The Elko independent. [volume] (Elko, Nev.) 1869-1872, 1869-07-24
The Mines Of Nevada.

The discovery Of the rich mines at White
Pine, and the completion of the Pacific Rail-
road, have produced mercantile rival for San
Francisco that Is assuming most formidable
proportion. Heretofore the metropolis of this
coast, conscious of her isolated situation, and
perhaps regarding all settlements west Of Utah
as hers by birthright, has lorled il imperious-
ly over her dependent suburbs, by whom her
demands we've regarded as irrevocn!;ic as the
laws of the Persian kings. Her conduct III re-
gard TO Nevada has always been marked by n
selfishness most injurious TO the prospects of
the country the rich mines along the Com
stock lode, instead OF being worked with u
view to a permanently profitable development
of its resources, were simply regarded AS the
tangible basis of "A stock-bOard, and valuable
only i'll proportion To their susceptibility of
manipulation by the bulls and bears. The
supcrintendcnts of the mines were mere pup
pets in the hands of San Francisco capitalists,
and working the mines obcdiCnt to this idea
only, either through fear of losing their situa-
tiOns or for the privilege of being admitted
within the ring the rich chambers of ore
were honcycombed out from the masses of Sc
cond-cass rock, every possible expense re
trCnchrd, and even heavy liabilities contracted
to effect monthly dividends of from SIS to
Sl1j until the stock has been inflated to the
utmost limit. Then the brakes are put ON,
the engine reversed: assessment after ussess-
ment follows rapidly upon the heels of divi-
dcnds; the mill returns, working inferior rock
showing an alarming depreciation i'll quality:
ruinurs that the mine IL exhausted circu-
lated among the outside stockholders. and the
discovery that there Is large debt upon the
mine vcriles the most dismal tOrebodngs.
panic ensucs. the stocks fall with appalling
rapidlty, sometimes $1,000 per foot in less
than II month and the hue and cry is kept up
until the stock is again all secured at the low
est figures by the mngnut6s of the stock
board. The result Of such Il course upon the
interests Of Nevada Il very apparent. Depen-
dent as she IL upon her mines for even her
existence, business in all it, branches began
10 langush; the frightfnl fluctuations of the
ComstOck indicated rOttenness and instabil-
ity in the great top-rOOt of her prosperity that
extended itself through all the ramifcations
of her industry uncertainty and distrust culm-
mated III paIics of almost annual regularity,
parul lyZing every attempt to lay substantial
foundation for future prosperity, and inaugu-
rating system wherein only those reaping
immediate results were even reasonably Sc
cure. Having obtained control of the great
artery Of Nevada's prosperity, San Francisco
next turned her attention to the quartz mills
owned by outsiders, and dependent upon the
COmstock for employment. BY Withholding
the ore entirely, or compelling them work it
at ruinous rates, they We're soon enabled to
purchase these mills at their own price, or to
! burden with II mortgage nt four per cent a
month that was invariably fureclosed at the
! earliest opportunity. Such has been the course
| pursued hy San Francisco, acting through the
| California Bank, toward Nevada, and in no
| case Is her selfish character brought more
/ clearly to light than in her determined OPP
/ position to appropriation for the Nevada mint.
! The ComstoCk lcud, III the six years preceding
January /, 1868, yielded i'll gold aud silver,
So GuO. 900 its present annual is SIG, 600 900,
/ equal tn nnC-quurtcr of the gold and silver
produced Ivy all the States and Territories on
/ tn" Pacific coast, and exceeding the present
! total yield Of all the silver mines i'll Mexico
! This immense amount of treasure had to be
! transported over the mountains III express
| wagons and stages to San Francisco, at n cost
| of from five to ten per cent, which, in con-
ncCtiOn with the transportation of coin back to
/ Nevada, mndc the gross receipts of Wells,
| Fargo n Co, who divided the profits with the
| California Bank, between Sl,OOO0O0 and
| $4,000, 900 annually from this source alone.
| The completion of the Pacific Railroad has
brought formidable ally Ia the rescue i'll the
| shape of Chicago, whose untiring energy and
determined competition have already nearly
/ wres.Cd the sCeptre of power from San Fran
cisco i'll southeastern Nevada, and bids fair to
ncutullizo hOr sway throughout the state.
san Francisco is rampant, but she has no one
To- blame but herself ; her suicidal policy to-
| ward Nevada has alienated her from those
| who, under circumstances more nearly equal,
would have kicked the scale in her favor, and
with tiliRl obedience poured into her lap nj
the riches of the mounttns.-Cor. v. y. 1ri.
bUC