Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1864-06-28
stock Remarks.

(From the News Letter oil Saturday.D
Another important failure on the Stock
Exchange has tended to check the slow up
ward movement we noticed in our last. The
matter to which we allude has obtained such
wide publicity, and is now SO openly can
yassed by all parties conrersant with stock
transactions, that delicacy is out of the ques-
ton. A Committee Of the Board, composed
of strong members, including the President,
will thoroughly sift the details Of this disas-
trous affair, and il they append to their re-
port some general cautions available for the
future, the community would be thankful.
catastrophe like the present, they should re-
member, touches more than merely the pock-
cts of five or six members of the Board; It
affects the credit and vitality Of this Institu
ton itself, and tends quite as much as any
other cause to introduce distrust and dis
couragement in the place Of confidence and
reviying energy. We have repeatedly, al
though the subject is not pleasing one, felt
it our duty to point out the probable results
of contracts or time bargains between job
bers. The honest party suffers. AT the best
they are expedients of desperate man, who
| will pay if the dice are favorable, but who
cannot pay il they go against him. Ono or
| two more such failures as we here allude to,
added to the existing list, and this unwhole-
1
| lopped off. 1t is pity one or two more, IN
yolyino, as usual, pretty widespread incon-
yenience. should be needed to move to action
| a body of men second to none in intelligence,
and including members OF undoubted honor
and probity. Mining affairs have once more
not been on an important scale, though some
leading stocks are rising towards their old
prices still the aggregate OF sales is below
the mark. Men seem to be waiting for tie
opening of the new banks, and are uncertain
OF the influence they may exercise on COM
merce generally. That money is peculiarly
needed to develop the interest we advocate is
obvious enough, and that it will be partially
used in that direction is probable enough.
But surely no sane man can indulge the hope
that everything which calls itself mine, and
has a staff Of course, will be fostered and
aided by such men as compose the Directo-
ries of the opening Banks. Now will come
the test, and it is time it should come. There
are in Nevada Territory some dozen paying
mines, and, il they need it, they may proba-
bly obtain assistance. There are many more
which will one day, il indications are reli-
able, become profitable to their holders, and
there is large balance which might be used
to mend the roads. The same may be pre-
dicted of the FIVE or six other prominent
mining districts. and (not impossibly) Of dis
tricts humber unknown) yet TO be discovered.
Money is not wanted for the vast majority of
these concerns, nor assuredly will money for
them be forthcoming. Steady work, econom-
ical management, and reliable stockholders,
form what is needed in the early days of
these undertakings. They are not yet gold
and silver mines, though their gaudy coupons
so name them. They may one day be such.
But no aDd no putting can ever con-
vert gravel pits into Golcondas, or granite
boulders into slate quartz.