The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1876-08-10
Mine. and tn. Mining Business.


The bonanza business in California prom
Uses to be another false pretence. We were
afraid of these thousand million dollar stories
when they came. When a bonanza prince
turns up with mine he generally winds up
the season by borrowing money. We have no
doubt there is vast wealth in Nevada, but no
such wealth as to justify the speculations IN
these bonanza stocks
We wish it were possible to have our min
ing interests under some general system
which would prevent these constant frauds
upon unsuspecting investors and at the same
time enable the owners of really good mines
to hive them developed Nothing is more
certain than that wherever deposit of gold'
silver, iron, oil, SALT and SO on, can be found
capital will only be too glad to go in and
bring it out 1t is the most certain bust
ness in the world when we only know
there is something to be found. The
difficulty is that knavish spectators
arrange diamond Mines like that famous
swindle in California or Emma mines which
nre barren of silver, or oil wells like the
Canada company which exploded in London
because there was no oil and never had been
any, and SO ON, for hundred cases which
we might repeat The history Of mining
and of oil companies is filled with frauds.
Although hundreds of millions have been
taken out of our mines and wells, and
although thousands Of millions are to come,
the whole business is tainted with fraud.
respectable newspaper would as soon think
of advising its readers to invest in faro
bank or lottery as TO invest in mining and
oil stocks. The reason is that we know
nothing at all about them.
Might it not be possible for our govern
ment to devise some plan for developing
these industries, and at the same time pro-
tecting the public? Nothing is easier than
for an expert to visit gold and silver mine,
q coal deposit or an oil we'll, and see just
what it promises. Why should not the gov
eminent pass law creating mining board.
composed of learned men? Whenever a
.mine is discovered and offered for develop
ment it should be the duty of the discoverer
to enter it and to ask for a government GER
tifcate as to its apparent value Then an
expert could be sent to see what it con-
tanned and what it promised. Until the
mine was thus entered and examined by the
mining board and it's value declared an
issue of shares should be as illegal as the
issue of counterfeit notes.
We do not know how far such scheme is
practical. But the importance of our min
eral and mining interests justifes the atten-
ton Of the government Our petroleum has
destroyed one great industry, the whale fish
cry, and has proved blessing to the world.
Our silver has revolutionized the finances of
Europe, and bids fair to revolutionize India
and China. In time our coal and iron will
enable us to undersell England in the one
industry in which she leads the world. Our
mineral deposits are to certain extent the
common possession of the whole people, and
the government should protect them. If
they could be brought under the supervision
of the government the value would be two
fold. There would be check to this general
swindling which disgraces our country, and
it would place our mining interests on a
solid foundation. There would be less op-
portunity for the preparation of bonanza
frauds, and the capital Of the world would
rush in to aid us in developing our bound
less resources of coal, iron, silver, oil and
gold.