Elk City mining news. (Elk City, Idaho) 1903-1913, 1910-11-24
From Wealth to Bankruptcy.

A number of years ago, during the
great mining boom in Nevada, when
Tonopah was at the highth of It's glory,
when fortunes were daily made il
Goldfeld, there were hundreds of men
who were suddenly raised from almost
abject poverty to positions of affiuence.
From almost an empty pocketbook
they were able to count their wealth by
the thousands, the quarter of million,
or even more; in addition to which they
were possessed of stocks and mining
shares that had good selling values,
and were in active demand.
Where are these fortunate ones now?
How about their wealth and influence?
The echo of the enquiry, reverberating
through the hills and canyons of the
various mining camps, comes back to
us without an answer, for the great
majority of these successful ones are
now down and out. Some few there
are who kept their heads during the
great mining boom we speak of; and
kept their wealth, as well. The bal
ance, Well, now and then we will
meet ragged, down-at-the-heel man
in the streets of some western metrop-
oils, or in some remote camp in the
hills, who will tell you that he made
mint of money during the Tonopah and
keep it; that it came too easy; that he
foolishly believed that prosperity would
last forever, and that, instead of lay
ing aside nest-egg, he squandered
his wealth in the effort and with the
belief that he would quit millionaire.
He will tell you, also, that he branched
out into every proposition offered, no
difference whether possessing merit or
not. That he had too many irons in
the fire, and that he could not attend
to them properly. He will tell you,
also, that the stocks from which he
might have made thousands, when they
were salable and active, he held for
millions, and that when the crash came
he had neither money and could not dis
pose of his stocks. At the close of his
narrative he will tell you truth which
you always suspected, and that is that,
with his other many fallings, he-was
insane.
This is the keynote to the whole
proposition. When a man is suddenly
successful, when he makes barrels of
money too easily, he generally becomes
insane; he believes there can be no
limit to his success; hesrefuses to use
the slightest safeguard in the protec-
ton of his newly rich" position, and
the result is soan evident, for with him
it is but step from wealth to bank
ruptcy.
This is not the fault of mining. al
though no other> avenue presents such
an opportunity for easily acquired
wealth; but is due to the fact THAT
when success on gigantic scale comes
to the average man he loses his keen
business instinct, if he ever had any,
and goes as wild as a Spanish bull
when red flag is waved in its face.
1t is really better for the mining dis
tricts of the west when they can attain
prominence without the aid of boom.
A camp that is developed and operated
strictly on its merits is in much better
condition than one that was brought to
life through the thros of boom; and
the man who has made big money
through the actual making of mine,
after days and months of toll and
hardships, has not "been Carried of
his feet and is more likely I'd hold his
| own, and put his wealth to some good