The weekly miner. [volume] (Butte, Mont.) 1878-1881, 1881-09-13
WHAT THE MINER MEANS.

1t Is not necessary Tor the MINER to enter
into an explanation concerning its past course
toward the mines or mine owners of this
district. From the day of its first issue up
to the present time it has always been found
fully to the world the great extent and rich
ness of ,ourmines and to uphold the interests
Of the community at large. 1t has ever been
fearless, Independent and outspoken in its
views and whenever and wherever there have
appeared matters which, in its judgment.
were injurious to the mass of our people it
has not failed to sound the note of warning.
1t has not been the mouth piece of a single
man nor of a clique but has held that the in
terests of the many should always receive its
first consideration. Without claiming infalli-
bility it does claim that it has
earnestly, honestly and faithfully
endeavored to promote the highest interests
of the people of Butte and of the people of
the Territory. As it has done this in the
past, so it will continue to do in the future.
This is the platform of the MINER, sad in
adhering to it, it has been true to the pur-
poses of its existence true to the interests
of our citizens true to the interests of the
people of the Territory, and true to its name.
This is, essentially, a mining community,
rich and prosperous and full of hope and
bright anticipations. Millions of dollars are
invested in it and millions more can be prof
i'ably used IN developing its almost illimita-
BILE resources. It presents tempting induce
,oaptc IN tbo oa,f.o)iot tho rnipar tho ahop.
err and the swindler. That it should count a
few of the latter class Of men among the
many who are rushing here is not al all sur
prising. A few hypocrites will find their way
into a church, but their presence does not
destroy nor disprove the religion of Christ.
They may, if permitted to remain undeat
with, bring reproach upon His followers and
a cloud upon the truth and richness of His
teachings. So sharpers and swindlers may
be found in a mining camp, and while their
manipulations may ruin hundreds of con-
filling investors in mining properties, and
cast discredit upon really valuable mines,
still they are as Itch and their output may be
brought to as high a paying standard as be-
fore the ~manipulators obtained control of
them. But as churches are destroyed by
harboring ard protecting hypocrites, so the
prosperity of a mining camp is checked and
its fair hopes blighted by fostering or pro-
tecting illegitimate mining schemes. Carry
ing the similitude a little further, We may
say that it is the duty of the priest or pastor
to watch over his flock and correct the abuses
which may creep among them, so it is the
duty Of a newspaper to point out schemes
whereby the people may suffer and the inter
ests of the community are imperrlled.
Taking this view of the duty of the press.
the MINER has called the attention of its
readers to the dangers which may result to
this community by the overcapitalization OF
some Of its mines. Those dangers do not
appear so readily upon the surface. They
lie deep and are concealed from the view of
the coniding, the enthusiastic, the inexperi-
enced, the credulous and the young. These
are they who are generally the victims of
mining sharps. If they alone suffered the
evil would rest with the victims. But it does
not. It reacts upon the mines and the com-
munity in which the mines are situated by
destroying the confidence Of outside parties
in both the mines and the community.
In proof of this let us state a hypo-
thetical case and carry it out to
it's possible end. We viii say that a mine
is purchased by a syndicate for 100000. 1t
is probably worth every dollar of the money.
This mine is stocked for 81, 100000. We
will say that 10000 shares are issued, the
par value of each share being $25. The
syndicate put. Is 900 shares Of this stock up
on the market and sells them al Sl.35 per
share. This sale will bring to the office of
the synd cate the sum of SOL ,25O.00, just
$3.50 more than the first cost Of the mine.
This stock is scattered among the people, the
majority of whom have eagerly embraced tile
opportunity to buy $25 worth Of stock in a
81, 00O, 600 mine for 81 35. But the syndi-
cate holds the other s. 900 shares which have
not cost them a cent, and in holding them it
controls a mine which the people have pur-
chased.
The mine is now paid for and the next
step is to erect hosting works and u mill.
For this purpose the syndicate morts ages the
mine to q party or parties in the ring or to
stool pigeons on the outside, and obtains the
money and makes the necessary improve
ments. As the syndicate controlled the mine
so it now controls both mine and mill and
works both as best suits the purposes it has
in view. If it desires to swindle the holders
of the 5000 shares out of their Sl0l,250
purchase money, it can do so. 1t can eat up
the proceeds of the mine by the mismanage-
menU of high salaried officers, and permit the
mine and mill to be sold under the sheriti's
hammer to satisfy the demands Of the mort
gage, or it may buy up the deprecated stock