Arizona republican., 1915-07-25
The Mines of Arizona
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of hazard for a stake; risk money or anything of value on the issue of a game of chance, by either playing or betting on the play of others; hence to engage in financial transactions or speculation dependent for success chiefly upon chance or unknown con tingencies, it is evident that there is no great difference between the one meaning of the two words.
 Mining. especially metal mining, is usually regarded as speculation It is certainly not often proper sphere in which to invest the widows mite or the orphans portion, but it is sure ly an attractive and proper field for the vigorous man with plenty of red blood in his body. Now in one con- ception a mine never produces any thing: it creates nothing in the sense of a farm yielding crops It is the storehouse. if you please. containing n underlined and unknown amount of treasure, or what may be such if lt does not cost more to take out than the product is worth in the mar ket. In other words. a mine is what actuaries term a liquidating or vast ing asset. Every pound of ore taken
 
 less valuable Actually the taking of ore from a mine might make it more valuable because the act of doing this may develop the property and show resources heretofore unsuspect- ed Indeed it is seldom possible to be sure wheN mine is completely ex- hausted, and what is waste rock to- day may be ore tomorrow by reason of changed conditions. We certainly cannot expect the investor to view and understand such matters in the same way as an experienced mining engineer; the trouble is. the investor often thinks he knows as much, or even more, than the engineer.
 As investors or spectators in min ing enterprises the English are pre- eminent. they are ready to take more risks than even Americans. but at the same time they are prone to mini mize these risks by employing good engineers whom they do not appear to hesitate in compensating generously This fact, I believe. accounts in a large measure for the considera ble number of American mining engineers who have been for years making their headquarters in London. Indeed since the early golden days of 4he Rand. in South Africa, American mining en- gineers have been largely employed by British companies. Bu: these con ditions may not endure. Hence if We are to compete and continue to hold abroad the great reputation that American engineers have achieved. we must induce American capital to ven ture outside the borders of this coun- try.
 Most Americans seem to have a notion that because q mine. or other investment. may be in a remote place fl is necessarily a precarious venture There certainly is an indisposition on the part of American investors to in- cur the heavy expense of sending an efficient and responsible engineer to such places The promoter is well aware of this weakness and works on if. Experienced mining concerns. of course. are not ordinarily guilty of the folly of such false economy, but the small syndicate "our little crowd at the club once the plausible pro moter gets the proper introduction. is very likely to succumb to the ''prac- tical miner" and believe his con temptuous references to the engineer or what he usually prefers to denomi nate him, the expert or professor, terms of approbrium of an ignorant and suspicious mind
 Gold that is used in jewelry and gold coins is always alloyed with cop per and sometimes. as in the former with silver. Addition of copper makes the color the popular golden yellow orange or reddish gold. Silver turns gold pale yellow. We seldom see pure gold. but it has that indescribable yell low that so often fascinates.
 The pure metal is SO malleable that it can be beaten between sheets of