The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1866-03-26
Speculations, Past and Present.


To the Editor of the Press: "a As4aai ri iA
In most of the speculations in this world,
and IN the struggles for pelf or power in which
men engage, some must be beaten and come
out of these contests with pockets more emp
ty than when they went in. I am now speak
ing of men who have something to lose, and
not OF mere adventurers who rush into these
speculations with the maxim in their hearts,
If not on their lips: THE deuu take the hind
most" There are always many, very many,
of this class, who figure largely in such work,
and push ahead as it they had brt little time
to live. But what of all that2 Was it not so
in the land speculation which commenced at
Bangor some thirty years ago, and swept over
this State and the country like whirlwind !?
Did not hundreds lose while one gained2 We
all know there was not timber enough in
Maine to make all rich who rushed into this
speculation and were borne along on its wings.
But what Of that? After all, there was a
foundation-and solid one too-for such
speculations. Some men acquired fortunes
out Of them, and especially the men who were
JeAr~ASeAo uAk0 P4ASu0oCa idu 10 W Cu tL1DCtCQ
with the monarchs of the forest. G s9aie snd 81
1t is well settled TACT that some townships
in Maine, even in the most excited period Of
the speculation, did not rise to their real and
intrinsic value. And those who purchased
such and held them became rich. There are
many instances of that character. The basis
of that speculation was white pine timber, a
valuable and almost Indispensable article then
and more SO now. Those who obtained what
they went after did well, and made it not only
legitimate but also profitable business
There is no great mystery in all that, as any
one can see. If men were fools enough to
buy a Epig in the poke" in the hope of selling
him again at an advance, they must pocket
their loss, and lay the blame where it belongs
on themselves. 1t did not require any very
profound philosophy, only the exercise of COM
mon sense, to fathom those land speculations.
Maine had then some valuable timber town
ships, and she has some now, SO that we see
there was a bottom even to that great ''land
fever" -.l MN ..,.,cis..ffs 4s,r etyltit,,iris
And what of the copper speculations on the
| ShOASS VI ASesAS 10POAAOA9 A4OW nave ttOoC
resulted True, this copper fever did not rage
in Maine as it did in Boston, New York and
several States of the West. Hundreds Of COM
panies were formed and locations made, and
the members thereof were full of hope, and
mdulged ardent expectations of becoming
suddenly rich, but alas! how few obtained
riches! 1t is safe to say that nineteen-twen-
| tieths of all these organizations never sue
ceeded, and a large portion of them only ex-
listed on paper, and yet there was a solid basis
for these speculations, q cause for all this fe-
yer. The writer of this was there, and saw
all the operations. He saw, too, many splen.
did Surface specimens" and descended into
some of the shafts far ''under grass, p and walk.
| ed along the 'drifts," where was seen much
pure copper. And now what is the result ol
all these speculationsp Thousands have fool
ishly lost money, but many have been richl,
rewarded. And our country, too, has beer
greatly benefited by the copper of Lake su
perior. Immense quantities have been trans
ported from that region to the marts of the
world, and our government has been enriched
NOW what shall be said of these oil specala-
| uons? The same results have flowed from
them as from the timber and copper specula-
tions. .sH1. f1eia Hv3-
There is deep down in the bowels OF the
earth in many localities, a good foundation
for the "oil fever" which is now raging over
the country, and which has siezed upon SO
many persons. To bore for oil Is a legitimate
business, and pumping It from the lower
depths is not only legitimate but also prof
liable business-profitable for those engaged
in the enterprise, and profitable to our coun-
try. Now there is no mystery In all this, or
If there be any mystery, it is only in the ques-
ton how SO much oil was made in the bowels