The weekly union record., 1864-11-19
The Humboldt Mines.

y. 5. B.'-John 5. Berry, We presume
writes to The Humboldt Register, under date
Of New York, Sept. u, as follows:
Ii is generally conceded here. and elsewhere
that | have heard the subject spoken Of, that
the mines Of Humboldt are not surpassed IN
richDess and extent by any in the known world;
and yet your county anEuiShes and hundreds
of men owning thousands Of feet are compelled
to leave. and abandon the fruits OF two or three
years OF prospecting in search of a more remu
nerative Ged Of labor-uuable longer 10 make
bare subsistence in the land Of sage brush.
Whilst this is true Of Humboldt. there are
many less favored localities much further cd
vanced in the progress of development. The
reasons for this are chiefly: lst, certain com
biuatioas Of interested iuflences. at Virginia
and other localities, kept in use to disparage
the HumbOldt mines and ID an unfortunate
system OF organization for working your ledges,
which has obtained among yourselves home.
To overcome the first obstacle, will require q
combined effort to collect and present to the
public reliable statistics OF the number, extent
aud richness Of your mines. The great deSid-
eratum with you is, how TO obtain capital for
the working and development - vour mines ;
and to do this, capital must be made to under
stand the situation. The second difficulty 10
which allude is the system 0i organizing com
panies and issuing stock subject to assessment,
and relying on the sale of such stock to open
and develop your mine and put improvements
thereon. The concurrent testimony of all ex
perleuced men with whom have couversed on
the subject is, that while one might be success
fully worked in that way, hundred would fail
AS it is utterly impossible 10 get capital from
abroad 10 aid You whist the holders of your
mining stocks are liable TO be sold out any day
for de;Equeut assessments.
The plan adopted by the people of Colorado
has been the salvation OF their country-E has
made them prosperous in the extreme. Wher-
ever ledge has been found with reasonable
prospects of being a paying mine, there has
been no difficulty experienced in obtaining an
abundance of capital to fully prove its-quaiity
and extent but it is not done by Incorporating
in Colorado and issuing assesSable stock, to be
sold in market where there is no capital,
The most approved plan, as far as my infor.
nation on the subjcc, goes, is: First, when q
ledge is found showing reasonably lair pros
poets, the Owners agree upon 4 certain amount
of the claim-say one half, if necessary, to be
set apart as working capital, to be put into
the hands If the Trustees OF the company when
organized, to be sold from time TO time as work
progresses, to defray the cxpenses-leaving the
remaining one half unassessable. BY this plan,
as the work progresses, If the developments are
satisfactory, the stock will improve in price
before the whole is expended. The stock not
set apart should not be issued until the Trustees
could see their way clear for funds for operative
purposes this to prevent the stock from being
huX;ered in the market, TO the injury Of the
steck held by the company, until tie same is
disposed Of
In support OF the foregoing views, it will
only be necessary to state the fact that assess
able stocks in this market, though the mine
may be rich as CrGsus, will nc. sell for q penny
a fO0t-whist unassessable stocks in Colorado
and other places, with DO great accommodation,
sell at fair prices. The reasons for this differ
euce are obvious to one familiar with the con
dition of things here. There are tens Of thous.
aDds of persons here, not professional stock
dealers, who, having money to spare, would
invest in good mines and take chances on their
final success. The stock not being subject to
assessments they can lay it away aud bide
events; but, if subject to assessments, the
holder may be called upon at any time for fur
ther contributions, when be may be lily able
to spare the funds-must constantly keep an
agent near the company's place of business, or
else his stock may be sold for assessments and
finally, having 10 voice in the control Of the
company's affairs, be has DO security against
ouerous assessments being levied fog The purpose
of "freezing out outsiders" These objections
are removed by adopting the unasseSsable plan.