Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1879-08-15
GHOSTS or THE COMsToCK LODE.
The Difference Between Subterranean
and Financial Mining.

SAN FRANCISCO, July 24-To The Editor
Of hae New York Sun: My letter OF Nay
81, published in your issue Of June 10,
on "The Spectre Of the Big BonarZa,"
was telegraphed back here on the morn
ing after its publication and appeared
on the stock "tckers" at 10 or IL O'Clock.
From that moment the whole miiing
bubble which / had pricked burs; to
pieces. Union fell from $lC0 to so a
share, and all the other ghosts OF the
Comstock in proportion. Unwilling to
admit that my exposure saved the JEb-
lie from the deal" the spectators haL
prepared, they pretended to discover,
| four DAYS afterward, that the 1000 lVel
in the Union had proven barren: but
their discovery came too late. heir
Newspaper.organ said all the mean
things they could about me for hating
had the temerity to stop their "aal"
but honest men came to me by the
score and thanked me for the serice
which the Sun had performed forthe
public in publishing my letter. | am
confident that il saved hundreds of zen
from loss perhaps from ruin; and pm
happy to think that my warning was
uttered before it was too late--bGore
the baseless deal bad ingulfed the nb-
| lie.
But, while am an enemy to sbck
IDEALS" ard financial mining wheein
the excavations are made, not inthe
earth, but in other peoples pock@, !
am equally friend to honest ming.
In writing my previous letter | did:
81 do this in the interest OF Legitimate
mining, that it may have strong Ind
not weak support, and that it maynot
be retarded by the success of ming
bubbles" Notwithstanding these I'M
equivocal expressions, | have pen
treated as an enemy to all mining Be-
cause said that mining on the Mole
does not pay, have been accusd OF
saying that no mines are profitable
Why, most of the practical me- on
this coast hold the same view that do,
and yet some of them have gown
enormously rich in mining. seihtor
John =. Jones entertains tho same
opinion, and has repeated it h my
hearing hundreds of times; an(yet he
took 50, 000,0 900 or $6,000000 ouof the
Crown Point bonanza. Capt. taylor,
superintendent of the Yellow pcket,
told me that, in his opinion, evy dol
lar on the Comstock cost two pillars.
Mr.. Flood has said the samething.
Lonis A. Garnett, superintendent the
Pacific Refinery, says the sam thing
in his work on the "Rapid Deine in
the Production of the Precious letnls,"
p. SO. Mr.. William Jacob ("hstory
Precious Metals" chap. XXI Ss the
same thing. The Baron Alexaner Won
Humboldt, in Fluctuations ofHold,"
Berlin, 1888" says the samdhing.
Perhaps Mr.. CroIy understais the
subject better than Won Humbdt did;
perhaps not.
| While mining does not pay b the
whole, it pays the skillful or thlucky
miner enormously. On this cod mil
li0naires, whose iurrowed fad and
horney palms, whose rough npners
and odd style Of dress, tell of harR hips,
exposure, and fierce struga for
gold, are M plentiful rs hnoklebebs in
Connecticut. Flood, FAIR, Ofien,
Mackey, Sharon, Jones, Hay ard,
Williams, OConner, Keene, lent,
Shafter, Bell, Holmes, Couhlin,
Walker, Holland. and hundrs of
others were MI of them poor I'm u
few years ago, yet they have all bbme
wealthy, and many OF them ar3ril-
lionaires. There is scarcely al God
mine on this coast-and there lave
been hundreds, nay, thousands. o,ood
mines--whch has not turned 1t II
wealthy man; not necessarily anil
lionaire, but wealthy. With piiuct
which is not likely to fall below I60,.
000, 600 or $40, 600 600 n year for hny
years to come, and which may NJ amy
time jump to $l00,000000, this ctt is
sure to turn out scores Of millioiires
every year.
And yet ! say that mining d the
whole is Improbable. The prohble
mines are exceptions. You canIbuy
them for song. Their owners how
what they are worth, and, thouglthey
are commonly ready enough sell,
IVY 70. successful miner is usudy
WORKOUT man, and is glad of NJ OBJ
portunity to "elean up and retid up
on II competence, they are very Kelly
to ask n pretty good price, certai ly II
two.years' run, for them.
Now, let any one read my pr{ ious
letter and read this one, and seef he
finds the slightest discrepancy beSeen
them. say again, MS | said thet
I. On the whole, mining dol not
pay.
>. Neverth, less, u good mind one
out OF hundred or SOY il ioRlne.
1t, however, takes skill and patiete to
find and explore one, and hondy to
manage II for others. If you ily
mine, buy n good one, and pay good
price for it. Rather than invesiu
bubble, play poker.
:. DO not ho guided Ivy ia old
figures of production on this nast.
Study the mine itself.
1. Ii you want TO make fortne in
mining, do not try 70 do it by gai bling
in mining stocks. Buy stock in .kood
mine and hold it for dividend but
keep away from the market. Tire is
ruin in it,-plenty Of ruin.