The silver state. [volume] (Winnemucca, Nev.) 1909-1925, 1914-03-07
PROSPECTIVE BLOW
TO Mining INDUSTRY

NOW Jndt cOnSTesS is CONSTRUCTING
the advisabilty of prohibiting stock
speculation or at least so regulating
it as to rob it of its effectiveness, con-
sideration of the benefits and evils
arising from speculation is timely.
More than 75 per cent of the copper
producing industry of the United
States is the outgrowth of stock sepec-
ulation, and every mine has been
opened, developed and equipped by
the speculative or chance-taking ele-
ment of human nature, which is as in
herent as self preservation. The for
mer sometimes causes men to gamble,
adn the latter occasionally leads them
to kill. When race suicide is carried
of these evils will be eliminated, -
says George l.. Walker, of Boston, in
the Deseret News.
Every person who buys mining
stock hopes and expects to sell it
some time at a higher price. In this
way the speculative instinct has fur
nished the money to employ and de
velop the human talent that has built
up in the United States the greatest
copper producing and refining indus
try in the world. Our mines are
producing 5000, 100000 worth of cop
per year, giving employment di-
rectly and Indirectly to 100000 men
and creating an excess for exporta-
tion which adds many millions to our
national wealth every year.
"Some people have lost money in
speculation. Hundreds of mining en-
terprises wisely planned and honestly
conducted have failed. Thousands of
wildcat ventures created by swindlers
have absorbed millions of the peo-
pies money. The government appear
emily has discovered that by pro-
hibiting speculation and stopping all
copper mining the millions that are
lost through Improbable operations,
wildcatting and mining share speech
lation can be saved.
Following out the same principle,
the millions of dollars that are ex-
pended yearsly for fertilizers and for
fighting agricultural pests that de-
stroy crops can be saved, if no crops
are raised. Stop sending ships to
sea and there will be no more marine
wrecks with consequent loss of life
and property. Discontinue operat-
ing railroads and there will be no
more railroad abuses and no further
loss of life by train accidents. Stop
eating, wearing clothes and living in
houses, and abolish all expenditures
for Injuries and you will settle the
high cost of living and labor ques-
tions. Government control and regu-
lation has not gone quite so far as
this as yet; but governments COM
mitted nearly all of the worst crimes
recorded in history.
"The growth of speculation must
lie given credit for the development
of the world s great and remarkably
efficient banking system. Banks,
could not loan money on one-fifth of
the collateral they now accept, were
it not that spectators always stand
ready to purchase the collateral after
the borrowers equity is exhausted.
This is true not only of securities but
of merchandise and real estate. By
abolishing speculation of all kinds the
world s banking facilities can be re-
duced so to rs per cent, and money
lending abuses reduced almost in pro-
portion.
"Seculation has reached its high
est development in the United States,
the country which has grown most
rapidly in industry and wealth, the
country in which the highest wages
are paid, in which the greatest per
centage of the people own their own
homes, in which wealth is most wide
ly distributed, in which the people as
whole are better fed, clothed and
housed than in any other.
"Abolish speculation and you will
bring about an immediate and far
reaching eurtailment of industrial de-
velopment Food, raiment and shelf
er are the three prime necessities of
human life. They all come from in
drstry. Every obstacle placed in the
oath of industrial progress reduces
the ability of the people to provide
themselves with these necessities.
"We all believe in reform; but the
first thing to reform is that which is
doing the most harm and laying the
greatest burden upon the public. In
this country it is the government
popular cry for the least government
oossihle would appeal to intelligent
common sense. 1t has been well said,
The peope of the United States pos
7ors all the personal liberty there is
a~cept such liberties as they have sur
~endered to government Shall We
surrender out right to buy when we
think things are cheap and our privi-
'ege TO sell when we are offered sat
isfactory prieep All who wish to
WELD up this liberty should eneour
age the government TO regulate specu