The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1917-06-28

lComstock died miserably, by his Own
hand. In 1879. and both OF those whom
he partly dispossessed died paupers
and without honor.
The discovery Of the Comstock wal
almost as fortuitous as the finding OF
a purse In the street by a drunken
sailor. The placer miners knew little
about vein mining and nothing about
silver mining. The mining of silver
was unknown in the United States
previous to the discovery of the Com
stock and the knowledge Of minerals
as also knowledge In general was
lacking In the cabins of Gold Canon
But the opening Of the great treasure
on the lower slopes of Mount David
son brought to the Comstock all the
sciences that were needed to guide
skillful exploitation. The figures OF
production are staggering. The en-
tire output Of gold and silver exceeds
$500, 100000. In the early years, the
value Of the gold in the ore exceed
ed that Of the silver. OF the total
production of the mines, about Sc per
cent of the value was silver and A
per cent was gold. The losses made
In milling and the money stolen are
not recorded. but they form part of
the yield of the great lode. BY 1857
the shallow ore bodies were exhaust
ed, and the future looked dark. Then,
in 1870, the Crown Point found its
famous ore shoot at depth of 100
feet and the Comstock took a new
lease Of life. In 1873 the Consolidated
Virginia Mining company, generally
known as the Con Virginia., found
the top Of Its ore shoot at a depth
Of 100 feet from the surface. This
ore body extended into the Califor-
mia; It yielded s13l.75s,S in metals
and $7s,14S,8O0 In dividends up to the
end Of 1899. Nearly all of this was
produced in five years, from 1874 to
1879, during which 100000 tons was
mined that averaged about 500 per
ton. For three years, after the big
ore bodies were uncovered between
the 100 and 1600-foot levels, the
Con. Virginia and the California pro-
duced 100000 per month, and divi-
bends at the rate of $1,OS0,O0O per
month were paid by each mine. This
enormous production melted an orgy
of stock gambling in all the mines
along the Comstock lode, good and
bad. There were only a few richly
productive mines, few more that
found ore but paid no dividends, and
but Irish dividends" that Is
did nothing but collect assessments
year in and year out for genera
ton or more The stock gambling
however kept these alive.
The discovery of ore in any one mine
greatly affected the value of all
stocks, and the fluctuations of thst
market were almost incredible. Mines
sold for millions that never had
pound of ore Wallingford' might
have taken lessons from some of those
early Comstock manipulators.
In 1871 the mining properties that
became merged into the Con. Virginia
and the California had market value
OF less than $4,000. In 1875 the shares
of these two mines were valued at
over $160,000,000. An earlier instance
of remarkable rise in stock was that
of the Crown Point. the shares of
which rose from 81 to 1895 in less
than year. In these two instances,
however, the discoveries were of such
size and richness as to justify the
market. In 1875 Philip Deidesheimer
estimated that the Con. Virginia bo- |
1anza would produce $500, 900, 900
and he and his friends went bank
'npt on that appraisement. Within
eight months, in 1873, the shares of |
he Sierra Nevada mine rose from so |
tents to $275 per share. but this rise
vas based on nothing but market
One thousand dollars
vas sometimes turned into half a
million in less than a year. Money
vas made easily and lost recklessly.
Fhe Comstock became a byword for
ricky dealing, extravagant manage
hent, and tickle fortune. 1t had a
fascinating history, how
Yer. and it's gold and silver enabled
he battle born state of Nevada to
nrich the natiO in an hour of need
1.-The Civil war.
The gold and silver have been spent,
ut there remains much that time
annot destroy. The art of mining
las developed by the men that ]
ierced deeply into the roots of Mount
davidson; some of those who won !,
'ealth at the point of the pick took
heir places among the Napoleons of I
nance: others became captains of
ldustry. Mark Twain has peopled
irginia City with characters that will r
We when the underground galleries {
re sealed by the healing process of
ature ! visited Virginia City a few
EARS ago and stood on the ground /
here geologic agencies had accumu-
ted a treasure beyond a pirates
ream.
Gold upon the dead volcano
Sleeps the CLEAN of dying day." Il
-, Il
The sunlight fell on abandoned c
'aft houses. the rain had rusted the