Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1875-02-12
The Little Emma Silver Mine. Again.

The Little Emma Silver Mine, Again.
To lie Editor of the Free Press ami Times.
An item was copied into the Free Pass
of Saturday last. relative to suit recently
commenced in New York by the Engilsh
propretors OF the Emma Mine, against
Mr.. Park, Gen Baxter, and Senator
Stewart, Oh The score Of an alleged fraud
by those gentlemen il the sale oil that
property. All who are acquainted with
the history OF the transaction, know how
grorndles5 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 S'9aiEh'-
forward piece of business. than the sale oil
this mine by its American owners. 10 me
Emma Mining Company OF LONDON NOT
one of the original English purchasers now
claims, or ever did claim to the contrary
The propertv was scld, not upon general
representations or promises, but upon very
exact accounts of what it lad actually
produced during the two years or more II
which !, had then been worked. All the
ore taken out in that time had been shipped
directly to very respectable 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 accuracy the actual
product Of the mine throughout, and the
price realized for it. Both the product
and the profit had been very large. Cor
rect copies of these amounts were Land
before the purchasers, and formed the
basis of their action. And deception on this
point became thereby impossible.
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, IN
regard to a silver mine, neither scientific
research nor practical sagacity ever did or
ever can correctly determine. Some Light
is thrown upon il by certain indications
known to the miner and the geologist But
they are only indications, and very likely to
deceive. They suggest probabilities, but do
not establish csrtainties. The purchaser OF
a mine must always take his chance IN
this point, and make bis price accordingly.
1t is as completely a speculation a. the
purchase Of lottery ticket. q! tins, the
very intelligent Englishmen VINO bought
the Emma min2. were perfectly aware.
The subject is no new one n Lon
don. All the ia.Hes Of the earth
have long ioand their market there
What English merchants % rot know
about mining. is not likely 20 be
taught them By Americans Before com
pleting the purchase, no less than three
successive populations were despatched to
the United States by the buyers, to visit the
miae, and ascertain a. far as possible the
probable duration Of the vein Of ore. Every
facility for examination was afforded them.
They were accompanied by highly qualified
experts. both scientific and practical, SC
lected and employed by themselves. Each
successive exploring party returned to Eng
land with O. more enthusiastic account -
the value of the property than had been
carried by it, predecessor. Meanwhile the
rate of production had not only continued
but steadily increased.
I. vas upon this ezac; sclualnt4lcs with
the previous yield OF the mine. and the
careful and repeated examination by the
agents Of the purchasers. that the bargain
was concluded, st price much t.o s"a.l il
the Weld held out, and much too large if !;
came to Al carly end II did last FOR aoTe
/ thaue year afterwards. paying largo month
ly d.yiIenl- o. the English stockholders The
vein OF lead vas then 70 . great extent
lost. and though work has ever s'nce
been kept up. has never b,aa falIy regain
ed. Those engaged ezpae; tia. il VIII
again be struck The history Of all silver
mining shows that this may occur at any
time. and the carly product OF the msno
be restored. or that /: may never o-ca. at
all. Meanwhile TIE mine : paying mod
crate profit above expense.
That Mr. Park was not selling an enter
prise in the success oc which be hHi no
confidence, is shown by two prominent
facts. After he had sold out in England
his entire interest, and had returned home
( clear Of the whole matter, he proceeded to
/ invest anew in the stock. TO 3 large amount,
in the London market The stock thus
purchased he retained Until ho shared in
the general loss on tie failure Of trs mine.
And when the vein OF orc first gave cat,
he 50 fully believed it w5ul- be speedily re
gained. thst be advanced TO tie company.
without security. some 500. c5J. to he re
paid out Of the proceeds Of the NINE. and
which has never been refunded
This plain statemen; Is enough to show,
that the purchasers Of the Emma ia.nc have
10 uo7e claim upon ;ho sellers, ia law,
equity. OF honor. than the sellers would
! haye On the purchasers, i'Ihe property
should hereafter turn out tus il may TO be
worth much more than they paid fer IL.
And the truth Of tAi, statement can be
shown by tie original purchasers them
selves. who in the event O. trial, To1I be
the first and best Witnesses on the psr- oi
Gen. Baxter and Mr. Park.
The explanation of the SUIT THAI has been
brought. is this The stock Of the Emma
Mining Company OF London has run down
in that market to nominal figure, consid-
erably below its real value Much Off has
therefore gone into the hands of spectators
and STOCKHOLDERS, ami las been used for
various purposes. Among other expodients,
this charge # fraud has been s:aE.cl, two
years after the sale. by parties who have
never lost shilling 10 the transaction. for
( the purpose Of being broueh; sto bear upon
certain persons in England, who took part
in the original negotiation. Alter violent
dispute among the stockholders. directors
werc finally elected who undertook
10 prosecute the charge They sent,
l4st Fall, an eEen. 10 the United
States, who. a.Ser fo!l examination
became satisfied thst ths claim was
| entirely without foundation. lie vas un-
| doubtedlY advised By counsel that no &C
ton could be maintained. But it was
necessary to the purposes o. the present
directors, 20 keep up the charge, for effect at
home, and to be able 10 say tSst q suit was
pending in flliilmeat Of their upelrtak
ing One vas instituted accordingly Il
Is .ham. never intended to Ne brought
70 trial. and could not survive - trial.
T 80 suits have. however, been brought in
New York. growing cut Of this business,
which. it l. to be hoped, iGay come to trial.
Thy are actions FOR libel, K favor Of Prof
Sill;Inan and NJ. Siias Willi4Qs. against
the publishers Of uewspspe. ~ which
! .n... -.Lnr.,. hnrn rr.,.anrnI Irnfcs.ur