The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1920-05-06
EVANS GOLD AND SILVER
BILL GAINING SUPPORT
WOULD INCREASE PRODUCTION
BY ENCOURAGEMENT TO
THE PROSPEcTOR.
lFlnaneiaI Revlew. NeM YorI.l

Financial Review. New York;
1t was reported from Washington
at the end of the week that support
of the McFadden gold bill had in
creased and that various mining com
panies We're vigorously advocating its
passage Previously the American
Bankers association and the Ameri-
can Mining Congress officially APP
proved of this measure. Despite this
almost universal advocacy certain
prominent authorities express the
opinion that unless this bill is radio
ally amended the anticipated relief
to the majority of mining companies
will not materialize.
Eliminate Profit Tax.
The McFadden bin, according to its
author was introduced ito meet the
urgent request of the American Bank
ers association that the domestic pro-
duction of new gold be maintained IN
sufficient volume to satisfy all manu-
featuring requirements" The McFad-
den measure, in its entirety and spir-
il. emphasizes the needs of greater
gold output or available" gold sup
plies and VIII doubtless achieve this
result, hut it obviously overlooks the
Importance of giving the domestic
prospector every reasonable encour-
agement, and the first requisite of the
prospector is a supply of capital The
Evans bill CH r.. 1909, introduced
In the house early in March, is eX-
pressly conceived to provide this re-
lief or encouragement This bill stip-
ulates that no taxes are to be lev
led. assessed or collected on or from
the income Of profits OF any indivTd-
uaL firm or corporation accruing to.
or derived from, the business of mi
ming the precious metals. gold and
silver" In comparison. the McFad-
len bill appears to furnish relief par
ticularly to the old established COM
oanies
Objection to McFadden Bill.
interviewed this week on this point
1 number of mining engineers ex-
pressed the opinion that the utmost
was now needed to
stimulate gold production from new
the prospector who
$ willing to pioneer in new districts
f he can secure a nominal amount of
packing. IF this country will en-
courage gold or all forms of precious
METAL mining as i. has the oil indus
ry." said one mining engineer, 1--WE
would surely see an appreciable in
.rease in our gold output. What is
Known as surface prospecting is now
practically at an end and no more
arge mines will hardly be developed
n the future from the grass roots.
Geological formation properly studied
md even as now indexed will provide
opportunities for discoveries un- v
loubtedly on an equal with those in J
he petroleum world.
THE Evans bill is somewhat like !
he protective tariff; its provisions {
viii undoubtedly attract capital read
ly and doubtless in ample volume. If
We could have the Evans and McFad-
len bills combined into one. IT would ,
De an excellent thing, but l presume =
his is impossible. Before enactment a
# the McFadden bill, however, mining
men should thoroughly realize that it
furnishes relief practically only to the
lder companies and particularly to
hose with diminished ore bodies and
specially low grade ore bodies" c
It was the understanding at the end
f the week that efforts would be
lade at Washington to enact into -
NV measure that would carry out
he main provisions Of the Evans and
hose of the McFadden bills Failing II
! this. the more constructive friends
r the mining business in this country
III make an effort to secure the {
assage OF the Evans bill separately ~