The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1922-05-25
MINING INDUSTRY WILL SURVIVE
THE DENlsoN BILL

The Miner has too mach faith IN Tn
legitimacy and permanence OF Ia
mining industry to fear that it wi
succumb to the dire consequence
predicted to follow the enactment q
the Denison bill Evidently we are no
alone in this view. for although tn
bin has passed the house without di
vision and is expected to pass the sen
ate at an early date and receive tn,
approval OF the president, there is ever
now pronounced revival in mininl
activity throughout the west, new
companies are being organized and ole
ones revived without serious appre-
hension regarding finding market fol
their securities. The yocifeiOus dec
laratiOns OF the alarmists that the
passage OF the Denson bill viii sound
the death knel OF the metal mining
industry" that 1T will absolutely pre-
vent development of any and ali
kinds, that the Denison blue sky bill
will jeopardize all mining enterprises"
and numerous other similar express
sions forecasting disaster to the min
ing industry. have not checked the on
ward march OF returning prosperity to
the mining districts of the west.
Clearly somebody is mistaken regard
ing the affects OF this much discussed
measure.
The Miner does not desire to be
classed as one OF the sponsors Tor the
Denison bil for it is decidedly opposed
TO some OF its provisions. TO that fea-
ture which is the chief subject of con-
troversy, this paper retains the same
view it expressed in a recent issue. and
this, too, after closer study of the
Denison bill, as suggested 10y our es-
teemed friend, the editor OF Mining
Truth, and also reading his argument
in reply to a letter from the author OF
the bill as well as Mr.. Denison's letter
II is observed that 10000 copies OF
these letters have been ordered printed
by the Northwest Mining association /
Tor general distribution in an effort to
defeat the Denison bill and that funds
will be solicited to meet the expense.
In this connection it Is suggested to
the members Of the committee having
charge OF raising this money that Mi
DenisOn himself might not be aveIss
TO contributing to the fund
The Denison bill places no new re-
upon the sale oil mining aud
cher securities SO far as blue sky laws
are concerned. 1t simply denies the
use of the mails and other means ot
interstate communication for the pur- {
pose OF violating state blue Sky laws y
That is all there is to it. The protest a
gainst its enactment is nothing less n
than an admission that these laws are II
'Slh6 fLolAtSu anu 10 al e4LcCt Il pea
Tor the federal government to keep C.
hands OFF in order that these violations W
may continue. The passage OF the Il
Denison bill viii make it no more diff o.
'ult for the legitimate mining company If
Which desires to comply with the laws II
II other states in marketing its stock is
md most OF them do, than it is now OF
t will not change the situation in this i'
aspect in the least. But those COM III
,anies which deliberately plan to find Ell
market for their securities in other ct
tates ii violation vi the law viii find Sc
t difficult to do so. if the Denison bill
'ecomes a law, and will suffer a heavy -
enalty if caught
The Miner is heartily in agreement
nth the opponents Of the Denison bill
o far as their opposition to the state re
lue sky laws as they exist are con fiji
erned, but these are not involved in m
he controversy. The Denison bill does in
ct change them in the least for better he
r worse. The states having the I'M lie
uestioned right to enact these laws It
nd the presumption being that the 81
eople Of the states having them want M
hem, the Denison bill simply says in tn
fleet that the means controlled by the &C
ederal government shall not be used lis
or the purpose of violating them. This co
eing proper function Of the federal NJ
it seems little short of va
reposterous to think that congress pc