The Arizona sentinel., 1879-10-04
Mining versus RailrOading.

ton of the press in regard to tle
mining industry can be explained
only upon the ground of the pref
udice or ignorance. 1t must be
admitted that there is some rea-
son for prejudice against mining
as a field of Investment, owing
the very questionable means
adopted in the past to forward
schemers and wild cat I" opera
tors. This prejudice is justified
however, only to the extent of
using a careful discrimination in
the selection of the means of in
vestment, the same as is ordinari-
| ly. exercised in all commerciql
affairs. 1t is true that in mining
there are certain conditions of
uncertainty, absent in other bust
ness pursuits, yet those draw
backs are offset by advantages
which go far to put that industry
upon an even plane with the
most available and desirable
trade or business.
AS between mining and rail-
road investments, there is much
to recommend preference of the
former. In both cases the factors
of speculation and uncertainty of
profits are present. And if, in
regard to these points, there is
any advantages in favor of the
one as against the other, it can
hardly be questioned that mining
enjoys it. AS to speculation, no
one who is fully informed as to
the facts can doubt that, so far
as the east is concerned, railroad
securities carry Off the lions share.
The speculation in mining shares
never has approached that in
railroad securities here, and it
may well be doubted whether,
even in San Francisco, the mining
speculation has ever equaled the
speculation which has existed i'm
railroad stocks here. AS to un-
certainty of profits, the history
of the railroads in this country
during the past twenty years
leaves but little to be said in fa-
vor of them as an investment, as
against mining property. The
long list of bankrupt railroads,
the policy of building railroads
hundreds of miles through unin-
babited territories, and the igno-
rance displayed by the managers
of railroads in regard to the cost
of doing business, all indicate
that the uncertainties of profit
are yet far from being removed.
In mining there is one element
which in almost any other 5usi-
ness would distinguish it as the
most desirable of Industries. The
results of mining are wealth.!
that is, the production of mines
is money. The bullion which a
mine produces is so much value
to the producer, representing that
value in current money. and re-
quires no system of credit or par
ticular condition of a market to
enable him to realize its worth in
dollars and cents. In no other
business is this the case. The
miner actually makes money
that is, digs money out of the
ground, while in other pursuits
there must first be produced
property which ia to secure to the
owner money. Further, in the
case of mining there is no chance
"f competition, no fear of a rival
stepping in and taking away the
business or profit which was first
secured to another. On this point
the advantage of mining over
rallroading is only too percepti-
Ole. The effect of competition
upon the railroads has been to al
most ruin the entire system, and
SO great has become this evil that
us only by mutually agreeing
10 take into partner ship their RI
NalS that anv nf fho ro3I.o,J, 49,