The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-05-02
E.h1rc,hL AND COMMERCIAL.


SUNDAY. May I. 1854.
We - daily calisd upoh by representatives Of the
ar,us ulains other speculative bubbles which are
NOV ia csprse iormatn In this city TO gull the public,
and while each ready 20 admit from general point o.
view BUSINESS references TO these swindlins
concerns they exemption from the charges that
have brought against them and assert their entire
,nnocence Of any tnteutiou 10 DECISIVE the people
We shall not cite Individual cases in order 70
prove our position; ~neither win we point al pre-
sent TO any particular company o. bong 49,
than another. We regard them, ms whole, a. pe'1s
instisated By the same speculative desires 'n's p,o
uoo,sd the formation Of similar mushroom orean1ons
in 1857 and We shall continue 10 warn the Puoi.' s
them as We did al that Neither 40 w ihs0'u "
dsparage all OF then to assert ~ " ~
similar fate. Those iha, have rear mer' WIN Do' W VIC
turbed by the words Of caution wn'on We navy 'o"'
time 10 .me offered but the concerns that nave oeoh m
snypra,sd merely specn latve purposes WILL as II
ou,,. natural they should writhe under the attention
,n., has been drawn towards them By those
who are able to foresse the evil they are
calculated to produce Az this 10 not tho FIRST excite
ea OF the kind thai raised for the purpose OF
taxing money from tho people by false representation
IN regard 70 mines and mining are induced to speak
more earnestly and knowingly than might bsudlcous
Il vere an entirely new Of financial commotiou
But slmsr attempts the orsduly q the people were
prac,sed successfully 1926 In 1884, In 1887 and again
in 1851 end now Tor the Ah sixth time, advantage %
taken q : largely inflated currency, and Of the wild
spirit for nearly oil descriptions Of speculative en-
tsrprses which has nrm hold upon the com
uny 70 enact The old role and 70 reinaugurste the same
kind Of spurious and irresponsible money making cobi.
nations. t96s
The gold mining companies are the most attractive OF
these bubhies MAsposa, believe, was about the nrst
that was organized and nearly all the others have, 10
doubt, been modelled after IT, This company has stock
capital OF ten millions Of dollars, and boned debt ol
from three 70 Eve millions TO which II Is proposed now
70 add two millions more. II ives recently proven
before Judge Barnard In this city that the whole claim
was not worth million Of dolars-and In fact II
was offered for that sum ~ time 10 English CAPT.
taiists.
This country contains more mineral wealth than any
othor portion Of the GLOBE and the richest deposits
lands belonging the goyernment and the squafteF
sovereignty claims Of those humbug companies have no
more legality them than the title would have to
any portion OF Manhattan Island. Congress- should NJ
once pass law regulating and bringing within ts control
all the mineral regions Of Colorado, Nevada, Arizona,
Idaho New Mexico and other sections Of the far West
rAcnC slope without regard TO the threats OF
secession that have recently from that quarter
Those who talk OF rebellion the event Of the govern
ment establishing it's rights the public domain do
not understand che position In which they have placed
themselves, have been SO long removed from civza
tou forget that they yet amenabc 10 the laws
and that the government has Sufficient power remaining
to enforce its ordinances.
1t has stated, doubt truly, that the Terri
tory Colorado alone than enough Of the
precious metals cancel the national debit but while we
willing to admit The correctness OF the estimate and
pleased the statement must not forget that
practical experience has demonstrated the fact that the
cost Of procuring would be fully equal to the amount
obtained great many advcaturers have gone to those
sections Of the country and during their explorations
have discovered gulche into which gold has been deros
lied by the steady OF the elements during centuries
OF time has been washed from the clefts and crevces
Of the rocks along the ranges into these gulches
which scooped out by the lucky dscoverers and found
to contain barely sufficient gold for comfortable fortune
and that Is the them The bulk OF the meaiays 10
r9fk aQa IA ne &5'p
acbinery and whom theIgod rendered ssrvceabls II
10 found, in most cases that the Of procuring il
fully equal to the amount procured leaving nothing FOL
those VINO induced TO risk their capital the
prise Under these considerations would advise the
people 10 give wide berth to the ono hundred bogus
gold mining companies with their two three hundred
millions OF stock that have been in mot ion BY
scrupuous specuaiors the principal commercial cities
and especially in New York and Boston. There
plenty OF openings for the safe and profitable investments
capital without resorting 10 these chmsrioa or, 70
cay the least, very uncertain enterprises.
rhs following quotations OF stocks ~ the Giles
a the psEt ave week.