The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-05-01


Petroleum was quiet Cotton steady. Groceries
unchanged.
Gold Mining in a Business Point or
View.
The motion Of Senator Wilkinson, calling
upon the President for Information in regard to
the new mining States, is move IN the right
direction. The public greatly needs informa-
ton upon this subject The one hundred or
one hundred and fifty mining companies re-
Gently organized in this city and Boston, and
backed by some very respectable names, have
attracted considerable attention to these trsa-
sure States, and full, explicit, official report
Of the actual condition Of affairs there would
burst the mining bubbles at once, and save
many people from being swindled.
We know that in the gold regions OF this
country the auriferous rocks have been washed
thirty centuries, and the consequence ID that
large deposits Of the pure metal have been
found in gulches and canons But these rich
placers have long since been discovered and
emptied by enterprising miners, and + will
take at least twenty or thirty centuries moro
to oil tho gulches with gold again. This
fact is 80 evident ~ TO- b fndi3putable; but
still the SPECTATORS contend thai plenty Of
gold remains In the mountains. Undoubtedly
it does We believe that. there - gold enough
In the Sierra Nevada range to pay the national
debts OF the United States and Of England BEN
times over. But the. gold is In the mountains,
and not lying around loosely upon the outside
Of the rocks. Tho difficulty, therefore, Il. 10
get at it. For this costly and extensive ma
chinery is required, and il the operators clear
Q net profit Of ten per cent they think them
selves very lucky. OF course this statements
somewhat differs from those put forward BY
those spectators who promise most sxtrsvs-
giant proats; but tho only difference > that ear
statement ID true
u 10 plan sncs, sh~< s~fu .<s.s..ss - No. ~-y
other business. There is money in land; bat !
the farmer has to work hard to get II ont
There is money in goods bat the merchant
labors steadily to realize it. So there is money
in the treasure States; but mechanical tell 10
necessary in order 10 obtain it, and even then
It does not come In extraordinarily large
quantities in proportion to the investment.
Several legitimate gold mining companies arc
in existence, and are working mines IN Colora-
do, Arizona and Nevada I; but their pro6ts are
80 great a to overshadow those Of all other
stock companies. Indeed, some Of them have
been in operation for long time without hav-
ing any profits at all One Of the best Of the
mining companies probably was the Mariposa;
and vet Mr.. Garrison stated, in . court Of jus
tice, that the mine was doing very we'll when
it yielded about ten per cent profit. Those
who expect to find Jumps Of solid gold as large as
hocsheads in the mining States will be as sadly,
| disappointed as the poor Irishmen who.land al
Castle Garden, expecting to pick up silver dol.
| lars in the streets. Lumps Of gold have bean
| found ard silver dollars have been picked up
| In the streets but such incidents happen
rarely, and are not likely to occur again and 1t
| Is certainly not wise to invest money upon 80
| slight q chance. In respect to their vast prom
| ises therefore, forty-nine out OF every fifty OK
| the new mining companies are humbugs. AS
| for the one or two good companies in the lo1,
| people must decide for themselves whether it 10
better to invest in them or in some established
business nearer home and paying an equal in
terest upon its stock.
CopPERHEAD TwApDLE.--Our copperheAd Co
temporares Of this city are full Of their appre
tensions concerning the dangers that hang
over General Grants army and the city o.
Washington. Lee they tell us, knows every
thing about our forces in his front and rear
but, having fortified himself all the way be
tween the Rapidan and Richmond, . distanc,
! Of sixty miles, he will hold that line with
small force, and when our army crosses tn,
river he will sweep round with hh main arm,
| into the rear OF General Grant, and before tbi
, movement can be met, Lee will be In Washing
, ton. We are warned, 10 fact, that before b
knows It, General Craut will 10 ontangled be
tween a robei force IN his front sod o rebt
forco ~ Bis roar but tlds i precisely Tie gar,
. | that was tried upon hin nj Vicksbufg. Will
awaiting the result In Virginia, lot our anxiou
!, copperheads turn 10 their friends (Joe Johr
ston 81 report Of yicksburs. 1t will cool the
/. down littlc-R not, let them try Chattsnoog
THH PRICES OF Oar GooDs.-The increase
q duty Of City per cent laid spon oil importe
{ goods for space Of SIXTY days 10, 70 say II
least or IL, most extraordinary measure.
I, | cannot in any way benefit the Treasury, m
l.. will not - We suppose was intended, chez
the export Of gola and No import Of foreig
goods sixty days hsnos Tho only people
b. be benefited BY this increase Of duty are u
= merchants on Broadway, who had largo stosl
= Of goods and have put up ths prices The
.. VIII grow rich. This much and no more wi