, 1879-06-13
day Ind long consultation wlt,. II, ~
relative to tho Statements which hc irhomraoa
lnh made against Min at recent e|,n,"t' |ot'nson)
luz, 1'eA Meel.
CALIFORNIA AND NEVADA NINE,

mar ~ Aesue WIN thn alen Ut ti.n Nn,i,.-
Clnb. "'loa
SAN FnAsc'sco. May 81, ts7s.-7a n. Ea,,.
V shs Ven lorS SIN: II yon will turn IN ~.
report OF Tho Silver Con,mlssIon, pszo 9, ,as ms
will observe tl'at' Oil account Of my tcclo,.,1s
qualification fot e1am!ntnE m!aesot ,hc prerlons l,
metals, WAS cotumiss1ot1el ptTfcn1Ir ~ ",sn
tho mtncs VI u,is roast md repo1t non a. lay y.
probable yioil Of metal. Acco1,ttnolr uet
hero In November 1870, While tho ian,on. ts'ns run
Ru,,datoa Virginia ard California mlpc, wv wv
"tn bonanza, u aud wen 1t vas almost t,,,h,s H."
hint that they might aoon "potcr out n ~ ~
atack Of each mine then stool nt nbont ~ >.
which, as theirs arc $4,000 shares II, eac}, c.s ~
u 959, 4o0, ,oN for thu whpic tu,,nn,s1 1a"q
examined these mines carefully, mi J.
the lace Of cortaln speclolls appcaranesaa ~
t!hry, can'o 10, the conclusion I lin. ~. "
Hnnhn2n was on It's Inst lrue, ind fha n,ss. s1e
WIS mIstnkcn. If llntl bcon stock .n..st rSvs
latot. cnnld hnvc made n fnrtuuc I{ lrpsaar l,ta.
With grave trust. uu discharged il ;a',s'asas 'S,Sf1a
and resolntel}, went buck to Washington. !.
January, 1877, n.'t1 at onea lnat9e my Iroa.
You Will sue It III the nppcndlx To TIC irst WI,
uma Of tho sllycr Report, paess to d iorIa. Hs
| 1877. III J,ine uf tile satne yrar returnei =
| California 10 examine soma other utfDcs ~ ~
finish my "lllst,,ry Of The Precious Met,l.Sa IL
now III proeess Of publication. 1t was moi uatfJ
.%o rnar mon;hs inter ,,a my rsturn here th
given, L, tho press. Its publication WI, In In
signal for general oNtburst 0! ludtan,t'nosa
from t'sa stock-iubbcrs uttl their o,gsns
With ono accord they decided that /
enungl,, ar did not understand the lbie, subjest,
Meanwhile, however, the stock halt qufrtj,
falloa to ha1f-prtcc,, md this faut, n,oso th.a,
1 11 ,k.
engineer who had boon denounced by tl,s apss
nul,za prcFa,h gave me- few weak and t.emh
| ling friends, who thought TINT perhans miab,
bo right. aftcr a'l, provided, OF coursc, tha,
MAS nt,t aenountGl any further.
Well, you know tlo rest. After tteY had
carefully acrnpcd every ''lrnecr," esery ntS.
!cctcd ercylee al,d granny, for ure; sftcf liz,
l,aa mingled the GRO below with worthj.,i,
quartz, 20 as to eko out an leverage" nixtate
plorch tic upper lcvcis Tor possible iriugtu
md oflsoots Of. the Donanza, tlr nansrsr.
were obliged to lot the dailS product Of tho
mines tell The truth. This product Has noth.
,ug but milling quartz,, and tle fact which
now plain to everybody; The Bonanza VA.
played out. In November Inst, after tho
flzzlo ia Sierra Nevada, tho stocks oi
TIC Pig Donanza tel to about ' NJ a. slare, whIsh
fall OF feleventwelfths from the ya,ne they bora
at tho TIM examined tflcul. is fur the p,e-
duct, Il hnd fallen to Wretehcl quartz, which
scarcoiy paid sho cost q extraction md rcdue.
great Bfze, extensive ramifeatinns, and hasty
working, WIS, u1tl Is, extremely dangerous,
They may saso 10 at any time, as did the 0pht
supposilsg TINT the biz Donanza Ind tp,ned
it's history and would neyor be beanl Of ngaIu s
a seriols enterprise, Wrote an account of Il
last year, entitled the "Rea History Of the Biz
Bonanza" III which facts, briefly alluded to ID
this letter, werc set forth ut soma length.
the SIM, to anl that the spectre of Tue Dg Bon.
nnza had been Introduced upon New York
| Stock Exchange, md TINT my old iellox-tosnt-
men Wese 6uyinE Its eharcs at the rata Of 81, 0p'
0O0 q 50, ,000. .D01 Tor TIC two mlncsl
!. Ncw-Yorkers, let MO Bay word to you. lido
not Wish 10 hurt Dave CrolY or hts Bullion Club
Croly is III old friend; md the Bullion Club t
know nothing nbont,. except tflat, as under
stau, It + tntoresse.l IN pSoMotlnS ,le ta'o 9.
you 10 pauso moment baforo you put yoat
| money into a mlno, nnd give you, IN d feH
words, the benefit Of nearly three years' relt
dence on this coast, and pretty exlcnstrs
in the interest Of 1oatttniats mtnlng That II maY
have q strong MID not weak support. aud that It
may not be retarded By tic success ot mining
bubbles I do It, also. In the intelcst Of tnauy
! persona Of slondor means who mar bc eugnted
In tlle desperate chances or the 1pobety that sut-
! rounds Quartz-uliunE.
1. On the wh0!e,-and for anY Qua large dis
trlct, rs California Australia, British Colan'
bla;; etc., auartz-nllnlnE bs freeman ne.er a.,
ana asver e This s que TO e se
+ precious u1nsats already In thu world which
y WcrO obtained By conquest or slaYerF, and,
therefore, cost nothing. There nEs also euot.
), NOUS quantities Of gold obtained In pacers q
Ing mail. All new gold now obtained has 70
compete agutust Tits chcRDty-produccd met.
through tic leyel If prtcus which +! has created
and, for perhaps century or n!ord 10 come @
;, | the nuH gold cannot maintain this competitor
without loss.
2. Although auartz-utluing Is On thc Who'll
0 unproatahac, people ptirsue u because u pos
|, seseeB tho fascination OK lottery and po1el
It Is losing game, yct tfcy continue to pu5su
it 1t bccauso euct one hopes to be an c1eepaoo
and to draw n przu. 80 Il u viii. quartzInaa
Ing. There are many go!d.n'iil'ig ptopetntes =
% but these are rs ono to q hundred o. "oft1les
J ones. Without the asststuuca of the hleass
IF professional skill, und without tie utmost goo
faith and probity Ia evury part OF the manase
T. mcnt, 1t IL simple malness to Unrest IN ia
:, ctock Of q pruc1ous-tnetal mine. better ps
u Do not b. pnls'od BY tho ngnres oi pss. r.
luct.on on this coast. Il,s ha!cyoa days q 7
!. arc long eiuce oyer, and tic p!seermiGes,s ~ =,
2 2 exhausted for whte men. Tho CofaHlosG los
s ts honeycosnbcd and used up 1t Ia not ,layG, m S
stblo tint another body Ut rich orc may 20 ~ y
covcred in H. but 1t Is very improbable tha! 4. :.
p product will ever again touch tte figures Of y.
ind 1871, OF the half or the fourth q tsn ha, ~
le current product Of gold IN California, ao9.
jra,lilc mincs, usually ctoso corporations ~ Tn
>. have obtained Tho privilege OF wushluE sfp a'!
Of this State into Its valleys an, lor ,' @ sasst
~ one cents worth Of gold y Q cabls ysnu aoI
:" hasoos, a,,! utterly raasns III agllru!lat. al
" luutle, fSce both majority md minority repon