Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1881-01-30
.,,,xe As AN INVESTMENT.

The New York Economist, one OF the
host mining authorities at the East. has
tbe following: We think it admits OF no
doubt that mining operators and pro-
fessioual promoters will, in the future,
find it much less easy to advance their
schemes in the Eastern market and
among Eastern investors than they have
in the past. The Eastern public has un-
dergone during the past few years a
severe and practical course Of education;
and though it is poorer by millions OF
dollars in money before that course be-
can. il is decidedly richer in experience
which is likely to prove finally OF ines
t;mable value to it. 1t has learned that
there are mines and mines; it has learned
that sbonanzas are of such frequency
that they have ceased to have the attrac-
t;on which should be accorded to good
honest worth of medium promise; it has
learned that the issuance of neatly en-
craved stock certificates representing q
Capitalization of somewhere in the mill
IONS is not necessarily evidence OF the
existence of a mine; and finally it has
learned that mining, no more than any
other business enterprise is 70 be under
taken in q blindfold condition. These
are things that it was absolutely neces-
sary that the public should learn sooner
or later, and we do not know that IL
could have been acquired at a lower
price.
"With this lesson thoroughly learned,
and if any man of fair understanding
and with any money to invest or squan-
der has not learned it, it is not the fault
cf the professional operators; the public
has another theory, which, even if it be
longer in acquiring, will be less costly,
indeed, will bring with it its own profit.
That other thing is that the business of
mining offers an opportunity for legiti-
mate and remunerative investment, which
must in the end prove a formidable rival
of railways, if it does not outstrip them
in many particulars. The mining which
we refer to is the business-like, thorough
and honest development of the vast de-
posits of valuable mineral which exist in
this country to an extent equaled no.
where else in the world. The mining to
which we refer demands the same obser-
vance of the established and well-proved
rules Of business as any other legitimate
enterprise. In it honesty, fair dealing
and character will hold the same place as
in banking, railroading, etc. In it capt.
tai is a preliminary necessity, and good
returns on capital an assured sequence of
honest management and legitimate oper-
ations. In it the profits may not equal
what has been promised in many a scheme
on which the public has greedily seized
the past, but they can but be large, and
they will be legitimate. In it there will
be a degree Of permanence which has
never been attached to the word min
ing, excepting in a few cases which have
been looked upon as exceptional, but
which are, in reality, simply the best ex-
amples of what legitimate mining can be
and should be made that we have ever
had in this country.
These features are the features of le-
gitimate business enterprises, and form
the staple requirements of a field of
operations for investors, as distinct from
spectators. They will in the future, if
the public will only bear them in mind,
make of mining a matter of investment
as distinct from speculation. No one
questions now the claim of copper and
coal mining enterprises, when properly
conducted, to a place among investment
securities, and the time is coming when
the same thing will be true Of mining for
the precious metals. Before that era can
be fairly inaugurated there must neces-
sarily be a great wedding out of bogus
and fraudulent schemes; but that is 60
ing on quite rapidly at the present time,
and ultimate success seems to be a
anteed fact"