The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1922-05-04

. of the Idaho Mining association. anon
long string of whereases make
these incorporate and unsustained as
p sertions:
Whereas. the Denson blue sky
bill is the most destructive meas
IRE ever offered congress, in that
il will absolutely prevent develop
ment of any and all kinds, and
particularly in the western states,
and
Whereas, the Denison blue sky
bill will add one more law for
which the people of the United
States will have no respect. and
Whereas the Denison blue sky
bill will jeopardize all mining en-
terprises."
( The assertion in the first paragraph
is so extreme and reckless that it de-
feats its own purpose as an argumen'
against the bill II may be destructive
but no sane man believes that "devel-
opment of any and all kinds" is going
to stop if it becomes law. The next
whereas sounds rather bolshevistic Il
is at least something new in our coun-
try for citizens to meet and formally
proclaim their disrespect for the law
but having done so thew should nor
complain if congress shows equal dis
respect for their wishes in matters Of
legislation. Finally, who believes that
the passage of the Denison bill will |
'Jeopardize all mining enterprises ?"
not even the men who framed
the numerous whereases preceding tn,
resolution protesting against the pas
sage of the bill
Since the purpose of the Denison biz
Is to protect the public against nlegiti-
nate stock promotions, the numerous
protests against it by mining organi-
.ations, and particularly the frequent
assertion that its enactment will kill
he mining industry, stop all mining
Enterprises and the like convey the
that the mining industry I'll
uilt upon an insecure and questiona-
lie foundation. We do not doubt the ,
God motives of those who are respon-
ible for the protests, but there is such {
thing as overworking a good cause. .
he mining industry has little to fear {
ON federal blue sky legislation. 1t I
handicapped by state enactments of !
nat character not because they inter- e
re with fraudulent mining promo @
ons but because their unreasonable c
place barrier in the +
ay of perfectly legitimate mining en-
rprises. Mining is comparatively
ee from Legitimate promotions. ac-
riding to the federal trade commits
on. which is referred to in the fol-
wing paragraph from the Mining
ongress journal in the course of dis
lssing the Denison bill:
The mining industry is COM
paratively free of stock securities
transactions which may be charac-
terized as illegal by government =
agencies which recently have in
tensified their interest in applying
themselves to the task of enforc-
ing blue-sky provisions as held by
standing laws This is the indica- 81
ton drawn from statements made
by those who are closely connected III
with the governments interests in la
the matter An official of the fed III
eral trade commission stated that nj
Of all the complaints which have
been brought before that body
against alleged promoters of ie
fraudulent securities he remem- m
)ered but few instances where the tr
securities of mining company ~,
we're involved. The large majority
If these cases. he stated. were W.
'ased upon transactions in the Sc Gu
urities of automobile manufac- fol-
uring concerns and explorations In
n connection with oil" .