Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1865-03-16
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! OVERLAND fmp TO CALIFORNIA


ArsrrS. Nevada. Oct. %. 1864.
Ma EDIros:-Austin contains population Of
three thousand, consisting chiefly OF men. NO
men Being scarce commodity. Il is situated
upa crooked canyon. ir principal street conform
ing TO the xindngs Of the canyon. The houses
are mainly temporary structures, though brick
buildings and an occasional iron front betoken
some ideas of permanent settlement. Down the
canyon runs a little stream Of water from noun.
tain springs along which are . number OF quartz
nils that keep sp an .ncessant clsneor rom
morning ill night. The mountain sides. forming
The pslls Of the csnyon. are pierced with hume
rous shafts and tunnels. some of which lead 20
gliaering ore aud 10 fortune. while Others lead to
granite and 20 empty pockets. The town is
split 10 two by q sudden pitch IN the canyon
down several hundred feet: but down Into the
plain, and around 70 the neighboring mines.
grade i cut into the hillside. Along this grade
are cut entrances into the hill. some Of which
are beautifully arched, with handsome doors and
gilded signs. indicating Who or what. The his
tory of these little holes-in-the ground involves
tales Of individual ruin. melancholy sequences
to unlucky stock gambling. forciblc illustrations
that fools not all dead. and likely 20
become victims 70 villsinous shrewdness hereaf-
ter as heretofore. Hereby "hangs a tale"
= That Fevsda y one Of the richest mineral
districts in the world. admits Of no dispute
Every mountain contains more or less Of silver.
But TO crush the requires the Intervention Of
quartz mills. propelled by steam, az there is lot
sufficient saer power for the purpose. These
quartz mills and dother machinery are hauled
from Sacramento. where they cost one third
more than at 81. Louis. Mo IL il. therefore, e.
sential that considerable capital shall be embark
ed in the enterprise to operate mine, generally
beyond individuai means Companies are there
Zoe formed generally at San francisco. who usu-
ally incorporate under general Law Of Califor-
MIA, with officers there. and local agent at Oh e
Mines Ii a mine promises WELL which the
mansgers are sure 10 know, the San Francisco
Directory make sssessmeuts beyond the ability
Of the stockholders Of limited means. To meet
this. the stock is suddenly thrown upon the
marker. in the face of the heavy assessments,
when they 90 rapidly down. The sharp capital
1T fcrsaw this and buys up the stock, when the
true value OF the mine is az once developed
This detachable process Is called "ireezing out:'
aad il j. no uncommon thing 10 meet with men
working for their board. who twelve months ago
invested FIVE thousand dollars and ten thousand
dollars in mining stocks and who were assessed
cut of their boots By San Francisco sberpers.
This has done much to retari the develop
ment OF the mineral wealth Of Nevada; and
miners cannot now DO SO easily induced to trust
their hard earnings to San Francisco stock
gamblers Stocks, that one year ago were worth
i've hundred dollars per foot. are now worth no
more thsu from one dollar 10 five dollars Min
ing stock IL usually divided into many shares
with a certain numoer OF fee per share Hence
the term feet" POSSESSES a significance here un
known elsewhere.
venture the assertion that nowhere within
the pales of civilization is there such reckless use
OF capital a. in the mining stock mania OF Chi
fornia and Nevada, and nowhere do directors Of
corporations (souliess as the law regards the in
stitution.) deal IN patenf and stupendous vii
lainies IL were az rational 10 expect fairness
from Mississippi gambler at his favorte
draw" as 10 look for an honest deal" from
San Francisco directory.
No wonder then, that there is such fuctua-
ton 10 these stocks IL is a war OF unscru2u-
lous capitalists upon unsophisticated fortune
seek nd the result -, as ever in favor of The
former That feeling reached over sea of
bankruptcy, retards mining investments. and.
consequently, the due developments of the great
mineral resources of Nevada. The evil ean
and should be remedied. If the Nevada legis
lature would require a resident directory, and
prohibit assessments without the assent Of a.
least two thirds of the stockholders. confidence
would be restored aud capital seek again this
sort Of investment. At present. out OF hundreds
of companies. only somh eight ten pay !"
The "Gousi and Curry" of Virginia City. ranks
among the highest and sells for about 81. 6OO
Der foos- At one time il sold for over 81 900 Der
foot Its tendency now Is upwards. The origi-
nal discoveries OF the Comstock lead. in which
is The most valuable mining stock of Nevada.
were frozen out. and are now pehniless
Out of the Austin CANYON. westward, is the
Reese River Valley, fertile. with plenty of grass.
and capsule OF producing wheat, oats and barley,
and the usual vegetables. with irrigation. Reese
river Is small sirea not over six fee. wide and
one foot deep. and sinks i'm several places in its
course down the valley. Timber abounds on
the neghboring mountains. and numerous
ranches. fenced aud stocked. in the vicinity of the
town show confidence 10 lie mar cot prosperity.
Further up the valley. on the same side of the
mountain. is the town OF W ashington, the growth
OF a silver ledge there being developed. IL is
represented to be hourishing village, with bril-
liant prospects ahead Sdll further on up the
valley. in a canyon OF range of mountains west
OF Reese river. j. lone, another mining town
which boasts of rich lodges.
In eighteen months all this has sprung Up out
Of the Wild wastes of the Great Basin; and dis
covery has scarce crossed the threshold In all
the mountains from Salt Like City 10 the
Sierra Nevada. distance OF six hundred miles
--ani they occur at least every twenty miles
silver ore has been found sherever il has been
prospsried for. Here then is, above all places
west of the Rocky mountains, the place To make
fortunes in mining. II proper care is taken in
purchasing machinery. Organizing companies &c
10 those deSirOuS OF emosrklng IN such an en-
terprise, would suggest that they organize a
comoanv with capital stock of from $40 900 TO
sou. 900. purchase the mills and other machinery
complete in Cincinnati or Chicago, ard wagons
and teams on the NJ ssouri river Full supplies
OF provieions and groceries for the company for
one rear should also be purchased: all of which
could be hauled across the plains readily. start
ing over the 25th of April would reach Austin
about the ist of August. The road is good, and
there is little liability of accident to vehicles.
company thus prepared. soon they reach
the field OF mining operations, will have numer.
Gus and advantageous offers from owners and
discoveries OF mines TO set up their claims
and crush their rock. &c The teams aud We
hicIes are once useful and pro6tablein hauling
fuel and ore. They will reach here about the
right time TO cut hay, which will then cost them
only their labor. snd thus NAV provide TODD for
their stock At trih NJ cost. In short, by indus
and prudent management, according TO some
general plan ike that | have here suggested
there H. no country IN the world where a company
Of small cspitaisIs can make a big thing IN so
short time as in this section ct Nevada IL
opens ID . brilliant held OF enterprise 10 those
who are tired OF the incidents OF war in the
States" and cannot fail TO De remunerative
The country y healthy, aud the climate is as
mild as that OF Indiana Before conclude these
letters. will make out guide for those com