Year: 1879

stock Gambling.


The Boston Herald, the Chicago Dails


NeIrs, and some few other papers are


making very sad exhibition of the. ig-


norance OF the INST principles of lu ness
! by their persistent and wholesale condem-


nation of investments in mining enter.


prises, characterizing the purchase of the


mine, or n number of shares in mining


company, as gambling in Stocks" The
fact is that business men generally con.


slider an interest in valuable mine, or a


good prospect, as safe ana legitimate


investment: and the purchase is made


with no more idea of gambling than there
is in the purchase of whole or part of
church pew.


Th 1t men buy at one price and sell at
another, is no more ar evidence of injus-
tice or of gambling than a transaction of
the same kind with bolt of calico. Spec
ulation in mines or mining stocks is just
as legitimate as speculation in nails, cot
ton or town lots. Every man in business
buys solely with view to profit, expect
ing to sell for more thar he gave, and
ready at any time TO take any advantage
that the changing currents of trade may
make in his favor. A man may obtain
possession of a stock of goods that may
become practically useless and valueless
by some freak of trade, but mine has
value that may be approximately esti-
mated, and that value will not fuctuate
or depreciate to any noticeable degree,
however much the products of every other
industry may be affected. IF the stability
OF any business. is, ia anJ degree, q meas
ure of its reliability then mining must
claim thu first place, and no other line of
industry can show such certain and sure
results. More mercantile investments
have failed to bring proht than mining
investments. More newspaper enter
prses have come TO nothing than invest
ments in mining, and in view of the many
and repeated failures, under the ablest
and most favorable circum-
stances, Of prihcely merchant houses,
heavy manufacturing companies and pub
fishing enterprises, it would be more just |
to call them gambling schemes, and to
urge people to have nothing to do with |
them. than to repeatedly make the same
lie to shun it as unworthy the considera-
ton of honest men. Mining has always |
labored under many disadvantages that
other industries have not had to contend |
against, but in the face of these unequal |
obstacles it has made showing that al
ready has weight in the eyes of keen busi-
ness men.


1t seems strange that mining should be
considered different from other busin ,ss,
hat il should be singled out to be con-
lemned and stigmatized as dishonest and
when its record of failures
S less than that of many other older and
,etter established industries, and it always
las in its favor fewer chances and un-
ertainties


Every business has in it certain ele-
nent Of uncertainty, without which all
kill, ability and experience would be
worthless and unayailing, Mining is no
more uncertain than agriculture, manu-
acturing or trade of any kind, and it al
Ways has the advantage over all in sUaOiii-
y of price for its product. The same
in mining will bring loss
nd disaster as in other lines of business.
ignorance, inexperience, and lack of abill-
v will produce the same results as in any
ther industry, while the same causes
hat insure success in any business Will
ust as certainly bring the same in min-
ng.


That men have gambled and will gam
lie in mining stocks, should no more
ondemn mining than the fact that they
amble on the result of an election should
ondemn the act of voting, or that gam J
ling in the speed of horses should pro-
ihit the use of horses, or that the large d
Eagers in the late pedestrian contests
houId forever make walking disreputa-
lie. Gambling men have used almost
in their business, from min
ng stock to church fairs. The persons, !
he sin ITSELF should DC condemned in Z
tead of the means used. Mining cannot I
re responsible because unprincipled par
les may gamble in mining stocks, with
ny more justice than books and printing q
hould be abolished, because bad men