The daily gazette., 1879-07-29

ton in the stock. As soon as the report
was published Consolidated Virginia
rose from 40 TO 400. and California from
250 to 376. March "a, 1876, 1t had reachs
ed 80, at which price Linderman's IN.
vestment, costing $A,750, which had
been worth In market s63, 3,760, was worth
$4,000. The official report Of the Di-
rector Of the Mint, ascribing to the mines
value about six times As great as they
afterward proved to have-they only
produced S62 800 900 when worked out
250 feet below the limit of that report
was accepted by the public ~ reliable,
and sustained Consolidated Virginia, de-
spite declining production, at or above
180 per original share till the clio o of
1875. Even a. lately a. the close of 1877
II was still at or above 115 per original
share. BY June, 1873, however, the
prices had fallen 40 that the amount of
stock in market was worth but about
SD, ,OOO, 600, according to an estimate
kindly furnished by the gentlemen re-
ferred to by the United States Monetary
Commission as qualified and employed
to inspect and value the mines, Hon.
Alexander Del Mar.
This report enabled the owners Of the
mines to sell stock enough to realize in
all about S125, ,0O0, 900, includ ng old as
sessn. ents. aud the fall in value of this
properly to S15, 900 900, bro,A NJ to the
buyers loss of about 300, 600 900, W which
sum fas been pocketed by the sellers
With the aid OF their costOckholder, the
Director Of the Mint. 1t is currently re-
ported that the sellers have repurchased
the OK at the recent low figures which,
If true secures them this vast profit.
Mr.. Del Mar, in q communication for
warded In reply to request from San
Francisco for this committee's informa-
ton, states that the speculation epgend-
cred by these false reports "set every
body crazy In California, ruined thou
sands Of famil es, transferred their means
to the pockets of the capitalists, who in
vested these means in Government
bonds and other outside securities, and
thus drained the State. of serious
portion of It's working capital"
Mr.. Del Mar says farther:
"And this is what has caused the pre-
vailing depression of industry, the fall of
commercial prices and the depression of
real estate. A frenzied speculation,
superinduced in all the other mining en-
terpises, adjacent to the Big Bonanza,
greatly increased the general loss. The
oontagiOn spread to the hum blest classes
OF the population to stipendi aries, to
workmen, and even to servant girls aud
bOotblacks. Many Is the deposit, ,accumu-
lated through years of toll, that is drew
from the savings of the bank: great has
been the anguish 1t occasioned by the
absorption of these boards; numerous
have been tha crimes committed in the
hope of recovering these lost fortunes,
and frightful are the marks which these
events have left on the social and indus
trial welfare of the coast. There
was little difficulty about making toll
erably correct estimate of the ore $50
little, that some months before DIR. Lin
derman's report was published, correct
Information concerning the dimensions
had become common to many parties.
n 1t Is susceptible proof that at
the time that DR.. Linderman says that
he saw $500 900 900 in the mine the man.
ayers themselves saw less than $150,000,.
900. Il From what l myself saw
and reported of the mine, and consider.
| ing the opportunities afforded to DIR. Lin.
derman, and the care and labor which he
states were employed in the Investiga-
ton, IL seems Impossible for him to have
been unwittingly mislsd to SO great an
extent \ These matters are
stated an all kindness to DIR. Linderman,
with whom my relations have alway 8
been pleasant, but stated they must be,
or the real history of the Big Bonanza
will never be told"
Regarding the aid rendered in October
1877, to the San Francisco agents of the
Cons olidated Virginia Company and to
| the Anglo California Bank in selling
trade dollars at profitable advance, by
reason of the sudden stop of coinage Oct.
20 without public notice, but with pri-
vate notice to those parties the previous
| day, whereby they gained and the pub
| lie lost an amount estimated by good au-
thority at $50, 900, the rise was per cent
| two business DAYS after the suspension.
But secondary effects are sometimes as
important as primary ones. The distin-
| guished statisticlan and economist al.
| ready mentioned states in the communi !.
cation already referred to; ~
TIT was this report that made a mar
ket for the stock of the Big Bonanza
| throughout the Eastern States and in
Europe and that upset the monetary af-
| fairs of ChristendOm. A professl onal
report, coneurred In and indorsed by the
Director of the Mint and published in
the State papers of the American Gov
ernment was needed to carry conviction
to the world' and here i was at last y
Mr.. Speaker, Henry R. Linderman is
in his grave. Had | pursued him. as
| some have wickedly declared, with per-
sonal enmity Il should now be silent. But
my action and that of my colleagues was
simply to obey in good faith the order OF
this House, the mandate Of high and sa-
cred duty, the dictates of public honor.
Gladly, had the charges against him pre-
sented by responsible men proved ground
less and had the facts of record been
consistent with law and right, would we
have made this known to the House and
the country and have spared him the
| mental anguish which is said to have
caused his death. But this could not be
however much we might feel for him we
had our duty to do, and We felt also for
the thousands whose sufferings were
disclosed to us. He is dead; but
"The evil that men do lives after them.'
All through the vast Pacific coast OF
this Republic through the great mining
regions Of the mountain chains, yes, III
the Eastern States and even in Europe
are felt the dire effects of the financial
thereby gained to few, bred BY Linder-
mans great misstep. His yielding to
temptation, perhaps too great for most
men to bear, has spread disaster and ruin
through thousands of happy homes, and
the development Of the fair western
shore of this ointment has met dread
full check. If in the course of the in
uuiry into his acts he came to realize the
harm these acIs had wrought, 1t is not
strange that he sickened even to death
May his example be a warning to all in
high station that misuse of power Is sure
of Its reward.
Drowned In the Brandywine.
On Saturday afternoon, Mr.. Levi Bear
of Honey brook Township, Chester cOuny