Year: 1863

000 divided into 500 shares at 81, 900 each
The trustees are elected-capitaliss of course
are elected to fill the positions of President,
Treasurer aud other important offices, for the
conduct and management of the affairs of the
company This is all done smoothly and in nc
oordance with the strict letter of the law. The
place of business of the company is located at
San Francisco. This all done, operations must
soon commence the work. An estimate of
the costs of such works us are absolutely necessa-
~ has now to be obtained, and when made it is
found that an outlay of S50,000 will have to be
made before anything can be realized from the
ore, or any substantial return had. An assess
ment of s per cent is therefore levied on each of
the five hundred shares, making on the twenty
five shares of each man $4,000. AS yet the val
liable stock of this supposed corporation has not
found its way into market, 1t would be impolitic
to put the stock in the market before the owners
thereof could hope to do it with a respectable
showing of its richness aud superior qualities.-
The assessments are all paid in except those on
the stock of the fifteen honest miners, and they
would be oheerfully paid il the poor fellows had
IL, or knetD tohere to get Il. The stock belonging
to these fifteen men or portion of 1t must be
sold to pay the assessment called Tor Here is q
dilemma, to get round which seems impossible
without sacrificing most of the stock OF those
unable to pay, or rather OF the share holders
who have no capital except that presumed to DO


In the rock. AT this stage of operations the most
remarkable evidence of fair play and generosity
displays itself on the part OF the five capitalists
who step forward and advance tho amount upon
the share holders assigning so much stock on
the company books to A, b, G, and f. This
al
thrown into market without name or character
sufficient to inspire the least confidence, while at
the same time II passes the title to the capitalists
as fully aud clearly as the law can make IT.
The $50 900 above mentioned having been prop
erly expended in sinking shafts, running tunnels,
&c, the ledge is decided to be rich enough to
pay for working. A meeting is called by due
aud legal notice. The Trustees meet aud decide
to erect at once first class MILL the cost OF
which Is estimated at $l50,0O0. An assessment
OF Is per cent Is made to meet the necessary ex


penditure. This swamps the last share owned by
the men with no outside capital. When the mill
Is finished aud the works completed, the fifteen
men who hitched teams with the five capitalists.
find themselves In the condition OF dependent
operatives and applicants for labor, instead of
opnlen. stockholders In the rich mine. This
company, ii will be recollected, have conducted
their affairs strictly under the law regulating in
! corporations aud OF course there Is no room to
find fault II la the course OF affair fifteen OF twenty
have been as they term IL " froze out" Had


there been any possible show of the fifteen men
being able to hang on longer than suited the in
| terests and wishes of tho capitalists, the stock
would have been thrown into market by these
same individuals and sold to their agents, the
brokers. at such prices as TO destroy all confidence


In II (if there ever was any and keep it float
ing and valueless object for Investment.


There are many other modes by which incOr-
poratons may work the grossest injustice upon
the poor man when the combination of positive
capital is made up against the capital of labor.
The present law Is one intended TO favor the rich
against the poor, because capitalists never fail to
profit by the wide latches aud privileges secured
by Its provisions. As we have said above capi
tai should receive its legitimate protection by
law, and nothing more, while the capital in the
condition Of labor should receive the most liberal
encoura cement from the law-makng power. Tho
men who develop the richness OF silver, copper
or gold mine by the capital of their own labor
should have the privilege of a longer time, by
which they might to some extent resist the severe
and unjust exact0ns of monied corporations.


In view of the important era in the worlds
history, brought about by the discovery of rich
and inexhaustbe silver, copper aud gold mines
on this coast II would seem wise as well as pru-
dent that our State government should turn
new leaf in legislation In regard to the measures
most essential to the full protection to, and en-
couragement of the mass OF miners who must of
necessity perform the greatest portion OF the


labor in the development of these mines. Un-
der the present law the non-captalist, when u
member Of corporation, is simply placed by
the law IN position where rythng he does Is
done only IN obedience to the will of the capital


which regulates and controls the affairs of the
company, aud In fact made TO contribute to the
increase aud power OF the capital which can al
most at any moment strip him oi all his sup
posed rights II We hope to secure an augmcn.
lation of our permanent wealth in proportion to
ihn "a kan fruui minpa wa mn II n1ant
different policy, and foster the enterprise Of
the men who do the work. Why not create
" State Mining Loan Fund say of one million
dollars, for the period of five years, or extended
even TO ten years, by which the State could ma
| teraly assist her own citizens, and men OF skill
aud enterprise in establishing and protecting in
valuable rights which without tho necessary aid
must be swallowed up by foreign capital. II IL
well known that but small portion OF the capt
tai taken out in the process of mining by these
capitalists from abroad is retained in the State
for investment, aud that only In San Francisco
This of is the privilege OF capital, and so
In all other impositons aud monopolies which
capital enjoys under the present law.


The State in providing such fund as sug-
gest, would not necessarily become a party TO
particular mining operations, nor be subjected to
any OF the inconvenlences of a partnership,
but stand as the Independent loaning agent to
her own people. The State now employs Geolo-
gst, at an expense of several thousand per year,
whose time Is chiefly occupied in measuring the
heights and distances Of mountains, the different
kinds Of clay, and in giving a lecture every
winter before the Legislature. The State might
create O. Home Department. in which the great
interest of mining might be considered in all its
bearings. A mining corps, organized under the
supervision of the home mining department could
then be made to contribute to the advancement
OF the mass of citizens whose occupation is that
of mining. The State could easily secure upon
her own bonds one million of dollars at six or
seven per cent. per annum, which sum If loaned
in aid of the solid mining interests of the State,
would give an impetus TO human industry, and
encourage energy and skill to such an extent as
to insure the production Of boundless wealth to
the whole Pacific coast, and impart also the most
beneficial influence aud effects to the Atlantic
States. Something must be done to assist in the
deQelnnmant of The prnat mining interest In this