New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-12-25

and richBess beyond what can be seen. A pres
pecs' is not a mine and yet il Often has CONNER
rial value and may be the object of legitimate in
vcstmcut. 1t may be said that no business 10
free from risk. and every purchase is made on
y probability of profit; so a mining property on
which little Development has beer made, but which
10 the experienced eye gives strong promise OF
value may he Il good investment fer one who has
money that he can legitimately risk but no one
should invest on a probability. however sgrong.
money that Is held in trust. is indispensable TO
him aud his family. and therefore that he cannot
afford 10 lose.
These remarks are made TO correct a theory, en-
tertaincd 10y many good business men. that the
Of the numerous failures IN the mining enter
priscs that organized in the mining fever OF
1860 TO 1870 IN general the fault of the mines
and rot Of the miners and that mining enterprises
are necessarily speculative and extra hazardous.
As we shall see in tracing further the history OF
mining at the West. abundant experience has
proved that there is a right way and wrong way
to conduct mining. and that when rightly con-
dnctsd il is as safe and remuneratiyc any other
business
The failure of so many mining companies. be-
tween 1867 and 1870. brought this business into
such disrepute that to propose mining scheme to
any capitalist was TO expose ones self TO insult The
bonanzas in the upper levels of the Comstock mines
had now been worked out; the White Pine excite
ment which had 10 a few months brought forty
Thousand people together around Treasure HILL. had
diel away with the exhaustion of the peculiar and
superficial deposits of ore found there; the Poor
man lode. that at time sent from its bonanza
seventeen tons OF ruby silver TO be exhibited
in Trinity Buildings had dwindled to its normal
proportions of rich but very narrow vein. and
decided calm had settled down over Landel's Hill,
-1 RnIn Finally Rlack Friday.
the panic Of 1878. and the hard times which fol-
lowed. during which business of all kinds stagnated
and the interest in mines seemed to be dead. II was
NOT So however for the quartz mines and hydraulic
works OF California. managed by men who were well
trained and understood their business. continued
10 be actively prosecuted and to make solid con-
tribunon of $50 OO0. 900 per year in gold to the
wealth Of this State. So in Colorado, the Giipin
County gold fields continued to yield their
$2.0o0000 year, and the silver mines OF GEORGE
town. Col of Eureka, New, and of the Little
Cottonwood. Utah. kept up some mining excite
ment. This was. however. mostly confined to the
Pacific Coast-that is the region west of the Great
Plains. In the East the mining fever bad com
pletely died out.
In 1874 the great bonanza Of the California and
Consolidated Virginia was struck on the Comstock.
Skilfuly manipulated by the gamblers who con-
roled It, the stock Of these companies rose from 30
to over $500 per share. This produced IN San
Francisco the widest excitement. and caused stock
gambling which had before been general. 20 be-
come almost universal 1t invaded all ranks OF
sOciety-servantgrls in families, walters IN hoteis
all were dabblng in stocks. and ladies met,
not "a formerly. TO gossip and drink tea. but TO
cultivate and indulge a far more pernicious
taste Few business men. however disciplined and
self-controlled could resist the temptation to take
a flyer" In mining stocks aud the effect was tods-
honor industry and economy, the life-blood and
breath of healthy business. 10 debauch the entire
community and undermine the most solid and
sacred interests of the State. So strong and wide
spread had this method Of gambling become that
was recently told by prominent banker at the West
that scarcely day passed that lie did not receive re-
mittances of the hard earnings of the miners IN
distant camp TO be invested in another of the
popular stocks; and that. stranger still. the petty
savings of the convicts in the Peniteutiary were
no, unfrequently sent him for this purpose dis
tinruished Senator. who 10 supposed to have real
lied fortune from his mining operations. when In
formed last Spring that considerable mining ex-
citemeut prevailed in the Eastern States. said TO
his informant: There is nothing l call excite
ment there vet; when you find the walters and
chambern,aids and bootblacks dealing in mining
stocks then you may think you have real mining
excitement; a stage of civilization which all good
citizens will Join me In praying may never be
reached here.
But IN the face Of all the dsappointments Of
former years the interest IN mines has steadily
Increased and last Winter caused the investment
in Western mines Of much Of the capital that had
40 long remained unemployed at the East. Then
those who could here find DO better use for their
money than to buy four per cent bonds whit we're
ready TO purchase good mines as investments.
There was no excitement. but reasonable
amount of legitimate interest. Within few
rnonths all this has changed; business has
revived money is IN demand. avenues are opening
ON every side for the employment Of capital, and
those who have large sums at command are inclined
70 in vest nearer home aud yet the transactions In
mining shares have immensely Increased. Now al
most every one has bought or thinks OF buying
few shares in this OF that mining scheme. This is
generally done in pure spirit OF speculation and
the increase of this tendency to gamble in mining
stocks is to njure not only the best interests of the
community mt large. but those OF every substan-
tral and legitimate mining enterprise. The taste for
speculation is becoming strong that ii is no longer
delicate and discriminating. hence bubble and
swlndle if il is bolstered up W it'll strolg report
and false promises stands on IN equal footing with
the most solid and intrinsicay meritorious enter
prise
For this speculative spirit there is only one
certain cure and that Is adversely. Disappoint,
rnent and reaction to succeed crcdulty and
folly and here as IN other cases, the good mnst
snfer wrtiiihe bad II is probable tnat preaching
will do little toward stopping the eyi,, but
II il manifest that the best interests OF all honor
able well placed mining companies. and. indeed, OF
ali commerce and industry are opposed Co such
basty and careless investments ~ are now being
daily made in thismarket. No good business man
will place his money in the hands OF stranger or OF
those whom ne knows suspects 10 be rascals Dut
~ n buvs fractional interest any property. and
rims loses the control If his capital he Will be care
f 10 see that il is in the hands of those who, he IS
satisfied have the honesty and ability TO use 1t well
w r,.r- therninre ex meet that as consequence OF