Weekly Trinity journal. [volume] (Weaverville, Calif.) 1857-1972, 1865-02-04
Letter from "Merchant.o-His Plan.

There are several other hills in our immediate
vicinity which ought to be prospected, and only
the want of time prevents my calling your attcn-
ton to them. 1t would be a fit subject for
public meeting to discuss, where the first tunnel
should be run, or which section should be first
explored. Old residents Of this place-men who
have mined here for years-are the persons who
should offer their advice, present their views
and enlighten us by their experience on this first
and all important point. We can expect success
only by rejecting no plan without first examining
it thoroughly, and in beginning the work guided
by knowledge gained in former years
As expressed in former letter, the manner
best suited to begin work will be one by which
sufficient sum of money could be raised, without
taxing any individual too heavily. The plan
which offer through you to the business men
and miners of this place, is l think might
succeed in gaining the desired object provided
we can overcome the apathy and Rip Van Wrinkle
sleep in which We seem to be plunged Let US
form Company with a nominal capital of SlO-
000 if that figure is too high say 50, 000 which
will answer the purpose for the present. Not to
appear too extravagant, will adopt the latter
figure this capital to be divided into 500 shares
of $40 each Every person or firm taking one
or more shares of the Company stock must be
ready to pay at least one-fourth the nominal value
of the shares in cash, and hold himself in readi-
to meet further installments, until he has paid
the full value, l. e. $40. Every shareholder will
receive certificate of stock only when the full
amount for such stock has been paid, except in
case the Company should decide by vote that no
further payment is required when, of course,
he would be entitled to his certificate of stock.
The business of the Company to be directed by
President, Vice President, Secretary, Treas
urer, and either Board of Directors or an Ex-
ecutive Committee. The Board of Directors, to
elect Foreman, under whose charge the work
should be commenced j; none of the officers of
the Company to receive any salary except the
Foreman.
The greatest trouble in such Companies seems
to be the fact that many men will pay their first
installment, perhaps the second, but are slow in
paying the balance, if the prospects are not I'M
mediately brilliant To overcome this difficulty
let resolution be passed by the stockholders
that any one failing to pay oil monies due shall
be forever debarred from any benefits of the
Company, and let its business be transacted in
such manner that such defaultng does not
cripple the Company too seriously. To illustrate
my meaning, let us suppose that 500 shares, at
SO per share, are subscribed. The first demand
would he one-fourth. which would yield 81 $50.
Raf havn nynnnIn1 S-0O nt tIc Roo ri IF
Directors call for the second nstallmcnt One
hundred shares may then be found defaultng-
But while those 90 shares are stricken from the
books of the Company, it has still the benefit of
the first installmcnt, and if anything is found
the profits of the remaining share holders will lie
so much larger. AS a matter of course it will
be always optional with the share holders
whether it would be advisable to increase the
number of shares, or to receive subscribers
for the defaultng shares, and in what manner
such subscriptions should be received. 1t may
be possible that in a short time after the Com
pany commences work rich claims may he opened,
which might pay sufficiently well to do away
with further assessments. In that case would
advise incorporation but not before. If the
claims Of the company pay largely then let the
larger portion of the gains be set aside for further
exploration, and the balance be divided among
the stockholders.
Now, Mr.. Editor let us see whether il would
be possible to form such Company in our COM
munty. We have in this town grocery and
provision stores, all doing large and profitable
business; dry-goods stores, having stocks on
hand which are not surpassed anywhere north
OF Sacramento banking house, which buys
large quantities of gold, and which can only
flourish when our mines yield well several
hotels and other kinds of business dependent
upon public patronage, all of which must look
to the mines, or rather miners, for their prosper
ity. Our saloons and bar rooms can expect no
improvement unless the number of miners in
crease, and with them the yield of gold Owners
of real estate must expect to their property
decrease in value year after year unless this
downward tendency is stopped. Is it unreasona-
BILE to expect of the aboye-enumeratedc classes the
largest share of the subscription to a public en-
terprise, which if it succeeds, must necessarily
repay them thousand fold ? Let them take the
first step in the right direction and our miners
will soon follow their example. Mining has not
been profitable business during the past few
years, and our miners not burthened with a
surplus of cash. but nevertheless but few of
them viii stand back, when called upon to take
shares in Company which will work only for
their benefit. Hardly man but spends SO or
$50, or even more, occasionally, to satisfy some
foolish whim let US employ few dollars for
purpose which if successful may do great deal
of good, and if fruitiess at any rate cannot occa-
sion much regret
In conclusion, Mr. Editor, let me thank YOU
for the space on have granted me in your paper
You, know, have the welfare of the town and
county at heart, and your approval of my former
letters is guarantee to me that you would assist
any project towards the proposed end with all
your might and main. We will have to agitate
this matter until something is DONE and the best
manner to do it would be public meeting. Let
us wait and see how our business men will act
MERCHANT.
GwIS standing alone in Northern Mexico would
be powerless, but Gwin backed up by France,
Austria and other leading powers of Europe is
not to be tri1ed with with i'm punjty - HarusriIJe