Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1881-09-19

| value OF mat mine, anu thab ucSpiSe
the utter absence of any knowledge OF
encouraging developments the stock
is held up, and even mounts from
day to day. Il would be impossible to
find more striking illustration Of the
truth of the old saying that " a fool and
''his money are soon parted, than the
history of the Sierra Nevada mine affords.
During the past four years the stock OF
that mine has been as high as $40, and az
low as So share yet in all that time no
discovery has been made in it of any con-
sequence. The furious excitement, which
in 1879 carried the stock up 10 the highest
figure indicated, was based upon the most
fimsy and intangible reports. Then, a
now, the management of the mine was in
the hands of a few persons who were able
to make whatever concealments or asser-
tions they chose; whose statements could
not be trusted who were known to be
unembarrassed by scruples; and who
were the very last men alive to admit the
public to share of any benefits which
they were in position to monopolize.
None of these obvious considerations,
however, caused any one to hesitate. The
public plunged headlong into the market
and We're plundered, as q matter of course
The collapse of Sierra Nevada at that time
was SO complete that it really looked as
though the Comstock lode was played out
At all events the dupes had been impover-
ished for time, and it was absolutely nee
essary to give them breathing space
From that time until the present very lit
tie has been done on California and Pine
streets in the way of stock gambling, and
the community generally has felt tie ad-
vantage of the change. The most whole
some belief possible was the belief that the
Comstock was virtually exhausted. This
idea turned capital into legitimate enter
prises, released it from the feverish and
mischievous gambling arena, and
spread it abroad over the State. But
it now appears that the snake was only
sootched, not killed, and that the
passion for speculation is as
capable Of being reused into activity as at
any former time. The selection of Sierra
Nevada as the mine through which the
public are to be once mora bled, shows
Of itself how utterly independent of reason
the gambling mania is. For Sierra Nevada
has been one of the most costly and I'M.
productive mines on the lode. Up to this
day there have been sixty-nine assessments
levied on its stock, and it has paid eleven
dividends. The stockholders have paid out
81, $50, 900 for the alleged development of
the mine, and they have received in return
the scarcely satisfactory sum of $l02, 500.
These are the bottom facts about Sierra
Nevada yet it is such a mine which is
now selected as the basis for deal " by
which the shrewd manipulators of the
market confidently expect to secure the
lions share of the public savings of the
last two years.
Four millions and half of dollars have
already been sunk in Sierra Nevada. Two
years ago its stock was up to 500, and
when it collapsed it ruined thousands.
That immense gambling operation was
based upon nothing, as everybody now
knows yet in the teeth OF that experience
it is only necessary to set afoat rumor
about g rieh development, and the SIM
pie public rush forward again with their
new earnings and implore the manipulators
to fleece them. There is in the present
stories about Sierra Nevada no foundation
of fact SO far as any outsider knows. There
is but one natural presumption in such a
case, and that is that the alleged rich strike
is fiction, put abroad expressly to deceive
the unwary. There is not, in short, one
iota of evidence in support of the current
reports. Inexperienced stock broker puts
the least confidence in them. But it is ex-
pected that the public will as usual be
foolish enough to believe the coarse and
clumsy inventions, and that they viii
hand out their money and go enable the
"deal " to be made. The purpose of the
whole movement is but too plain. 1t is a
conspiracy to dupe and rob the public. No
weight whatever can be allowed to any
reports emanating from Virginia City at
such a time. Nothing that Mr.. Fair says
is entitled to the least belief in this con-
nectiOn. But it is already evident thai
there are fools enough in the community
to run the stock up far beyond any ra-
tional warrant, and that in the end these
fools will leave their money in the pockets
of the manipulators, and will have fer
their trouble nothing but an experience
which is certain to be useless to their kind.
1t seems hopeless to teach these headlong
gamblers wisdom, but it is none the less
the duty of the press to point out the
dangers which they are mourning, and to
give them the opportunity of avoiding the
fate of the moth in the candle.