Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1864-08-25
anR1Ne OUT THE FIGURES. !.


Under such head, the Mining and
Scientific Press has two column article
upon subject to which this and other
Territorial papers have referred, and upon
which we, on Monday copied an article
from the S. F. Cal. The subject is the
necessity of a law for the protection of
Stockholders IN mining companies; a law
compelling the parties in charge to give
regular monthly or quarterly reports of
the transactions of the mines. Stock
holders very naturally desire to know
something of the manner in which their
money is expended, and they most GER
tainly have right to such knowledge.
The article in the Mining Press, from which
we quote, is based upon the published
complaint of Stakeholder in mine
which has been assessed $4,000 in the
last year, and a judgment for $4,000
against it been rendered in addition. The
Press takes up the complaint, and goes
into the subject very extensively. 1tsays:
"That money has been and is still being
souandered with recklessness, which scarce
ly has a parallel, is a matter of notorious fact.
II is high time some decided steps were taken
to put a stop to extrayagant and unnecessary
as well as dishonest expenditure Of money
collected in the way Of mining assessments:
No time better than the present for general
call for an account of stewardship. Mistakes
NAV have been made-honestly made con-
siderate men will overlook them. But let
woe betide the dishonest, swindling managers
who have grown rich, or put money IN their
pockets at the expense Of duped stockholders,
who have paid their assessments with the ex-
pectation of an honest expenditure Of the
money so collected. Let the big companies
be called to account as well as the little ones.
Let it be demanded why the Gould & Curry
suddenly fell off from $l50to $50 per foot, in
its monthly dividends. Why is it that such
reports as were given in the last Weekly
Stock Circular, are freely circulated in the
community without any attempt at explana-
ton. There is good reason for believing that
material facts relative to the actual condition
of this mine are suppressed. from the fact that
stockholders have been denied the privilege OF
personally examining the developments now
in progress at the mine. For whose benefit
are the damaging reports with regard to this
mine allowed to go abroad? Are they foun-
ded on fact or are they not A plain and
honest answer to this last question can be
easily given by the managers Of the Gould &
Curry mine If they choose. That answer
would be worth hundreds of thousands of
dollars to outside stockholders who are now
kept in ignorance with regard to the value
and condition Of their property, while the
managers, who have the inside track, know
exactly what to do, when and how to sell, and
when and how to buy. Such reticence on the
part Of the management of that mine may be
strictly within the bounds of the law; but is
it honest:"
Citing the cases of several leading compa-
MES in this Territory, which have done
nothing but levy assessment after assess
ment of enormous amount, the Press asks:
"What has become of the millions of
money that has been thus expended! A
bare moiety, only, has been accounted for by
those through whose hands it has passed,
except perhaps, on the books of the company,
which are seldom ever looked at by any but
the secretaries and directors. Nobody else,
of course, has time, and few the capacity to
take a set of books and learn therefrom,
without the aid Of balance sheet, where or
how the money has gone. Now why not have
all this information placed before the public,
at frequent intervals? 1t can do no possible
harm, and cannot fail to do much good. Its
costs would be little or nothing; and abso-
lutely of no account compared to the ad-
vantages which would be derived therefrom,
even If the company were Obliged to pay a
good round price for spreading such informa-
ton before their stockholders. A few COM
panies have set an honorable and praise
worthy example in this particular. Why
not make the neglect to do SO the exception
instead of the rules Such proceeding would
make some terrible disclosures, no doubt, but
even the sick ones would be benefited, while
the rotten, swindling, wildcats would be ex-
terminated. Why not bring public opinion
to bear upon the matter with force which
will compel such course? 1t is the only
course we can see for bringing our great
mining interest out of the slough in which it
is now struggling, and place it upon firm
foundation. It IS the only condition under
which people will any longer consent to pay
assessments in mining enterprises outside OF
their own personal control"
The ventilation of these natural and
earnest complaints of stockholders will
perhaps cause Directors and Superintend-
ents to swell with pompous wrath, and
perhaps explode with pOpgun indignation.
But if they have not the candor and hon
esty to fairly and clearly state to what
uses and purposes they apply the vast
sums entrusted in their hands, we shall
advocate the enactment of q law to carry
out the principle applied by the old saw
to "birds that can sing and won't sing"