The Placer herald., 1865-05-06
Mining in the Pacific States.


Professor SiIliman, in bis recently deliver
ed and most instructive lecture on the
mining Resources Of California" touched
on number Of problems Of profound econ
omical interest. 1t has always been a mat.
ter OF wonder to investigators into the re-
sources OF this country that such great stores
OF wealth were continually derived to the
nation from the aurfsrous regions Of our
western coast, and yet that so few individu.
ais are ever known who have made fortunes
from mining; with yield of bullion which
is expected during the present year will
reach $75,00O,O00 from California, there
seem to he so few private fortunes of great
extent made from it, and so many companies
which are failures. So notorious is this fact,
that capital is drawn with great difficulty
into mining operations on the Pacific coast,
and in business which will pay from two
to three per cent month on good security
for loans and advances, our eastern capital.
lists cautiously stand aloof.
The reason, however, becomes apparent,
when the careful statements Of man Of
SCIENCE life Professor SIiman are consderd.
Though he did not venture to say it, it is
evident that there has been, in both the
god-mining of California and the silver.
mining of Nevada, too "prac,ical" con.
tempt of the results of experiment based on
the limited experience Of miners, rather
than on great scientific principles. Thus,
it is stated that in the silver mining Of Ne
vada, through want of scientific processes,
they have lost at least fifty per cent Of the
yield, and such mine as the Gould Il Curry,
which ought to have produced 500, 100000,
Of silver up to the lst Of June last. has
really produced only $ls,OOO,OoO. 1t is,
no doubt, equally so with great deal Of
the gold-mining. Tho defect is thoroughly
American one; a profound contempt for
every ones experience except the practical
mans, and disregard Of the best teachings
of science. Still, as the Professor wildly
described, nothing in practical mining or
engineering has ever surpassed the ingenuity,
industry, patience and energy Of the mining
operations Of the Pacific States.
The time has now come, as is we'll known
to all. when individual mining, or what may
he called "placer mining" must come to an
end in California. Individuals have, no
doubt, by their enormous energy and sacri'
steady, and less advantageous business which
is now beginnng-miniug under companies
with large capital and more application Of
science. deep mining" said the Professor,
has just begun in California" That is the
labor will be applied, as it must always be in
Colorado, to deep, narrow veins in the
quartz rock, and not SO much in the debris
washed down by the mountain streams or by
former floods in distant geological periods.
Individual mining was risky, gambling, un-
certain, attended with great losses and large
gains. Associated mining will be more as
mining has been in Europe, steady, secure
business. with profits on capital considered
large, here, but moderate in California.
"lhe great want" said Professor Sillmau,
''in California is the want Of cheap capital"
This is the palpable obstacle to business
enterprises in that State. Our Eastern capi-
tai does not flow into it. The cause lies in
the ignorance Of our business community
Of that distant region, and the reckless and
and other enterprises started in that quarter.
II is an analogous reason which prevents
English capital, though often commanding
four per cent. per annum, from flowing in
here, where it is worth seven per cent. and
where now, with the difference Of exchange,
it can easily command twelve per cent.
Distance and distrust are the obstacles
Money will bring, on real estate security Of
the best kind in San Francisco, from one and
quarter to one and half per cent. per
month; and in the mines three per cent per
month; and yet our capitalists prefer seven
per cent. per annum nearer home.
Gradual acquaintance with the vast natu>
raj wealth Of the Pacific States will change
this, and as more solid and respectable enter'
prises are started, and returns, though small
er, are surer, and science and skill are more
employed in the mining operations Of that
region, an equilibrium Of capital will be
caused. One mode of assistance toward
this desirable end might be at once originat'
ed here, such as has been tried with SO much
success in England the last four years-the
formation of Financial associations" by our
most Trustworthy and solid men, TO invest
capital in and develop the resources Of the
Pacific States. Such an association, num-
berng a few of the first capitalists Of New
York and San Francisco. and managed with
only common banking skill and prudence.
could draw forth an immense amount of
capital for loans 10 the Pacific States.
". Y. Daily Times.
WYoMINo.-This is the name of new