New Mexico state record. (Santa Fe, N.M.) 1914-19??, 1919-01-10
ANOTHER MINER GIVES HIS
VIEWS ON BLUE SKY LAW


leg. slators are made aware OF its
real workings.
All blue sky" laws in such states
as have no undeveloped resources are
more or less harmless, only working
to force the small money-makers
and wage earners to place their
money in banks at three and four
per cent, to be loaned out by the
bankers to the spectators, at pro-
fits to both, but as there are no ma
tural resources known to be await
ing development, the injury is in
direct.
In states with natural resources
to develop. q blue sky law becomes
actually vicious, and its promoters
are either knowingly or unknow:ng-
ly working the greatest possible in
jury to the state and all its people.
No blue sky law has ever protected
anybody but the speculative shark,
and the bigger and smoother that
shark, the more money he can make
under a blue sky law. 1t forces all
promotions to have the support Of
certain men who can develop the
necessary influence with the commits
sion having in charge the endorse
ment or condemnation of any pro-
posed promotion. which puts the
average citizen in the power OF the
sharp promoter. Under the propos-
ed Kansas law the small mine own
err the small operator or in new
mining communities, the boosters of
new farming communities. and every
ordinary citizen who wishes to or
ganize a company for any purpose,
will be forced to secure the name
and services of some man Of "in-
fluence," the professional promoter
for whom a place is made by the
proposed legislation.
The laws are already sufficient to
prevent the exploiting of the inno-
cent people OF this state by unprin-
cipled promoters and stock sellers,
and the men behind this new legisla-
tion know it full we'll. but the present
laws do not create monopoly of
all speculative enterprises, and the
proposed law will.
The explanation that enterprises
will be judged by experts, etc. de-
ceives no man, but those of expert
ence know their fate at once. Every
mine of real value in the southwest
has at some period in its early his
tory been CONDEMNED" by one or
more supposedly competent mining
eng neers, and with the blue sky law
working in the past history of this
state there would not now be a single
dividend paving mining company in
the state at the present time. 1t
may be true that money would have
been saved in some of the failures,
but that is not the way mining states
are developed.
The blue sky law will beat the men
respons BILE for it in politics. There
are thousands of small property own
ers of this state who will always
believe that they are entitled to pro-
mote their own properties, if they
so desire at any time in the future
without being subject to the whims
or ideas of any man, even if he
claims to be a mining expert.
The blue sky law is desired BY
bankers, because it forces money in
to the banks at small interest. or
none at all, and enables the banker
to enlarge his speculative area. No
banker ever developed a paying mine
in New Mexico with his own or any
body elses money, and probably
never will. They are absolutely use
less in bringing in new wealth, and
probably would not be successful
if they became spectators.
are more needed in a
new state than bankers, and we
should not permit the class which
confines its operations to taking off
of every wage earners money a per
cent. for its own profit to force us
into a condition where our develop
ment will be retarded while they
grow richer.
This is a Door time for such class
il is class legislation.
All intelligent operators in the Unit
ed States know that blue sky laws
are used by the big operators to
keep control of the speculative !
money of the people, and is one of
the real causes of discomfort among
those classes not realizing profits
from cheap money forced into their
hands bv manipulated legislation.
If YOU will look closely down the
line of the promoters of blue skv
legislation in any state you will find /
the men who are respons sible for most
Of the class hatreds already exist
inc the most enthusiastic for the
The only thing which will make
anv blue skv law even fa:rlv honest
= s 70 ' ;nssrt = "~ clans. making Il
ficial. state or national banker, or /