The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-08-20


realize a percentage of this investment
leach year which will bring back the
principal before the mine gives out, for
all mines give out in time. ] know one
man in Colorado who is worth 500, 600,
ana who does not even own house of his
own He has put little by little 500, 900
into the development OF a mine and he
has not got q dollar OF il back, because
he has not got the mine to the paying
point. believe thai he will get it back,
but 1t Will take time. A great many
mines which are making money for their
owners viii never realize what was put
into them
81 have property in Colorado, = con-
tinued the senator, for which $50, COO
was offered to me not long ago. l would
have taken it, but this financial trouble
has shut money up and l could not get it
now Well, sat down and figured out
the other day what had spent on that
mine. | figured compound interest, not
by the month, but by the year, as
might have invested the money, and
found that that property, which | can get
S25,O 900 for, has cost me just about
500, 600. -
you did not go to Colorado to seek
silver, = suggested.
NO" said Senator Teller, II went
there to practice law. But very soon
after got there ] put some money into
mine and shortly afterward | sold it for
ten times what / had paid for it. l
thought that that was the way to make
money, and put the money right back
into mines again. / bought three prop
critics and paid 10000 for them. That
was in 1868. l have those properties to-
day. [ have taken out about SIS, ZOO
fro, 81 > rta +,
paid.
81 took So, 600 out of one mine,'' said
Mr.. Teller, 'sand put it right back into
hole in the other side of the hill where it
now is. It is the disposition OF the miner
toput mis- money into the ground again.
There was an old fellow in one of the gold
camps of our state who became infatuated
with piece of property, just as a great
many miners do, and kept on working 1t
after he had spent his last dollar. He
could not buy sack of flour. He could
get the sack of -four because he was
good man. But the man who let
him have it never expected to
get paid for it. One day
this miner made strike and the next
day he was worth $780, He had a
daughter, a nice girl, who had married
and was living in Minnesota. He gave
her S50, 200. Then he went back to min
y
later he was not worth a cent. This is
the story of a great many
What are some of the great incomes
which have been suspended by the shut
ting down of the nlines?' | asked.
81 know of several men who were
making $25, 600 month, y said the SEN
ator. s'Dave Motfat had an income from
his mines of SIS. 900 a month. When he
shut them down he threw 5000 men out
rf ar1ar1lovnart -
I asked Mr.. Teller if he had ever got a
valuable mining interest in his law prac-
tice.
81 never have taken a case on contin-
gent fee,' said the senator. "Where l
learned law it was unlawful to do so.
The statute has fallen into disuse, but |
still think it should be enforced. No, /
came very near getting an interest in
very big mine once in a case which |
took. Some men came to me and asked
me to take suit for them. They had a
mine but no money. They offered me
quarter interest in the mine if / would
take their case. l said that / would take
the case but that if | won | wanted them
to pay me a cash fee, 'Rut,' they said,
If you lose, you will get nothing 1
told them that was all right. / did not
want any interest in the property. If
won the case wanted fair fee and that
was all / won the case and they paid me
81 500 for my work. The mine today is
worth at least a million dollars. / do
not regret what / did, though. Aside
from the general question of taking con-
tingent fees, | would rather not take an
interest in mine for legal work. If the
mine should prove to be worth anything,
the owners would have the feeling that
you had got the better of them. | would
rrther do a legitimate law business.
There are some great contingent fees made
IN the mining country though. great
many lawyers take cases and advance the
money to prosecute them on a contingent
fee. And one man whom / know, an ex-
member Of Congress, made $50, 900 in one
case in this way
Mr.. Teller said that practice in mining
cases paid quite as we'll as corporation
practice in large cities. L like the prac-
tice of mining law,' he said, 'sbut a
man who goes into it should have a
thorough knowledge of mining. | never
took a case yet without knowing all
about the property in dispute and its
physical character. j am a pretty good
engineer, too. and l have a good
knowledge of mathematics. studied engi-
neering and | could build bridge today.
Mining engineers are brought into min
ing cases very often; and they were very
careful in their statements when l was
the attorney for the other side. If they
made mis-statement could detect it.
and / could make it very plain to the
jury, too.
81 have had interests in mining ever
since went to Colorado said Mr.. Tel
Ter, s'but do not know that can saw
that have made any money out of it. I
have been practicing law steadily during
all that time My interests have been al |
most entirely in gold properties. l live
In gold camp. have two small inter
ests in silver now. One of them is a |
quarter interest in a property for which | |
would take 3, 900. So you see have not
a great personal interest in silver"
.sThere is great deal OF misapprehen- /
sion among silver men about the silver
situation, aid the Senator. ssWhen / /
was coming through Chicago on nv way