The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-07-06
A CHANGE IS NEEDED.
Parasites Who Fatten on the Mining
Industry.

P. A. O'Farrell, in a communication
to the Seattle Post-Intelligencer, makes
the following timely suggestions and
remarks:
The meteoric brilliancy of the career
/ of Barney Barnato and his sad and
untimeiy end is the one thing talked
about in New York at present. Wiz
zard, juggler or genius. he certainly left
/ his marx on the financial world, and
for a time at least he enjoyed the full
measure of marvellous success.
The career of this kowly-born London
Jew not only adorns many tale. but
ii points out the moral that the most
legitimate, if not the greatest, fortunes
are achieved in mining for the precious
metals.
John W. Mackay stumbled into for
tune amid the desert wilds of the Ne
vada mountains. The brilliant star of
Cecil Rhodes first appeared over the
diamond fields of Kim berly. The young
Napoleon of American journalism. w.
+. Hearst, produced the millions which
he is lavishly spending for newspaper
fame from the mines of Montana and
Utah. Marcus Daily amuses himself
racing some of the finest horses in the
world, because he CHANGED upon the
Ontario and the Anaconda. In mines
also J. H Haggin, Fair, Flood, De La
mar and a multitude of others have
made vast fortunes, and the future Will
be a repetition of the past.
Ii is true that mining for the precious
metals has absorbed, as well as made,
fortunes But the losses in mining in
variaoly spring from bad BUSINESS
methods, and also because mining af-
fcrds an easier field than any other for
the dishonest Spectator 10 operate in
Take the British Columbia country,
for instance. The discoveries in Trail,
1 -.
Steele, leave no doubt in the minds of
sane men but that there are vast de-
posits OF precious metals, as well as Of
copper and lead, in British Columbia.
Generations to come will find that
province the home of muititudinous and
prosperous mining towns.
But the system of conducting the
mining business in that country will
have to be revolutioniZed. After some
years of experience l can clearly see
that it won't work. The shrewd pros
pector and the promoter get the money,
and the prospect itself and capital get
neglected. This has arisen from the
fact that capital has not been combined
so as TO protect itself and insure
against loss. III the rivalry begotten
of the developments in the War Eagle
and lie Roi. every prospector who had
a hole in the ground and an ore dis
covery in the Trail Creek country con-
WINGED himself that he had a mine and
asked for it from $4,000 TO $1,000 The
public was eager for investment, and
the promoter had to satisfy the public
The dishonest promoter never looked
for mines, but for locations, which
would catch the guillable public, and
for these he gave but little money. The
honest promoter was compelled to pay
too high prics for prospects, and |
through him so had the public. The !
and his assoc ate. and the !
dishonest promoter alone benefited by
this state of affairs, and ii is time 20 /
call a halt and for capital to combine /
for protection.
No doubt many good mining men and /
mining operators were carried away /
during the BOOM partially losing |
their heads. but IT is ever thus. Hope |
and enthusiasm are catching. and the |
coolest heads are not proof against |
them