The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1874-02-25

Truly yours, etc,
l.. p. POLAND.
LETTER FROM HON Il. J. PHELPS
BURLINGTON, Feb. 12, 1874.
lion. T. ". Parh:
DEAR SIR :-Thc statement in your let
ter of the 9th inst, relative to the sale of
the Emma mine, addressed to the buring-
ton free Press md Times, seems so cxpli-
cit, clear and satisfactory, that nothing
need be added on the subject. ! take plea
sure in saying that its accuracy in many
mat rial particulars is within my personal
knowledge.
In the summer of 1871, | accompanied
you to Utah. to assist as counsel in trying
the case pending in the United States court
there, involving the title to the NINE.
remained at Salt Lake City about fort
night, and during that time visited the mine
and made the acquaintance of many other
visitors, both scientific and practical, inter-
ested in mining, who had been drawn there
by its celebrity. | know nothing about
mines, and can only state what | saw and
heard.
The Emma was at that time being work
ed by numerous force, day and night, in
relays. The material eXcavated, and the
quantity was very great, was conveyed by
wagon to Salt Lake City, thence by rail-
road to New York, and by steamer to Liv-
crpool, where it was sold to the smelters
by commission merchants.
The operations of the mine, which we've
very extensive, were open to the public and
were seen by hundreds of people. The in
habtanis OF that section of the country are
largely engaged in mining. There was
therefore no chance whatever for either
Misrepresentation or concealment. as to
the character, quality, or extent of the
work at the Emma,
! heard but one opinion expressed among
all those conversant with mining; and
that was, that the yield of the mine was
almost without parallel, and that every in
dcation of permanent vein existed, that
science or practical experience had yet dis
covered.
With the subsequent negotiations for the
sale of the mine | had nothing to do, eX-
cept in making assurance to the purchasers
Of the validity of the title, and the convey
ances. But happening to be in London, in
May after the sale, knew from the par
ties there, as well as from yourself and
your associates, that it was made, not up
on representations, but upon full and exact
evidence of the quantity and value of the
actual product of the mine from the time
it was opened to the time of the sale. The
| books Of the commission merchants in
England whe had sold the ore showed pre-
cisely its amount, its value and its profit
And this showing was the basis of the PR
chase In addition to this, three separate
examinations of the mine were made by
the English purchasers themselves. The
first in October, 1871, by Prof. Slliman,
employed by them for that purpose; the
next in February, 1872, by Mr.. Williams,
one of the English directors, aided by ex-
ports selected by himself, and the third in
July, 1872, by Mr.. Stanley, another Eng
lish director. The reports from all these
examinations went considerably beyond
the representations of the sellers.
In October, 1872, was again in Lon
don. Some twelve months had then ell
apsed since the sale of the mine. The
stock had, believe, remained during that
time at considerable premium except
during Il temporary depression caused by
| the inroad of the Illinois tunnel company,
mentioned in your letter. and had paid
monthly dividends of one and a half per
cent. / then learned from Mr.. eager,
your agent, that your interest in the stock
had been closed out in June previous. But
that on both your subsequent visits to
Utah, in July and in October, you had
written him expressing greater confidence
| than ever in the perInanence OF the mine,
and directing large purchases of the stock
! for your account, which he had according
ly made at Il considerable premium. | do
not believe, and should be much surprised
to learn, that any respectable person in
| London who was concerned in the pur.
| nbacn hoe nt triIutaI IN ,,ry
associates any but the most honorable and
straightforward conduct in all parts Of
that transaction. AS late as October, 1879,
when | left London, their expressions to-
ward you were very cordial and tlattering.
They had in the purchase complete
assurance on every point except the dura-
ton OF the deposit, AS to that they
had all the evidence that could possibly be
afforded. They well knew that certainty
on that point was not within the range of
human foresight, and made the purchase
subject to the risk that attends all mining
specuations. Very truly yours,
Il. j. PHELPs.
LETTER FROM U. 3. SENATOR ". NJ. STEWART.
WASHINGTON, Feb. 10. 1874.
T. W. Park, Esq
| MY DEAR SIR IL have yours of yester-
day enclosing yours of the 9th inst. | can
yersify every Statement you make as to the
sale of the Emma mine, as | was with you
and know every step that was taken.
The mine was sold on the strength of the
record of its production, and the report of
Prof. Silliman. A large amount of ore
Several millions in value) had been ship
ped to England and sold by the owners Of
the mine. The record of production APP
peared from the books of bankers, brokers,
and persons who had bought and reduced
the ore. All Of these were well-known
business men of England. We offered to
allow the purchasers to have the property
examined by any person they might select,
and Prof Sillman was by them selected
We also offered to haye the examination
made by as many others as the purchasers
might desire. | had not at that time been
in the mine, but based my estimate of its
value upon its well known reputation and
great production, and the uniform opinion
of persons who had examined it, After
the company was formed in London, and
the sale completed, early in December,
1871, returned TO the United States. In
February, 1872, visited the mine with Il,
Bridges Willyams, Esq, M. r., one of
tine English board of directors, sent out to
examine the mine and make report. Mr.
Willyams was highly pleased with the
mine. He remained in Utah a sufficient
~. III Al II