Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1883-02-16
THE METHODIST NINE,

THE METHODIST NINE.
A year or two ago wide publicity was
given to the alleged fact that one Col. H. G.
Bixhy of San Francisco had given to the
East Tennessee Wesleyan University, locat-
ed at Athens, Tennessee, some two or three
hundred Thousand dollars worth of silver
mining shares; and many were the congrat-
ulations the institution received on this some
what novel addition TO its rtsouic s. But
the latest developments show that the prov
erbial condition of affairs was reversed, and
that there was large and very s)mbre
cloud behind this silver lining. 1t now ap-
pears that the mine-whch was the prop
erty Of the Isabella Mining company, incor-
poratcd number of years ago under the
mining laws of California, and had nominal
capital of $4,000 900, divided into 100000
shares of 500 cach-was absolutely
valuecss. Col. Bxby, its principal owner
became convinced of this painful fact and
cast about for ways and means of realizing
upon it by means of S Ae and after much
anxious thought he hit upon the brilliant idea
of working his religious denomination,
which was the Methodist. He thereupon
made the donation" referred TO- TO the
East Tennessee university, representing the
mine to he veritablc Goiconda. The pre-
sdent of the institution, Dir. Spence, was
very favorably impressed, Of course, and
promptly sent on his professor of mncralogy
Mr.. Caldwell to examine the property. Be
forc the guilelcss professor got there the mine
was carefully and thoroughly "satod, and
the man of science was consequently mslcd
into reporting it as rich almost beyond pre-
cedcnt Thcrcupon Col BiXby, DR.. Spence and
Prof. Caldwell went to New York and hadun
interview with Bishop Simpson, who referred
them 10 Rev. Dr. Newman, as the better fin
ancier, Colonel BiNby admitted that there
wcIc some encuml RANGES on the property,
and he wanted to RAISE $4,000 tc put the
mine in working order, purchase II mil, etc.
DIR. Newman was favorahly impressed and it
was soon decided to form stock company
TO operate the mine. The stock was to be
placed on the market at SO share, hut it
was decided to give the first corners tine BEN
eft of the ground fl oi''-thlt is 10 say, -
a share instead of $40 would be the ground
floor price to the first comels. II had long
been an expressed purpose Of DR.. Newman,
he says, to give portion of his fortune 10
the cause of education, and he thought this
an excellent opportunity to carry ont his in
tention. So he invested $1,000 in the Elsa
bella Mining and Milling Company and
Bishop Simpson followed with "A subScrip-
ton of 5000 The EhriStidH .idcocute is
the official organ of the Methodist Episcopal
Church, Rev. c. H. Fowler, ID. D., LID,
had been for many years editor Of tina: paper,
and Rev. W. II. Depuy, ID. D., assistant
editor, Both of these gentlemen were n-
duccd to take stock. On July % an editorial
appeared in the christian idg0catc indlrsing
the project. In the same number, and also
in the three. succeeding numbers, there ap-
pearod II business announcement TO the cf-
feet that SO, 900 was wanted Immediately 10y
trustees of the East Tennessee WESLEYAN
of stock in one OF the richest and most dcsir-
able silver mines In the world. 1t was further
stated tina. "a little quantity was TO be plac-
ed on the market at the rate of $40 per share
(par value 100000, for the purpose of rails
ing funds to aid in paying for an exceedingly
valuable mill to he used at once in reducing
the ore, more than six hundred tons of which
have already been quarricd from the mines
and are ready for the mills. Dividends of II,
least per cent monthly thereafter"
1t is understood that all the leading people
at the headquarters of the Methodist publish
ing interest at New York took stock in the
city and vicinity at once, and later on the
amount was swelled to very large proper
tions-thc exact sum it being impossible to
discover, ut present. But the months passed
along ami the promised dividends were not
paid, and the stockholders became uneasy.
Finally an investigation was made, when it
was discovered that the ore on the dumps
which Ind been described as of unsurpassed
Pennsylvania railroad ballasts its tracks !;
and that the mine was a complete and utter
failure, and for all intents and purposes abso-
lutcly worthless.
The only return for the capital invested is
useful moral, and that, although valuable,
is by no means novel. OF course the sort of
thing of which this story is an instance is by
no means Methodist monopoly, nor can it
attach any stigma to the denomination.
Gases are cropping out every day where
good people of all denominations are swim
died in a manner precisely similar. The
craze for "a ten-dollar return on n twenty
fivc-ccnt investment, the desire to get at
riches by a short cut, this it is that it bring
ing thousands of our people to grief, and that
finds its latest cXcmplifcation in the story of
the Isabella mine.
A TrRNEiDROP IN OFFICE,