The Elk Mountain pilot., 1882-06-08
THE STOCK EXCHANGE 1ND
MINING.

1t IS not well to rashly condemn any
. Institution, however much it may seem
to serve its purposes, or fail in ad-
vancing the ostensible objects OF its
being. The mining stock exchanges
throughout the country, however,
have reached that point when right
Gus lmpatience should consign them
to the limbo of unmitigated nuisances,
as resort for gambling pure ano
simple. they, in more expensive and
complicated way, but usurp the func-
tlons ofthe faro bank and the keno
table, while these latter human devices
have this to their credit, that they do
not involve IN ruin any great industry
Of the country. Mining for the prec-
lous metals, as legitimate business
has to-day all but vanished into the
realm of the purely speculative it
stands condemned by the best and
most conservative elements in the
business community; f; is burdened by
an accumulation of swindles and lies.
that have hardly gone clear Of crimes;
and has sunk into the very slough of
the disreputabIe, and the mining stock
exchange has accelerated and made
easy nay, has actually dragged the
industry down to this wretched con-
dltion. When matters have reached
this state, little is to be gained bv
CLOSING things over or resting III weak
and gentle condemnation. The sim,
pie fact is that it would be blessing
to the entire mining business If the
government would deal with every
mining exchange In the land Just as it
deals with the brothal.
True the industry is one such. that
an infinite amount of wrong can
not wholly destroy, but it can be and
has been immeasureably hampered.
No business offers nobler field to
manly energy and intelligence than
this great work Of enriching the world
from her store house Of the precious
metals ; an industry that furnishes an
outlet and SO worthy a one,. to the
active energies of our own people in
the production of s7o,ooo,ooo of
wealth in single year, should not Ee
| fettered by so malign an influence as
has been thrown about 1t by these
gambling inventions of men.
The exchanges for corn, wheat and
produce are little better than we'll de-
Fvised machines for gambling and
speculation, but a. ser.iJlance of utility
and decent regard for business prin-
ciplss, have lifted these Institutions
into degree of respectability, while
the mining exchange has. never from
its inception, risen much above the
silent contempt of the business COM
munity; and the palpab'e and out
rageous swindles 1t las fostered,, has
won for it the merited condemnation
of all engaged in legitimate mining.
and the deepest mistrust from the gen
eral public.
There is this consolation in the sit
uatlon, however, the evil may work
its own cure, and the reports that
come from New York, represent the
board there as utterly devoid of any
real business, and the brokers eagaged
in the harmless pastime Of fleeing
each other, may bring about solution
sooner than expected.
1t is pity that SO vast an industry
should not have some protection of
law, Left to the complete mercy of
irresponsible and unscrupulous gamb-
Iers, there is no longer an element OF
inherent security, SO far at least as
the business is represented in public
stocks with no public supervision
no legal penalties ; no restrictions it
Is not surprising that as soon as a
mine, good or bad, finds its way to
the market in the torn of stock, it at
once becomes the means of fleeing
the innocent ones, and the mining
exchange furnishes the perfect machi-
merry for such nanipulators, OF course
legitimate mining bears the burden Of
all these rascalities and capital with