Year: 1879

Few Large Fortunes made BUt Dis


aPPOlHsmeus the GOmmoaiRasS-
How Capital - Sunk


In Mines.


A correspondent of the st. Paul
Pioneer Press gives the following
truthful account of mining opera
tions in Colorado:


zone hundred thousand prospect
OTIS in the mountains, one quarter
of them in and around LeadviIle and
Ten Mile; thousands upon thousands
of prosPect-hOles, and less than fifty
paying mines in this locality; thous.
ands of holes around Silver City,
and half q dozen paying mines
these are facts the prospeetOr does
not appreciate until it is too late.


"In Che FIRST place the vein is to
be found. That may be cOmpara-
lively easy; but viii it pay TO work
it, is the important question. If It
viii pay, has the miner the capital
to develop itI Suppose vein a few
inches thick running through solid
rock; It costs $25 to $50 per foot to
run shaft or tunnel to take out the
ore. This ore, after shipment, mill
ing and other expenses, viii ordina-
rily Just about clear the cost. There
are scores of mines that are consid-
cred good strikes that turn out Just
this wav or much worse.


"Where is the money made in
miningI We know and see many
who make their fortunes, both mi.
ners and capitalists; but let MS ask
again is it done iegitimately? Do
they take the money they have. OBJ
tanned from the earth, or does it
come from firms, factories, work
shops and other eastern industries?
The prospector makes q strike, does
he work his miner No; he has tried
that and finds it does not, pay; but
he takes in tenderfoot Just come
to the mOuntaius-This poor soul
deludes himself With the ideathat he
is to make an immensg foEtnne in 3
year or less ont Of the small capital
he has been years 10 sccumufatihg,
when he is to return home to friends
and family and spend the rest of
his days in making acquaintance
happy by his marvellous deeds of
generosity. This stranger, in
strange land, who in his own con-
ceit, thinks that in few weeks he
has found out all there is to know
about mining, is taken to the mine
by the prospectoT, allowed with his
own hand to pick out of the vein a
piece of ore, carry it to be essayed,
and in every way to satisfy himself
that it is q glofioRs chance-in fact,
one not equaIed by any other in the
mountains. Half of his fortune
say five thousand dollars-he put IN
to the mIne; the other half into ma,
chinery and stock for development,
when, to his sorrow,he finds it takes
fifteen hundred dollars to blast, hoist
and ship ore that will return him
but one thousand. It was my for.
tune in one day, in one of the oldest
aud most substantial towns of the
State, to go to a shoemaker Who had
sunk FIVE thousand; to hotel whose
landlord had previously been a cap
italist to the amount Of ten thousand,
and to talk with one of the boarders
who had parted with seventy-fVe
thousand, the product of fine busi-
ness in Philadelphia. 1t had all
gone into splendid mining property.
or, rather, property where the ih-
dications were good. Now, none of
these have a cent to show; but all
own splendid mines, worth millions,
which they would part with for a
small consideration.


''These are not the exceptions, but
the rule; the exceptions are those
that have made a good thing out of
legitimate miningl The prOpFietors
and sharpers who sold these proper
ties made a good thing, the wonder
full strikes and sales are reported
through the press of the State, but
the miserable failures that follow
are never heard Of. Where did the
$9O, 900 come from that was made
in these transactions? Out of the
mines of Colorado? No; not one
cent of it; it came from selling shoes,
ETC., in the eastern States. The case
is often the same with large capital
lists, and when they do get good
mine the chances are often against
their getting anything after all the
leaks that may occur between the
superintendent, engineers, assayers,
smelter, ETC., are taken into account.


"Another way to make money at
mining is to get up stock compa-
ny of ten or twenty millions. Don't
fool around with small sums, but
put it right up to twenty millions.
People will have confidence then
that there are millions in it. Get out
a few thousands of dollars worth of
ore on the dump, let the experts
come and see it, pay them well for
a glowing account which they can
give without telling any literal lies,
but will still deceive; then throw
the stock upon the market. Get
anything you can for fifty cents
or dollar a share; sell q hundred
thousand shares and walk off with
the proceeds.


"The Bassick mine, at Silver Cliff,
is one of the most promising of the
twenty million dollar mines, although
the vein contracted TO nothing a
short time ago when they we're get
ting their pile of ore out, in order to
have the necessary hundred thousand
or so Gin sight," and although the
formation Of that section is so bro.
ken up that it is very uncertain what
is to be found, and again, although
not ton of ore has been milled,
still Mr.. Bassick is sporting around
with over a million aud quarter of
cash in his pOcket. the DFoceeds of