Pioche daily record. [volume] (Pioche, Nev.) 1872-1876, 1876-07-21

TIE New YORK Herald j. in favor Of
tho business men OF New York turning
their attention to the investment OF
funds in mining enterprises on this coast.
To recent article on that subject, the
Herald says:
The men who are spoken Of as bonanza
kings, and whose wealth exceeds that
OF the richest of our Eastern milionaires.
were not capitalists when they first EN-
barked in the business, bnt became rich
from what they dug nut OF the bowels OF
the earth. Our prejudice ought, We ad-
nit. to have been by this time worn
away by the abrasion Of facts presented
in tue statistics Of gold and silver min
ing. From these it appears that, includ-
ing all the losses Of the last twenty five
years, and allowing at the rate Of 81 per
day for labor expended. the sum total
invested amounts to $500, 900. 600. while
the amount Of bullion produced is posi-
lively known to be Sl.688. coo. 900, and
the value OF the service improvements is
estimated at $3.50. 000. 900. giving re-
sultant gain OF Sl,578, 900. 900, which is
better showing than can be made by
any other of the great industries of our
country. Indeed, if we apply the test OF
"a per day for labor, every other indus
try would prove to have been total
failure. But the misfortune Is that our
people went in" csrelessly and precipi.
lately, and went out" Just as the BUSH
ness was beginning to be remuneratlve.
Years have passed on, and meanwhile
our countrymen have become educated to
the science OF mining. The modes OF
working are much simplifed; the ma
chinery costs but 1.-THE to what it used
to cost, and the process Of reducing the
ore and extracting the metal is 80 much
improved that the yield is quadrupled.
SO that numberless mines that were
abandoned as worthless can now be
made to pay literally. This is particu-
larry the case in Colorado, where the
ores are extremely rich but so much
more refractory than those of Nevada
that under the old processes they yielded
mp only portion OF their treasures. 1t
is estimated that in consequence of these
improved methods the product OF the
precious metal throughout the world
during the coming five years will be
equal to that of the past twenty five
years.
This whole subject is one of important
concern to every large property owner
east of the gold. bearing States, for il we
10 not furnish the capital required to
develop the mines Of the West and
South it will certainly be supplied by
and the enormous trade
growing out of the business will be d.
verted to San Francisco. She is already
more inclined to invest money far away
from home, if it is to be used in legiti-
mate mining, than we are.
->-s
The following sensible remarks upon
The situation are from the San Francisco
Stock Report:
Senator Jones. speaking in the debate
IN the silver bill, mentioned the mines
IN the Pacific Coast and said it was at
empted to destroy them by adverse leg
station. He remarked that every in
iustry in the country was more or less
protected by law. except the production
If precious metals. 1t seems strange
hat it should be so difficult to make the
average Legislator realize this fact. but it
s 30. With the vast trade of the Orient
ying at our very doors, and anxious to
'eek ns az its natural outlet, the slow
md etfete theories which are brought to
'ear on the resumption question are de.
Driving us by procrastination OF these
advantages, and are throwing them into
he hands of our great rivals in trade. the
English. A metallic. even though it
we're silver currency. if properly dis
rihnted aud not parsimoniously issued,
would do much to attract this valuable
rade to America by way of the Golden
late, would build up San Francisco, as
he natural entrepot for this trade, into
me of the greatest cities of the world
md would materially add to the wealth
II the country at large. In addition to
his. intelligent action on this all-im-
,ortnnt question would raise the price
VI silver, increase the value of the mighty
mining property on this coast. and would
'fford a market for one of our chief pro-
iucts. The bill which has now passed
las done something, but it will soon be
ound that 1t has not yet done enough.