Year: 1879

ton of the press in regard to tle


mining industry can be explained


only upon the ground of the pref


udice or ignorance. 1t must be


admitted that there is some rea-


son for prejudice against mining


as a field of Investment, owing


the very questionable means


adopted in the past to forward


schemers and wild cat I" opera


tors. This prejudice is justified


however, only to the extent of


using a careful discrimination in


the selection of the means of in


vestment, the same as is ordinari-
| ly. exercised in all commerciql


affairs. 1t is true that in mining


there are certain conditions of


uncertainty, absent in other bust


ness pursuits, yet those draw


backs are offset by advantages


which go far to put that industry
upon an even plane with the
most available and desirable
trade or business.


AS between mining and rail-
road investments, there is much
to recommend preference of the
former. In both cases the factors
of speculation and uncertainty of
profits are present. And if, in
regard to these points, there is
any advantages in favor of the
one as against the other, it can
hardly be questioned that mining
enjoys it. AS to speculation, no
one who is fully informed as to
the facts can doubt that, so far
as the east is concerned, railroad
securities carry Off the lions share.
The speculation in mining shares
never has approached that in
railroad securities here, and it
may well be doubted whether,
even in San Francisco, the mining
speculation has ever equaled the
speculation which has existed i'm
railroad stocks here. AS to un-
certainty of profits, the history
of the railroads in this country
during the past twenty years
leaves but little to be said in fa-
vor of them as an investment, as
against mining property. The
long list of bankrupt railroads,
the policy of building railroads
hundreds of miles through unin-
babited territories, and the igno-
rance displayed by the managers
of railroads in regard to the cost
of doing business, all indicate
that the uncertainties of profit
are yet far from being removed.


In mining there is one element
which in almost any other 5usi-
ness would distinguish it as the
most desirable of Industries. The
results of mining are wealth.!
that is, the production of mines
is money. The bullion which a
mine produces is so much value
to the producer, representing that
value in current money. and re-
quires no system of credit or par
ticular condition of a market to
enable him to realize its worth in
dollars and cents. In no other
business is this the case. The
miner actually makes money
that is, digs money out of the
ground, while in other pursuits
there must first be produced
property which ia to secure to the
owner money. Further, in the
case of mining there is no chance
"f competition, no fear of a rival
stepping in and taking away the
business or profit which was first
secured to another. On this point
the advantage of mining over
rallroading is only too percepti-
Ole. The effect of competition


upon the railroads has been to al


most ruin the entire system, and


SO great has become this evil that


us only by mutually agreeing


10 take into partner ship their RI


NalS that anv nf fho ro3I.o,J, 49,