Frostburg mining journal. [volume] (Frostburg, Md.) 1871-1913, 1885-01-17

.sAAA eAAS P@htASo Va iiOoO oSto
deserve and will probably receive
proper punishment, but the miners are
by no means such a class of desper-
ados and outlaws as those who SLAM
der them would have us believe. As
body, they are honest, industrious,
peaceable and law-abiding. Resent
ment for real wrongs and abuses suf-
fered has incited some of the thought
less and desperate of their number to
deeds of violence. 1t would be as un-
just, however, to say that the working
men of the country should be held re-
sponsibls fol- the riots of 1877, as to
say the miners, as a body, are re-
sponsible for the late acts of lawless-
ness, riot and incendiarism in the
Hooking Valley. The workingmen in
Cincinnati were by no means all re-
sponsible for the riot in that city. Nor,
by way of further illustration, are all
of us mine operators guilty of the vices
and crimes of some rich rascals and
black sheep in our midst, who have
plundered the public in playing the
stock confidence game, and in other
ungodly behavior. The two corpora
tions that have acted the part of chief
aggressors in this conspiracy to pau
perize the wages and trample upon the
right of the miners, are the Hooking
Valley railroad and the Hooking Val
ley syndicate.
both Of these powerful monopolies
have been guided in their past policy
and conduct by the two vicious prin-
ciples Of getting high prices from the
public and giving low prices to the
laborer. The plans of securing
double profit by advancing the selling
price of coal in various large markets,
and by reducing the cost of production
from the cutting down of lily paid la
Dor, showed at least talent for shrewd
financiering. Interest on watered rail
way stocks and inflated bonds had to
be paid, and sentiments of justice,
compassion or mercy could not furnish
the means to meet such hard obliga-
tions. The present owners of the
Hooking Valley railroad gained poses
sion of this property few years ago
by simply using the printing-press to
turn out bonds enough to cover the
entire purchase of stock, bonds, AMI
everything else handed over to them
from the old company. These men
even paid in these new bonds most
generous price for their purchase, and
far in excess of any actual money in
vestments ever put into the road.
Then they had the kindness to issue to
themselves in addition $l5,000,0O0 of
stock that never cost them dollar.
They now say that this stock is not
earning them anything, and that the
price of mining must come down to
afford them their interest on these i'm
mense investments. Let me say right
here by way of depression, there is not
to-day in this country a greater evil
affecting the industrial and CONNER
cial interests of the country than that
of the gigantic swindle of railway
stock imitation. This evil has become
most alarming. 1t is a confidence
game-a corrupt and villainous swim
die from beginning to end. The panic
of few years ago and the depression
and want throughout the country
originated very largely in this very
abuse"
wherein does it differ in principle
and violation of honesty to issue and
circulate spurious stocks, or to issue
and circulate spurious money!"
''It does make, however, mighty
difference in practice, as the rogue,
guilty of the latter act becomes a
criminal and goes to the penitentiary,
while the rogue who commits the
former act becomes a millionaire and
goes into the presidency of railroad
company. These stock infations and
stock swindles are identical in charac-
ter with the famous, or rather infa-
nous Mississippi scheme and South
sea bubble of history that bankrupted
France and England in their day.
All this, however, is a long and serious
subject, and cannot now be entered
into beyond this mere passing allusion.
lie. US now glance at the Syndicate
coal company. Its own prospectus
tells us the simple tale of its aims and
purposes. This plausible pamphlet,
issued by this company few months
ago and scattered broadcast through
out the country, with the purpose of
furnishing interesting reading matter
to guileless investors and widows and
orphans seeking employment for
money left them by legacy for their
support showed glowing exhibit of
years of prosperity enjoyed by the
various interests composing this coal
organization. This beautifully writ
ten prospectus dwelt with stress and
delight upon its glittering scheme of
making its stocks and bonds the choic-