Tonopah daily bonanza. [volume] (Tonopah, Nev.) 1906-1929, 1911-01-25
Let There Be Light.

A local mining man. talking on the street,
deprecated the Bonanzas editorial of the other
day demanding the enforcement Of the law
requiring mining companies to publish annually
statement OF their financial operations-in
other words, to show how their money has been
expended He thought the law should be al
lowed to die of enforcement
The view of the law taken by this gentle
man is not peculiar to himself There are a
whole lot of mining men-some right here in
our midst-who oppose the enforcement of the
law. And very likely Mr. Patrick whose trial
at Carson is just finished; Mr.. Graham Rice,
whom the government went after for illegal use
OF the mails just as it went after Mr. Patrick
no doubt both of these gentlemen regard such
law as this we are discussing as an imper
tnent attempt to pry into man S private bust
ness. OF course they overlook one point in their
argument-that when they take other people s
money, professedly to develop mining property
these other people have right to know Just
how every cent OF this money is being spent
Really, this is the reason why they don't like
the law
There is nothing about the provisions Of the
law that will work injury to any honest mining
company or any honest mining promoter And
no man honestly expanding money received from
the public by the sale Of stock can object to the
law. 1t INJURIES him in no way because designed
to protect his investors. 1t is the man who does
object to making frank, business-like state
ment showing where he is putting the money
from stockholders that needs watching.
The design of the law is obvious. It was
aimed to check validating in so far as 4
measure giving investors all the information
possible could do so And too it was anticip-
ated that its strict enforcement would remedy
an evil long complained of by investors, and
make it possible for them to get some informa-
ton as to how their money was being put ont
We have several cases right here in Tonopah
where the secretary of mining companys sit
ting in his easy chair at his office, urbancly
refuses all information to inquiring investors in
the company he represents
OF course, it would be only matter Of time
until the lawyers would begin to twist the law
to suit themselves. A local firm of legal lum-
inares takes the ground, we understand that
only operating companies are affected by the
law When it comes to omniscience we cOncede
the average lawyer and God Almighty alone
have been granted it. The lawyer must GER
tainly possess it to be able to determine that
the mind of the legislator had something diff
ferent in view than the law he passed. To ex-
empt all the incorporating companies which
means about nine-tenths Of the whole-from its
provisions would be tantamount to defeating in
advance the very object sought to be achieved.
Nobody is worrying any about the "operat-
ing companies. They are conducted on bust
ness principles, or they wouldn't be operating.
AHS leIoW tnc law Was lndue lor usually mas
an office in the upper floor Of business block,
set off with lot of rather handsome furniture,
and it is here the company does all it's "oper-
ating. This is the gentleman the law is after.
He is using Uncle Sans mails to send out glow
ing prospectuses Of his company, quoting fabu-
lous earnings to be made in the future, and
painting everything in roseate hue. He receives
thousands and thousands of dollars from inves-
tors and the law says he must show what he
is doing with this money.
The enforcement Of this law makes for hon
esty and square dealing in the fotation Of min
ing companies. Its ACKNOWLEDGEMENT Injuries the
man who is in the mining game on an honest
basis, and helps. the crook.