The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1875-02-10
The Little Emma silver Mine.


of Saturday last, relative to a suit recently
commenced in New York by the English
of tie Emma mine, against
Mr.. Park, General Baxter, and Senator
Stewart, on the score Of an'alleged fraud |
by those gentleman in the sale of that |
property. All who are acquainted with the
history Of the transaction. know how |
groundlcss the charge is. Others might
derive from the paragraph referred to a
very unjust impression
There never was in the world more
thoroughly honest, honorable and straight
forward piece of business, than the sale of
this mine by its American owners, to the
Emma mining company Of London Not
one of the original English purchasers
now claims, or eyer did claim to the con-
trary. The property was sold, not upon
general representations or promises, but
upon very exact accounts of what ii had
actually produced during the two years
ed. All the ore taken out in that time
had been shipped directly to very respect
able commission merchants in England, not
connected with the mine, by whom it had
been sold to the smelters. The books of
these merchants showed with complete &C
curacy the actual product of the mine
throughout, and the price realized for it.
Both the product and the profit had been
very large. Correct copies of these amounts
were laid before the purchasers, and form
ed the basis of their action, and dccep-
ton on this point became thereby i'm
possible.
How long the same rate of production
would continue, was therefore the only re-
naming question on which the value of
the property depended That question, 10
regard to a silver mine, neither scientific
research nor practical sagacity ever did or
ever can correctly determine. Some light
is thrown upon it by certain indications
known TO the miner and the geologst. But
they are only indications, and very likely
to deceive. They suggest probabilities,
but do not establish ccrtainties The pur-
| chaser of mine must always take his
chance on this point, and make his price
accordingly. 1t is as completely spccu-
| lation as the purchase of a lottery ticket.
Of this, the very intelligent Engl',hmrn
who bought the Emma mine. were perfect
| ly aware. The sul'ject is no new one in
London. All the mines of the earth have
long found their market there. VIVA,
English merchants do not know about
mining, is not likely to be taught them by
Americans. Before completing the pur-
chase, no less than three successive dcputa-
tions were dis. atched to the United States
by the buyers, to visit the mine, and ascer-
tain as far as possible the probable dura
ton of the vein of ore. Every facility fol
examination was afforded them. They
were accompanied by highly qualified ex
perts, both scientific and practical, selected
and employed by themselves. Each sue
cessive exploring party returned to Eng
land with more enthusiastic account Of
the value of the property than had beer
carried by its predecessor. Meanwhile tn,
rate of production had not only continued
but steadily increased
1t was upon this exact acquaintance will
the previous yield of the mine, and tn,
careful and repeated examination by til,
agents of the purchasers, that the bargain
was concluded. at price much too small i
came to an early end. 1t did last for NOR
than year afterwards, paying large month
ly dividends to the English stockholders
The vein or "lcad" was then TO great ex
tent lost, and though work has ever sine
been kept up, has never been fully regain
ed. Those engaged expect that it vii
again be struck. The history OF all slve
mining shows that this may occur at any
time, and the early product of the mine b.
restored, or that it may never occur at all
Meanwhile the mine is paying moderate
profit above expenses.
That Mr.. Park was not selling an enter
prise in the success of which he had n,
confidence, is shown by two promnen
facts. After he had sold out in Englant
his entire interest, and had returned hom
clear of the whole matter, he proceeded t.
invest anew in the stock, to large amount
in the London market. The stock thu
purchased he retained until he shared in tn
general loss on the failure of the mine
And when the vein of ore first gave out
he so fully believed it would be speedily re
gained, that he advanced to the company
without security, some 100000, to be IT
paid out of the proceeds of the mine, an
which has never been refunded.
This plain statement is enough to show
that the purchasers of the Emma min
have no more claim upon the sellers, i
law, equity, or honor, than the seller
, would have on the purchasers. If the pre-
perry should hereafter turn out Gas il may) t
, be worth much more than they paid for il
And the truth OF this statement can h
shown by the original purchasers then
selves, who, in the event of trial, woul
: be the first and best witnesses on the pal
of Gen. Baxter and Mr.. Park.
The explanation OF the suit that has bee
: brought, is this The stock of the Emm
mining company of London has run dow
in that market to nominal figure, consider
ably below lis real value. Much of it la
therefore gone into the hands of specult
= tors and stock jobbers, and has been use
for various purposes. Among other expo
dents, this charge of fraud has been star
ed, two years after the sale, by parties VIII
r have never lost a shilling in the transactio
, for the purpose of being brought to bes
upon certain persons in England, who too
part in the original negotiations. After
= violent dispute among the stockholders,
5 rectors were finally elected who undertoo
to prosecute the charge. They sent, la.
, fall, an agent to the United States, who
. after full examination, became Statistic