocfukitv apd avon IF nm
doubted talent, will, in these matters suffer them.
selves to be gulled by the grossest and most
transparent articles, and thus become in their
turn the means of quilting and misleading others.
IL is also obvious that in determining the value
OF pecuniary Investment the ordinary rules for
ascel.aining the weight of testimony cannot be
departed from with mpunity. Witnesses deep
ly Interested in the result persons who cannot
be submitted to examination, and whose charac-
ter and station are wholly unknown, ought not
to be relied on where their testimony is uncor-
roborated. If land is to be purchased, it ought
to have title; if metals are to be bought
proof should be- required of their existence.
These things are so obvious that it seems al
most ridiculous to state them, and yet very few
gold companies have been formed within the
last half year which have not violated one or
more of these precepts. Capital is raised, pur-
chases are made, expenses incurred, and then,
last of all, comes the investigation which should
have been made first, and rashness and precipi-
fancy are rewarded with loss and disappoint.
ment For compendious illustration of these
and similar principles, we beg to call attention
to the prOspectuses and proceedings of the Aqua
FRA Mining Company.
The prospectus to which are pre6xed the
names of most respectable trustees, directors,
bankers, brokers, and solicitors, sets forth that
the company is formed under the most favorable
auspices ever known that the mine is held un
der a lease from Col. Fremont, by Messrs. Pal.
mer, Cook & Co., bankers, San Francisco; that
it has been most carefully examined, surveyed
and tested on behalf of the lessees by competent
and trustworthy persons, whose report, as we'll
as that of the engineers, shows that it contains
an enormous quantity of gold of the richest
quality; that specimens of the estimated value
of upwards of $4,000 have been deposited with
the companys bankers by the essees as an
earnest of their good faith: guarantee for the
performance of their part of the contract, and a
fund to pay preliminary expenses; that these
specimens are proved most concusively TO have
been obtained from the mine in question, and
that upwards of 80 tons have already been
raised and are now ready for crushing; that the
value of the quartz rock is estimated at about
E7,400 ton The directors pledge themselves
that far as the strictest and most search
ing quiries could extend, they have satisfied
themselves Of the existence of the mine, of the
responsibility of the owners, and genuineness of
The .prci nens. The directors also, among
whom are two eminent lawyers state that the
title of the lessees has been fully shown.
Who can wonder that such statement, en-
anating from gentlemen of undoubed character
and responsibility, should attract the notice of
the public, that the shares should be all sub
scribed for, and speedily rise to premium of
two hundred per cent? And yet, incredible as
it may appear, there ia not one of the statements
we have enumerated which has stood the test of
experience not one, in fact, which the best in
formation we can command does not lead us to
dsbelieve. There appears to be no mine in
California known by the name of the Aqua
Fria. The gentleman, Mr.. Hepburn, who was
sent out by the company, was unable to extract
from Messrs. Palmer e. Co. any precise recog-
milton Of the authority of Mr.. Wright, the part
ncr who had negotiated the sale of the lease at
his first interview; and when this difficulty was
in some degree surmounted, they admitted they
did not know precisely where the mine WAS,
which the directors, 'after the strictest and mo st
searching inquiry, assert to have been tested by
competent persons on behalf Of the lessees
M6SeTS. IaluleC " w. LII WIS Unnecessary To
hunt for the property in question, and after some
search the Aqua Fria mine, or what is believed
to be the Aqua Fria mine, was discovered at s
spot called Child's mine. This spot was in the
possession of person called Child and other
squatters, prepared to defend it against al
corners. Instead of thirty tons of auriferous
quartz, some ten tons of surface earth were
thrown up, quality unknown. 1t has been said
the company has nothing to do but buy out the
squatters; but when this operation has been eff
fected, there is no proof that the vein is worth
working.
There appears, also, every reason to believe
that Colonel Fremont had no sufficient title to
the land in question, and that even if he had, he
had no title to the gold. Never was there in
this world such battue of promises and pro.
fessions The directors took the word of the
sellers and their agents for every particular of
the bargain, and were, in every respect, notwith-
standing their professions, completely deceived.
In the meanwhile our correspondent in Caforl
nia as soon as he heard of the formation of this