THE 
 
 TRUE HISTORY 
 
 OP THE 
 
 EMMA MINE. 
 
 BY 
 
 S. T. PAFFARD 
 
 MAGNA EST VERITAS ET 
 
 [PRICE ONE SHILLING.] 
 
 .,_ 
 
University of California Berkeley 
 
 THE PETER AND ROSELL HARVEY 
 MEMORIAL FUND 
 

 THE 
 
 TEUE HISTORY 
 
 EMMA MINE. 
 
 cst Veritas et Pmvalelit. 
 
 LONDON: 
 
 PRINTED BY W. H. AND L. COLLZNGRIDGE, 
 117 TO 120, ALDERSGATE STREET. 
 
TO 
 
 THE SHAEEHOLDEES OF 
 
 THE 
 
 EMMA SILVER MINING COMPANY, 
 
 (LIMITED,) 
 
 AND TO THE SHAEEHOLDEES 
 
 IN MINES OF A SIMILAE NATURE, 
 
 IN UTAH AND NEVADA, 
 
 & littlt TOotlt fa resp-ectfiillg 
 
INTRODUCTION. 
 
 As, in the narrative I wish to place before my readers, I desire 
 to be accurate in my facts, and perfectly candid and straight- 
 forward in all my statements, J will premise by saying who I 
 am, and why I have written this history. 
 
 I am a man of but moderate means, am in the employ of a 
 large public company, and I am certainly not a speculator in 
 the ordinary sense of the term; for, until I made this 
 "Emma" investment, I had never touched a share either 
 in a mining or any other joint stock speculation. In 
 November, 1871, I had a little money to spare; and seeing a 
 notice of the Emma Company in the press, I obtained a 
 Prospectus, and became strongly impressed with the statements 
 in it, vouched for as they were by the names pf such men of 
 high standing, and especially with that of General Schenck, the 
 United States Minister. Being desirous of adding to my 
 income in a legitimate way, I took such shares as were within 
 my means, as a bond fide investor. 
 
 I had implicit faith in the concern all along, and, against the 
 advice of some of my friends, declined to sell out when I might 
 have done so at a profit. "When the bubble burst, and I found that 
 I, with others, (for I doubt not that my case is that of hundreds 
 more) had been deceived, and so shamefully deceived, a strong 
 feeling took possession of me to ascertain the truth of the matter, 
 and how and by whom I had been so deceived ; and in the fol- 
 lowing pages I propose to tell the result of my researches. 
 
 B 2 
 
4 INTRODUCTION. 
 
 I may, just add, that as this work may be .read by many who 
 are not " Emma " shareholders, I shall have of necessity to go 
 over ground and narrate incidents which are familiar to those 
 shareholders who have closely watched the affair through. At 
 the same time, my experience teaches me that many shareholders 
 were well content to pocket their monthly dividends, and not 
 trouble their heads with the progress of the mine, or the various 
 controversial points which were from time to time raised. To 
 them much that I now shall say will be fresh, and I trust will 
 prove interesting and instructive. 
 
 In case it may be said that I have written this work for 
 "Bearing" purposes, I have simply to observe that I com- 
 menced writing it when Emma shares stood at about 3, which r 
 in my opinion, is even now considerably more than they are 
 intrinsically worth, as judged by the value of the mine for 
 mining purposes. 
 
POSTCRIPT. 
 
 Since this work was in type, I have received the Circular 
 from the Company dated 12th inst., but I, for one, do not 
 feel inclined to place any reliance on the statements in any cir- 
 cular issued by a Board which contains amongst its members 
 any Directors who were members of the original Board ; and 
 the present Emma Board is so composed to the extent of four- 
 fifths; because circular after circular issued by these same four 
 Directors during last year, containing statements equally hopeful 
 and promising, have turned out to be " a delusion,^ mockery, 
 
 S. T. PAFFAED. 
 Uth August, 1873. 
 
THE TRUE HISTORY OF THE EMMA MINE. 
 
 CHAPTER I. 
 
 DISCOVERY OF THE MINE AND ITS SUBSEQUENT WORKING. 
 
 THE Emma Mine is situated in Little Cottonwood Canyon, 
 territory of Utah, on the Wasatch range of mountains, and 
 about 16 miles from the branch of the Union Pacific Eailroad, 
 a station called Sandy being the nearest to the mine. Thence 
 a very rough road leads up the canyon to a small town called 
 Alta, near which the mine is situated, as well as the Flag- 
 staff, and many other mines owned by American companies. 
 The word canyon, or canon, is the old Spanish name for ravine 
 or gully, which the Americans have adopted in that region. 
 The mine was discovered in 1868 by two men named Woodman 
 and Chisholm, and not in 1870 as erroneously stated in the 
 Prospectus. The hill on. which these men found the silver vein 
 or lode cropping out was then called the Monitor Lode; and these 
 two men having established a location on the spot where they 
 found the lode, christened it the " Emma" location, taking the 
 name from that of a woman with whom one of them had been 
 consorting in San Francisco, his paramour, in fact. The 
 story of the name being derived from that of a little girl, who 
 discovered the mine by picking up pieces of ore from the side 
 of the hill, as typified on the Company's official seal, is 
 therefore wholly apocryphal. 
 
 These two men, Woodman and Chisholm, were rough pro- 
 specting miners ; without any capital to go on working then- 
 discovery ; and at this time there arrived in the locality a certain 
 Mr. James E. Lyon, whose business was that of a mining 
 
6 THE TRUE HISTORY OF 
 
 speculator, at which he had been engaged for some few years 
 in that and neighbouring territories. He agreed to join these 
 two men to develope their claim; and for this purpose, in 
 October, 1868, advanced them money to sink a shaft, the 
 contract between them being that for such capital so advanced, 
 he, Lyon, should become interested in the mine to the extent of 
 one-third share. 
 
 During the remainder of 1868, and in the course of 1869, the 
 mine so opened out was partially worked, and silver ore was 
 raised to the extent of about 100 tons. No great bulk of ore 
 had however been struck, and Mr. Lyon having first satisfied 
 himself that the vein, such as there had yet been discovered, was 
 running in a north-westerly direction, left the locality and went 
 back to New York on other business. This point, as to the 
 direction in which the lode ran, I wish my readers to particularly 
 bear in mind, as it has an important bearing on what follows. 
 
 During the year 1870, the mine, however, began to open out 
 in a manner previously unsuspected, and a large body of ore was 
 struck. Thereupon Messrs. Woodman and Chisholm, taking in 
 other partners to join them, attempted to oust Mr. Lyon from 
 his share in the concern, alleging that the vein so opened out 
 was running in a different direction to what it was when the 
 original shaft was sunk, and that consequently Lyon's one- 
 third claim did not avail to the new ore. However, Lyon 
 vigorously disputed this, and in the summer of 1870 commenced 
 a suit in the District Court of Utah against the Emma Silver 
 Mine of Utah, into which these two men and their associates 
 had now organised themselves. 
 
 Lyon's suit against this company came on for trial and 
 lasted three days, no less than seventeen lawyers being engaged 
 on both sides. The Hon. W. M. Stewart, Senator for Nevada, 
 and who afterwards figures as an Emma Director, acted as 
 Lyon's principal attorney on the occasion. Eventually Lyon 
 carried his point, which was for an inspection of the mine, and 
 he was allowed to inspect it together with certain mining 
 experts and lawyers ; and the truth of his contention was- 
 fully borne out. that the course of the lode was in a north-westerly 
 direction. His suit was thereupon compromised by its being 
 

 THE EMMA MINE. 7 
 
 arranged that, as the mine was going to be sold to a London 
 Company, he should receive one-eighth of what the mine sold 
 for, less 1,500,000 dollars, which it was alleged had been ex- 
 pended by Messrs. Park and Baxter in respect of the mine. As 
 the redoubtable Mr. Trenor Wm. Park now appears on the scene, 
 it may not be amiss if I here say something of the antecedents of 
 this gentleman. Mr. Park was originally a country lawyer in 
 Vermont He then went to practise in San Francisco, and got 
 mixed up with mining suits, and obtained a knowledge of 
 mining law. He then got appointed receiver-general to the 
 celebrated Mariposa Estate or Mines in California ; and it was 
 said he performed his duties as receiver of the funds only too 
 well at all events, he got the nickname of the " Great Ex- 
 hausting Receiver." 
 
 About March, 1871, Mr. Park and General Baxter went to 
 Utah and inspected very carefully the mine, and finding it was 
 then producing large quantities of ore, purchased one half- 
 share in it, and then, with other associates, formed and organised 
 a company, which they called the "Emma Silver Mining 
 Company of New York " the former members of the Utah 
 Company being also members of the fresh company. 
 
 About the autumn of 1871, it was decided that an attempt 
 should be made to sell the mine in London, upon the strength 
 of its past and present reputation. Accordingly, whilst during 
 the month of August some 100 men was employed in working 
 the mine, in the month of September the number of men was 
 reduced to about a dozen ; a new superintendent (Silas Williams) 
 was appointed, who, Mr. Park admitted, was about the best man 
 he knew of to prepare a mine for examination by engineers. No 
 one was allowed to go into the mine without a written order, 
 and the entrances to the mine were held by armed men. My 
 previous information on this head is corroborated by a British 
 miner named W. Eddy, Jun., now living at Pendeen, Corn- 
 wall, who worked in the Emma at this very time, and can speak 
 as to the way Silas Williams prepared the mine for examination, 
 this preparing being only another name for deceiving ; for W. 
 Eddy, in a letter he sent to the Mining World a few weeks 
 ago, says he saw silver ore plastered or engrafted on to the side 
 
8 THE TRUE HISTORY OF 
 
 of the limestone rock, so that whoever came to examine the 
 mine might suppose the whole mass was ore. The object of all 
 this is patent : had the force of men gone on working at the 
 same rate that they had for some months been doing, the whole of 
 the ore would , have been cleaned out long before Professor 
 Silliman came to make his celebrated examination ; and if many 
 people had been allowed to go into the mine, the fact that it 
 was then nearly worked out would have become known, and 
 the plot would not have succeeded. 
 
 At this time Mr. Park admitted that there was only 1 ,500 
 tons ore raised and on hand, and that he did not think the mine 
 was really worth more than 250,000 dollars. However, as I 
 said before, it was determined to sell the mine in London on 
 the strength of its reputation ; and having first entered into a 
 contract with Lyon, dated 18th August, 1871, by which the 
 New York Emma Company, through Greneral Baxter, their 
 President, agreed to pay him one-eighth of whatever the mine 
 fetched, less 300,000, in consideration of his holding over his 
 claim till the 15th November following, whilst a United States 
 Patent was being got, the New York Corporation despatched 
 Mr. Park to England as their agent to effect the sale. 
 
THE EMMA MINE. 
 
 CPIAPTER II. 
 
 FORMATION OF THE PRESENT EMMA COMPANY. 
 
 WHEN Mr. Park and Senator Stewart, who accompanied him, 
 arrived in England they set to work to float their scheme, but 
 for some time without success, the price they wanted being 
 naturally considered too high. At last a brilliant stroke of 
 genius came across Mr. Park, Why not go in boldly and get 
 General Schenck, the United States Minister, to lend his name 
 and influence to the affair ? True, it would be an unprecedented 
 thing in diplomatic usage ; but the ways of Americans are not 
 as ordinary people, and Mr. Park was essentially a " smart " 
 man, and alive to new notions. The report of Professor B. 
 Silliman had been previously obtained, he being selected by 
 General Baxter, of New York Company, to examine the mine and 
 make a report. Now, as to Professor B. Silliman, of whom we were 
 vauntingly told by Mr. Park and others, that he was "the 
 greatest geologist in America," the " Sir Eoderick Murchison," in 
 fact, the man of " European reputation," &c.; it now turns out 
 that these flattering encomiums apply to the father of the one 
 who examined the " Emma," who happens to have died before 
 these high-sounding names were uttered. Professor B. Silliman 
 is Professor of Chemistry at Yale College ; he may know some- 
 thing of geology, it is true, but he has made some remarkable 
 mistakes before, and on this occasion either he was deceived by 
 the skilful way Silas Williams had prepared the mine for his 
 inspection, or he allowed himself to be easily deceived. In this 
 connection I may mention that I am told the terms of Professor 
 Silliman's remuneration was 5,000 dollars for simply making 
 the report, and 45,000 dollars if the sale to the English com- 
 pany went through, as stated by Mr. Josyln, counsel for the 
 
10 THE TRUE HISTORY OF 
 
 defendants in the Illinois Tunnel suit in August following, in 
 the presence of Messrs. Park and Stewart, and not denied by 
 them. 
 
 The name and influence of General Schenck being secured, 
 the next step was to get the active assistance of some great 
 financial man or firm, to successfully bring out the Company. 
 Accordingly, Mr. Park got an introduction to Mr. Albert Grant, 
 and the latter, for a " consideration," agreed to do all that was 
 necessary to float the scheme. The " consideration " in question 
 was to the tune of "100,000, as admitted by Mr. Park himself 
 before Vice-Chancellor Wickens in the May following. 
 
 The Hon. W. M. Stewart who had previously acted only as 
 Mr. Lyon's attorney, also consented (though reluctantly) to 
 lend his name to the company as director, also for a " consider- 
 ation," in his case 30,000 in cash and 2,000 vendors' shares. 
 This latter remuneration being also for his valuable services in 
 inducing Major-General Schenck to become a director, the Hon- 
 W. M. Stewart and the General having been previously ac- 
 quainted in the States. 
 
 As to General Schenck's motives for joining the enterprise, 
 " the poisoned breath of calumny " has said that he did so also 
 for a "consideration," to wit, the 500 shares which he became 
 possessed of. However, the General assured me personally, not 
 many weeks ago, that this was not so : he joined as a Ion a fide 
 investor, being fully impressed with the truth of the statements 
 laid before him, and desiring to add to his income. But as he 
 had not the money by him to take up the shares, he borrowed it, 
 partly on securities of his own, partly from or through Mr. 
 Park, and that half the amount has not yet been repaid. For 
 correspondence on this subject see Appendix. 
 
 All the above preliminaries being completed, on the 9th 
 November, 1871, the Prospectus was issued and was advertised 
 far and wide. The first notice I saw of it was in the Sunday 
 Times, an unusual paper to notice such speculations. The para- 
 graph about it concluded with the words, " Our readers will not 
 be surprised to hear that the shares are already 4 to 4^ premium." 
 I only mention this to show the way the thing was puffed and 
 heralded. I will now notice the Prospectus, and give a sum- 
 

 THE EMMA MINE. 
 
 mary of its contents. It announced the capital as 1,000,000, in 
 50,000 shares of 20 each, of which 25,000 shares were offered 
 for subscription, the other 25,000 being retained by the vendors. 
 
 The directors were announced to be : 
 GEORGE ANDERSON, Esq., M.P., London, Chairman. 
 E. BRYDGES WILLYAMS, Esq., M.P., London, Deputy -Chairman. 
 PERCY DOYLE, Esq., C.B., London. 
 E. LEIGH PEMBERTON, Esq., M.P., London. 
 The Hon. J. C. STANLEY, London. 
 
 Major-General SCHENCK, United States Minister, London. 
 General HENRY BAXTER, Ex-President N.Y.C, Eailway, New 
 
 York. 
 
 TRENOR WM. PARK, Esq., President National Bank, Vermont. 
 The Hon. "W. M. STEWART, United States Senator, Nevada. 
 
 TRUSTEES. 
 
 GEORGE ANDERSON, Esq. 
 Major-General EGBERT SCHENCK, and 
 
 J. H. PULESTON, Esq. (of Jay Cooke, McCulloch & Co., 
 American Bankers,) London. 
 
 These three gentlemen were to act as trustees for the share- 
 holders until the property purchased was duly transferred ; and 
 until that was done no part of the purchase-money was to be 
 paid. 
 
 The property so purchased was described to be this : 
 
 THE EMMA MINE AND THE EMMA EXTENSION CLAIM. 
 
 Cash, being the balance of accrued profits receivable 
 from consignments of ore by the vendors to Lon- 
 don and Liverpool, amounting to . . . . . 46,300 
 
 2,800 tons of first-class ore, now being forwarded to 
 
 England, of the estimated net value of . . . . 70,000 
 
 8,000 tons second-class ore, now piled up at mine for 
 
 smelting there, of the estimated net value of . . 64,000 
 
 13,250 tons first-class ore, already developed in vari- 
 ous parts of the mine, of the estimated net value of 357,750 
 
 It is stated also that the ore previously sent to England had 
 realized an average of 37 19s. 3d. per ton. 
 
12 THE TRUE HISTORY OF 
 
 The cost of extracting the ore ready for shipment or sale had 
 hitherto been under 15s. per ton, or only about two per cent, of 
 its value, a fact unprecedented in the annals of mining. Judging 
 by the profits of the preceding four months' working, the esti- 
 mated net yield of the mine would be at the rate of 700,000 
 per annum ; or if smelting works were erected, as the proper 
 business way to do, then the total profit would amount to the 
 enormous figure of 800,000 per annum. Furthermore, with a 
 view to equalise and ensure the steady and continuous payments 
 of dividends, the division of profits were to be restricted to 18 
 per cent, per annum, until 180,000, equal 'to twelve months' 
 dividends, were in hand in London, after which time the whole 
 of the earnings were to be divided among the shareholders. 
 
 These are the principal items in the Prospectus, though a 
 great many other highly flattering paragraphs are inserted. 
 Such as the " exceptional nature of the circumstances," the 
 " extraordinary character of the property," the " totally diffe- 
 " rent category the mine stands to almost every other/' &c., &c. 
 What the reality of these magnificent promises turned out to 
 be some fourteen months afterwards, when the first balance- 
 sheet was issued, I shall contrast when I arrive at that 'part 
 of my story. 
 
 It has been shown by the Prospectus that the company were 
 to acquire the sum of 46,300, cash realised by sale of ore raised 
 by vendors, and that the trustees were to hold the purchase-money 
 until the vendors had transferred to the company the property 
 which they were to acquire. The 46,300 was, in fact, purely 
 an imaginary sum ; the trustees, notwithstanding, paid over the 
 purchase-money to the vendors, and they repaid the 46,300 
 the next day to the company out of this purchase-money. 
 
 In the Prospectus is also announced, as being available for the 
 payment of dividends, and also towards creating the reserve 
 fund previously named, besides the cash handed over, 46,300, 
 and the 2,800 tons first-class ore then en route to London, the 
 following item : 
 
 2,600 tons first-class ore from mine to London, ex- 
 pected to arrive during January and February, and 
 to produce net . . 65,000 
 

 THE EMMA MINE. 13 
 
 ow the fair inference from this would be, that this quantity 
 of 2,-600 tons was actually raised from the mine; but as the 
 whole amount then raised, and on hand, was but 1,800 tons, it 
 only shows it was put in the Prospectus for the purpose of 
 misleading. 
 
 So the Emma Silver Mining Company, Limited, was fairly 
 floated, and the happy allottees thought themselves fortunate in 
 getting shares in so splendid an undertaking. Mr. Park received 
 the 500,000in cash, on behalf of the New York Corporation ; but 
 the 25,000 vendors' shares he left, I believe, in the hands of 
 Mr. Albert Grant, possibly for safe custody, probably for another 
 purpose which I shall hereafter speak of. 
 
 About the latter end of November, Mr. Jas. E. Lyon arrived 
 in England, and made an application to Messrs. Park and 
 Stewart, for his one-eighth of the purchase-money, less 1,500,000, 
 dollars ; but was told by them that the whole of the vendors, 
 shares were locked up in the hands of Mr. Albert Grant for a 
 period of nine months or more ; that 5,000 shares had been pur- 
 chased besides of those subscribed for, and were to be held to 
 sustain the market until a special settling-day was named on 
 the Stock Exchange ; tho arrangement being that Mr. Grant 
 should pay the premiums of 2 or 3 per share each, and Mr. 
 Park the par value of the shares 20 each, and that it would be 
 necessary that the whole of these 30,000 shares should be re-sold 
 to the public after settling-day, before he, Lyon, could be paid his 
 claim, Mr. Park naively adding to Lyon his opinion that be- 
 fore the nine months were up the " game would be played out," 
 the mine would be " bust up," &c. Lyon, thinking the bird- in- 
 the-hand policy the wisest under the circumstances, consented 
 to settle upon the basis of the cash received 500,000, less .the 
 100,000 paid to Mr. Albert Grant for his services, and other 
 expenses. Finally, he accepted 30,000 in cash, and made over 
 to the Hon. "W. M. Stewart his. interest and claim against the 
 mine for that sum. 
 
 It was then arranged that Mr. Stewart should go back to 
 New York and settle with the other parties interested in the 
 sale ; and it was arranged, and a contract was made and signed 
 on the 9th December, by which the other partners renounced their 
 
14 THE TRUE HISTORY OF 
 
 rights on the purchase money in favour of Mr. Park , upon pay- 
 ment to them of 50 dollars per share, and contained the proviso 
 that out of the same Mr. Park was to reimburse the London 
 Emma Company, the value of any number of tons of first-class 
 ore being short of the 2,800 tons described in the Prospectus as 
 being then en route to London. It turned out eventually that 
 1,000 tons were so short, or, in fact, never had been raised, and 
 Mr. Park thereupon handed over 28,000, its estimated value, to 
 the London Emma Company who accepted this payment and 
 entered it in their books as received for " missing ore." 
 
 CHAPTER IIL 
 
 PROGRESS OF THE COMPANY AND ACTS OF THE DIRECTORS. 
 
 ON the 1st December the first interim dividend, at the rate of 
 18 per cent., was sent out, and the shareholders were informed that 
 the whole of the 25,000 shares had been allotted to nearly 2,000 
 shareholders. In the same circular an announcement is made 
 that " The directors have taken great pains to verify every 
 statement in the Prospectus, and they are confirmed in their 
 opinion that such statements are strictly accurate." Ore shipped 
 to date, 900 tons, estimated to realize a net profit of at least 
 22 per ton. 
 
 About this time comment on the fact of General Schenck's 
 connection with the mine became rife. A long letter appeared 
 in the Daily Telegraph of 24th November, signed " Mercator," 
 which, in its concluding paragraph, was almost prophetic. It runs 
 thus : " The transaction has already afforded food for gossip ; 
 let the minister beware lest his high name and position be a 
 topic for scandal, and a butt for the poisoned shafts of calumny." 
 
 This, together with an article in the Economist, caused a stir; 
 and on the 6th December General Schenck resigned his position 
 as director, though he asserted his continued confidence in the 
 

 THE EMMA MINE. 15 
 
 value and profitableness of the property, and that he still held 
 all the shares he had been able to take. 
 
 On the 10th January, 1872, (the dividend on the 1st having 
 been duly sent,) the directors begged the shareholders not to 
 sacrifice their property in consequence of vague reports. They 
 also announced that the deputy-chairman, at the request of the 
 vendors, intended to sail for the^ mine the following week, to 
 judge, by actual observation, of the state of affairs, and to arrange 
 for smelting the ore on the spot. The circular concludes with 
 " In the meantime all the information the Board has received 
 is of a most satisfactory nature." 
 
 On the same day Mr. George Anderson, the chairman, writes 
 to the Times, explaining General Schenck's retirement from the 
 Board, and denying a statement, copied from the White Pine 
 Neics by the Times, that the late owners had " gutted the mine " 
 and there was to be " some of the tallest lawing ever known." 
 These statements "were quite unworthy of notice," says Mr. GK 
 Anderson. 
 
 On the 1st February, with the monthly dividend came a 
 statement of the cash in hand, ore en route, &c., and this distinct 
 item" ore sold at Utah, 1,000 tons, 28,000." Now this 1,000 
 tons was the quantity short from the 2,800 tons which in the 
 Prospectus is described as being " now at railway station, en route 
 to London." It never had' any existence in fact, yet it is 
 announced in the company's circular as being " ore sold at 
 Utah"! 
 
 On the 1st March, the statutory meeting is announced to be 
 held, and that Mr. Brydges Willyams, the deputy- chairman, 
 had sent a telegram giving a very favourable account of the 
 mine. He had arrived out there on the 24th February. 
 
 On the 7th March, the first meeting of the company was held 
 at the Cannon Street Hotel. Mr. Gr. Anderson, the chairman, 
 made a most flattering speech, brimming over with assertions as 
 to the truth of all the statements previously made, and indulging 
 in most glowing terms on the future prospects of the Company. 
 Such as the statement that already 240,100 was in hand avail- 
 able for dividend in ore raised and cash received ; that in the 
 first four months of the Company's work there had been taken from 
 
16 THE TRUE HISTORY OF 
 
 the mine " very nearly a quarter of a million worth of stuff ; " 
 that the mine was producing enough to double the dividends 
 at once, and this distinct prognostication, " I think the time will 
 not be far distant when we will have that 180,000 reserve 
 cash in hand, and we will then, of course, divide all the produce 
 of the mine in dividend, and it looks very likely that we shall 
 be able to give you 30 or 40 per cent, instead of 18." 
 
 Mr. Park on this occasion, not to be outdone, made equally 
 astounding statements. First, as to Mr. Grant : he had consented 
 to do the work for a very small commission ; and, continued Park, 
 " I was satisfied he had not been paid sufficient, and so I made 
 him a further compensation." Contrast this with Mr. Park's 
 own evidence in the Court of Chancery in the May following : 
 Mr. Park had been pressed to sell his vendors' shares in order to 
 get. a quotation on the Stock Exchange, but refused to do so until 
 the result of Mr. Willyams' examination of the mine should 
 come. Telegrams in cypher had been arranged, and the most 
 favourable ones Mr. Willyams could possibly use had come ; and 
 accordingly Mr. Park would reluctantly consent to sell, but solely 
 to oblige the Emma shareholders. "For," to quote his own words, 
 " when I took these shares I believed, and do believe, instead of 
 these shares being worth 20 a share, they are worth 40. I 
 may be entirely mistaken, but I shall certainly hold shares until 
 they go to 40." The chairman wound up the meeting with 
 these words: "May I conclude the shareholders are now satisfied 
 they are holders of shares in a really satisfactory mine, and 
 instead of their standing at 22 in the market they ought to 
 stand at 40 or 50 ? " 
 
 So ended the first meeting, and the shareholders went away 
 delighted. 
 
THE EMMA MINE. 17 
 
 CHAPTER IV. 
 
 MR. BRYDGES WILLYAMs' VISIT TO THE MINE, AND DISPOSAL OF 
 THE 8,500 VENDORS' SHARES. 
 
 I MUST here digress, and go a little way back to allude to the 
 reasons which led the deputy-chairman to go out to Utah. Mr. 
 Park, virtuously indignant that reports should be circulated that 
 the mine was not all it was represented to be, had magnanimously 
 offered to pay the expenses of the whole of the Board if they 
 chose to go out; but he added, aside, to a friend at this very 
 time, " Of course I knew they wouldn't all go, but Mr. Willyams 
 I knew would for certain reasons." 
 
 Mr. Park paid the expenses of Mr. Willyams on this occasion, 
 and did so with a cheque for 5,000, I am positively assured by 
 one who saw the cheque. I have asked Mr. Willyams by 
 letter lately whether this amount was correct, and, if so, what 
 became of the remainder of the money after the expenses were 
 paid ? But Mr. Willyams simply refers me to his solicitors, and 
 those gentlemen, Messrs. Lanfear and Stewart, decline to answer 
 my question, or, to put it in their own words, " They have no 
 reply to make." With Mr. Willyams, as a personal friend, went to 
 Utah Mr. Gr. A. Lawrence, the author of " Guy Livingstone " 
 and other works. Mr. Lawrence, by his own admission to me, 
 had the whole of his expenses paid by Mr. Willyams, which, if 
 the latter had 5,000 from Park for the purpose, he could well 
 afford to do, and then have a handsome surplus. Mr. Willyams 
 was so much impressed with the appearance of the mine that he 
 sent home a telegram (so Mr. Park stated) to purchase 1,000 
 shares on his own account ; but as they seem never to have been 
 transferred to him in the Emma books, he must have sold them 
 soon afterwards at a profit, as the shares were then going up. 
 
 c 
 
18 THE TRUE HISTORY OF 
 
 However, Mr. Park, shrewd as ever, had sent word out that 
 Mr. Willyams should he taken to General Baxter's house at New 
 York, on arrival there, and to Mr. Warren Hussey's house on 
 arrival at Salt Lake. On no account was he to he allowed to go to 
 an hotel, lest he should hear too much of the real state of the mine. 
 Prfessor Silliman and Senator Stewart also went to the mine with 
 them, and right royally they did the trip by all accounts. It 
 was announced that Mr. Lawrence was to write a hook on the 
 subject, and, accordingly, when he came home, he did write his 
 book, and called it " Silverland ;" and as he had the whole of his 
 expenses out and home paid by Mr. "Willyams, and got a thou- 
 sand guineas copyright from Chapman and Hall for the book, the 
 trip must have been a pleasant and profitable one to him, at all 
 events. " Silverland " contains one whole chapter devoted to the 
 Emma Mine, painting its prospects in most glowing colours, and 
 in an appendix is given a lot of the now familiar and worthless 
 statistics about the mine. Why this book was not published 
 until near a twelvemonth afterwards, and then when Emma affairs 
 were looking queer, is to me a mystery. 
 
 I have had a long correspondence with Mr. Lawrence, his soli- 
 citor, and Messrs. Chapman and Hall about the book, extracts 
 which will be found in the appendix. 
 
 On the 1st April, 1872, (fit day for such a proposition !) the 
 directors, by circular, invited the shareholders to take fresh 
 shares, first telling them that reports had been received from 
 Mr. Willyams, Mr. Stewart, and Professor Silliman of a highly 
 satisfactory character. That a telegram just received said, that 
 large developments had been discovered below any previous 
 workings, new deposits same richness as old ones, and new 
 deposits discovered richer than old ones. Again is recap- 
 itulated the same old false item " Sold at mine, 1000 tons." 
 And then comes the invitation to take vendors' shares, in these 
 terms " As you are aware, the directors are desirous of getting 
 a quotation on the Stock Exchange, and as the only impediment 
 appears to be the fact of the vendors holding more than one- 
 third of the stock, the directors have endeavoured to negotiat e 
 with the vendors for an offer to the shareholders of such further 
 number of shares as will bring the Company within the Stock 
 
THE EMMA MINE. 19 
 
 Exchange rule. The greatly improved appearance of the mine 
 has, however, made a difficulty about price, and the directors 
 regret they have been unable to arrange for a lower price than 
 23 per share ; which is the present market price. Should you 
 desire any of these shares, please send in your application, with. 
 5 per share deposit, to the Company's Bankers." 
 
 It is a strange thing that the telegram announcing these won- 
 derful new discoveries arrived in London just before the invita- 
 tion to take those vendors' shares ; and, stranger still, that the 
 directors could not have ascertained whether the Committee of 
 the Stock Exchange had not other reasons for refusing a quota- 
 tion besides the technical one they raised. Be that as it may, 
 when the alleged cause was removed no quotation was granted, 
 and never has been granted to this day. About this time com- 
 menced a tremendous system of puffing and bulling reports of the 
 most extravagant nature to work off on the public not only the 
 8,500 shares requisite to bring the vendors' holding within the 
 prescribed holding, but as many more as could be sold. 
 
 It was deliberately announced (taking the cue, I suppose, from 
 Mr. Anderson's sanguine prognostications at the March meet- 
 ing) it was deliberately stated, and was got into the papers, 
 ' That the Directors would be in possession of the 180,000 
 Eeserve in a few days, and would then immediately commence 
 paying 36 per cent, dividend." One of the most flagrant in- 
 stances of this was a pamphlet called " Mining Enterprise in 
 America, as illustrated by the History of a Great Investment," 
 by " Nummus." Now this pamphlet was printed by Messrs. 
 Cassell, Petter, and Galpin, and it was falsely announced that it 
 was published by them the object of course being to impress readers 
 with the truth of the statements in it, by getting the name of 
 this well-known and respectable firm to it. I have been at 
 considerable pains and trouble to get at facts about this pam- 
 phlet ; and, though I am sorry to say Messrs. Cassell & Co. 
 declined to give me the name of the party who ordered it, they 
 inform me that only eighteen proofs were printed, and these 
 were taken away by some gentleman. Now these proofs were 
 immediately sent to different journals, such as the Mining 
 World, Stock Exchange Review, and copious extracts from the 
 
 c 2 
 
20 THE TRUE HISTORY OF 
 
 work in question were inserted in them. Then, a sufficient 
 number of copies of these papers being obtained, one was sent 
 free to every " Emma " Shareholder ; so the deluded recipient 
 thought he was reading extracts from a substantial book pub- 
 lished by Cassell & Co. Accordingly it had the effect intended, 
 viz., that the shareholder decided to hold on his shares, and 
 probably buy more, which naturally must be those belonging to 
 the vendors. In all this we recognise the master-hand of Mr. 
 Park, though another gentleman nearer home had, I believe, 
 something to do with it. 
 
 I will here insert some specimens of Mr. " Nummus's " 
 flowery style : . 
 
 " The shareholders ought now to. realise their position. They 
 hold, bej T ond all reasonable doubt, the most valuable American 
 mining property in the hands of Englishmen. The}- are assured, 
 by men who possess and value high characters for intelligence and 
 integrity, that dividends largely in excess of the understood mini- 
 mum may be looked for, and that the shares would not be dear at 
 double the present quotations. The vendors, ivho retain so vast a slake 
 in the company, have proved themselves to be gentlemen of honour, and 
 even generosity free from all arriere pensee, from all equivocation, 
 concealment, or exaggeration in dealing with their English customers. 
 Such are the considerations which ought to actuate those proprietors 
 who, having purchased at either original or reduced prices, have 
 been fortunate enough to hold. They possess that which, in all 
 probability, will before long prove the means of doubling both their 
 income and their capital. The obvious course for prudent and in- 
 telligent men is to keep faithfully to their investment, in expectation 
 that no distant day will bring them, the desired' reward. The case 
 amounts briefly to this : that the shares now quoted at, say 22 to 
 24, are worth from 40 to 50 ; and that the dividend, now 18, 
 will run up to 30 or 40 per cent." 
 
 ' ' To have described the mine in the terms of an ordinary specu- 
 lation would have been to misrepresent it. The framers of the 
 Prospectus had no alternative but to tell investors that the whole 
 undertaking was ' exceptional ; ' that the circumstances under which 
 it was brought out were exceptional ; that it held out prospects of a 
 profit income larger than that of almost any developed in modern 
 times. Such statements were directly calculated to provoke criti- 
 cism, and criticism would inevitably assume the tone of scepticism 
 

 THE EMMA MINE. 21 
 
 until the facts were proved beyond all possibility of controversy. 
 This would have been the case even in the absence of the combina- 
 tion alluded to by the chairman as having been put into movement 
 by "Bear" operators. . . . But it does not follow that some 
 of these severe remarks were not written in good faith, and in the 
 belief that the American vendors were asking us too high a price 
 for our whistle. Dealing with representations at the time unproved, 
 and of a kind that would place any enterprise in the exceptional 
 category, writers would naturally shape their comments from con- 
 clusions deduced from their own experience and observation rather 
 than from the statements of persons whose interest would, of course, 
 be to have the property estimated at not less than its full value. 
 At present such commentaries, penned in the tone which was pre- 
 valent three months ago, would be dishonest at that time they 
 were only what were to be expected." 
 
22 THE TRUE HISTORY OF 
 
 CHAPTER Y. 
 
 FURTHER PROGRESS OF THE COMPANY. 
 
 ABOUT this time, too, began a great controversy against these- 
 highly coloured reports, especially on the part of those who- 
 knew the true state of the case, such as Mr. Jas. E. Lyon and 
 one Hiram A. Johnson, who was acting as his attorney. 
 Of Mr. Johnson I have no personal knowledge whatever. I 
 certainly wrote him once, in May, 1872, a rather sarcastic letter ; 
 and in his answer, which I have now before me, occurs a passage 
 almost prophetic, judging by what followed. He says : "If 
 you discredit my statements, exercise your better judgment, 
 retain your shares, and my circulars have done you no harm. 
 In the course of a few months refer to my pamphlet, read it 
 then by the light of facts that surround you, and tell me, if you 
 please, whether you then remain incredulous to the facts stated." 
 
 I beg to assure Mr. Hiram Johnson, wherever he may now 
 be, that I am not now incredulous to the facts he then stated :. 
 on the contrary, I cordially acknowledge them to have been 
 quite true. He it was who sprung a mine on the directors by 
 disclosing to the shareholders, on the 21st April, the terms of 
 the contract by which Park had made over to him the New 
 York Company 's interest in the vendors' shares for 50 dollars 
 per share; However, the wily Mr. Park was not to be beaten 
 so easily ; and next day both he and the directors issued circulars 
 in answer to it. Park's explanation is a long one ; he winds up 
 with this magnanimous offer : 
 
 "I have entire faith in the mine, which has been strengthened 
 by every report from every source since I saw it in July last; 
 and, haviog disposed of the vendors' shares which I was required 
 to sell, I am personally a large holder of shares all purchased at 
 a higher price than I sold for, and intend to continue so perma- 
 nently. I have not money sufficient to purchase the entire 
 shares of the Company ; but I hereby offer to give 1 per 
 share for the privilege of calling shares within six months at 40* 
 
THE EMMA MINE. 23 
 
 per share, and leave this offer open to responsible parties to any 
 number of shares, and until I leave for America, which will not 
 be before the 10th May." 
 
 At the same date the directors, after alluding to the contract, 
 say : " It is true the directors believe there has been already 
 developed in the mine, ore of an estimated value more than 
 sufficient, including the amount already divided, to repay the 
 whole of the capital ; but it is impossible to say how soon thin ore- 
 may be received in London. The directors have full confidence- 
 in every statement with reference to the mine which has been 
 previously issued by them, and they can only express their 
 hope that shareholders will not be tempted by garbled reports 
 to sacrifice their property.'* 
 
 On the 1st May the directors announced Mr. Brydges 
 Willyams' return, having brought highly satisfactory accounts 
 of the mine, and call a meeting to hear him. This meeting 
 took place on the 7th May, but Mr. Brydges Williams, having 
 just lost his father, could not attend. A letter from him, how- 
 ever, to the chairman was read, in which Mr. Willyams says : 
 "I am desirous of meeting the shareholders as I wish to con 
 vince them of the great value of the property and its future 
 prospects, of which I cannot speak too highly. In the meantime 
 I would venture to beg the shareholders to allow none of the 
 lying report* which have been circulated to frighten them into 
 parting with their shares at a lo.ss, bi lieving as I do, that the 
 property is honestly worth more than double what it was three 
 months ago, in consequence of the valuable discoveries which 
 have been recently made." 
 
 Professor Silliman's second report was then read, giving a 
 splendid account of how things looked at the time of his last 
 examination. Speaking of the fresh discoveries he says: 
 " These discoveries have been well in excess of all demands on 
 the mine, and are a guarantee for the future of regular and 
 satisfactory dividends." The chairman further on said : " The 
 importance of such a discovery is simply enormous. It shows 
 the massif ore we have to deal with to be immensely greater 
 than anything we could possibly have imagined before." On this 
 occasion, too, the chairman quite snubbed a shareholder who 
 
24 THE TRUE HISTORY OF 
 
 wanted to know what amount of ore was actually in sight, seen, 
 and measured. Mr. Anderson told him to read his reports, and 
 he would find that Professor Silliman in his three reports vouched 
 for 32,000 tons as being the quantity. 
 
 Then Mr. Park got up and made an overwhelmingly candid 
 speech it quite stifled all doubts ; and a British shareholder, 
 a Mr. W. Pare, got up and proposed a vote of thanks to Mr P 
 Park for his candid, manly, and straightforward speech ! And 
 yet will my readers credit it ? directly Mr. Park got outside, 
 he said to a countryman of his, " I hadihe Britishers there pretty 
 nicely. I fixed them up right enough, I guess," or words to 
 that effect, which were told me by the person to whom they 
 were uttered. 
 
 On the 30th May was held the adjourned meeting to hear 
 Mr. Willy ams, and a highly satisfactory statement he made, 
 notwithstanding that Mr. Lyon, who was present, ventured 
 to doubt the truth of all he said. Mr. Brydges Willyams 
 on this occasion ventured the astounding statement that, in 
 his opinion, " there was first-class ore enough in the mine 
 to pay dividends as long as any one in that room lived." 
 Ten months afterwards, at another meeting, when the "Emma" 
 had proved a fiasco, he was reminded of these words, and 
 then added, there was a proverb' in Cornwall, " That no miner, 
 could see farther than the end of his pick." It is a great 
 pity he had not added this saving clause to the opinion 
 he delivered in May, 1872. It might have saved many people 
 from believing, as they did, that such words, coming from 
 one who was supposed to be a practical miner, were reliable 
 and to be depended on. At this meeting there was a great row, 
 for Lyon, who was present, strongly insisted on his view of the 
 matter being correct; but it was all no use the infatuated share- 
 holders would not listen to him, though he predicted trouble 
 from the Illinois Tunnel Co.'s claim, which shortly came to pass. 
 He was jeered at, told to sit down, accused of being a selfish 
 bear, and almost a downright liar. Mr. Willyams also added, 
 that, as to the " second-class ore, to his mind it was lumbering 
 up the mine, and so far as he was concerned he would sooner 
 give it away." 
 
THE EMMA MINE. 25 
 
 CHAPTER VI. 
 
 THE " CAVE IN " OF THE MINE. 
 
 THIS occurred about the first week in June. Lyon got informa- 
 tion of it from a friend named Almy, who sent him telegrams 
 on the 7th, 8th, and 9th June, and, to make assurance doubly 
 sure, he telegraphed to another friend at Salt Lake, a Mr. 
 Dalton, who, on the 10th June, confirmed what Almy had stated. 
 All this time the Emma Company here could get no intelligence 
 whatever. On the llth June, Lyon had an interview with Mr. 
 O. Anderson, at the Emma office, showed him the telegrams, and 
 offered to give him every information. He refused to believe 
 Lyon or the telegrams, intimatiug, in as many words, that they 
 were not genuine. More telegrams to Lyon on the 15th, 16th, 
 17th, and 18th June followed, two of them giving distinct informa- 
 tion of the Illinois Tunnel Co.'s claim to -ground worked on by the 
 " Emma " having taken place. On the 14th June, the directors 
 in a circular admit " that some leakage seems to have taken 
 place," of which grossly exaggerated accounts have come from 
 confederates at Salt Lake. 
 
 "Why the Emma Company coujd get no information from 
 their mine of this serious 4< cave," and hostile action on the part 
 of the Illinois Tunnel people, whilst private parties could, has 
 never been publicly explained. I believe it was due simply to 
 the fact that Mr. Park stopped the telegrams from Warren 
 Hussey from coming through to London, or rather ordered him 
 to send them to him at New York. Now the substantial truth 
 of all these telegrams to Lyon has since been proved to be 
 correct, and Mr. Gr. Anderson had promised Lyon, that if they 
 were proved to be true, he (Anderson) would make him (Lyon) 
 an ample apology; but up to the present time this has not been 
 done, though Lyon has not been away from London. An 
 appointment was made, however, to see Mr. Anderson and 
 another director in the lobby of the House of Commons, for 
 
26 THE TRUE HISTORY OF 
 
 the purpose of hearing what more information Lyon had to 
 grre about the mine. Lyon waited half-an-hour, and, as no Mr. 
 Anderson came, he went away, and has never troubled himself 
 with the " Emma " since. He considered it was undoubtedly 
 Mr. Anderson's place to seek him, hear all he had to say, and 
 test the truth of his statements. And it is for the shareholders 
 to consider whether their chairman, who was being paid 
 1,000 a year for looking after their interests, properly fulfilled 
 his duties by omitting to do so. 
 
 One of these telegrams admits of some explanation. On the 
 16th June, Almy wires Lyon, " Foreman of Emma shot by 
 Illinois" A good deal was made afterwards by Mr. T. Gr. Taylor 
 in his circulars of this, as no foreman was killed. The simple 
 explanation of it, however, is that the Emma foreman was shot 
 at, but the ball whizzed past his ear without hurting him- 
 Similar statements were published in the Salt Lake papers at 
 the time, showing it was matter of common notoriety. 
 
 On the 1st July, the directors admit that " the incidents of 
 the past month have been mostly of an unfortunate character ;" 
 that the telegrams published by Mr. Lyon were the first in- 
 timation of anything being wrong, and they declined to believe 
 any of them, as they could not conceive it possible that such 
 events could take place without their being informed at once. 
 They also strongly suspect that many messages have been sup- 
 pressed in some way which they do not understand. One message 
 sent they know never arrived. However, being now in possession 
 of reliable information, they admit that the mine has been flooded 
 and caused " serious damage." Nevertheless, they assure the 
 shareholders that the damage is of a temporary character, and 
 when overcome the mine will appear " richer than ever" as- 
 Professor Blake had expressed the opinion that "the cave 
 indicated perfectly that the ore body extended up to the grass 
 roots in immense bodies, as the lime rock formation (supposed 
 to be. heretofore) could not care" 
 
 Further, the directors had heard even then nothing of any 
 disturbance at the mine or adverse claim affecting the company, 
 and the directors are again assured from New York that the 
 title is perfect. 
 
THE EMMA MINE. 27 
 
 Now at this very time, had Mr. G-. Anderson chosen, he might 
 have ascertained whether these last paragraphs were true or not 
 by applying to Lyon, who was in vain urging that the Emma 
 Company were mining on ground not in their Patent at all, and 
 therefore the Illinois Tunnel people had a clear right by prior 
 location to drive in their tunnel upon this ground. The Emma 
 Patent gives the right to mine so many feet in a direction 
 running north-cast and south-west] now Lyon contended, and his 
 official examination brought out the fact, that the so-called 
 Emma Mine were working in a direction running north-west 
 and south-east, almost at right-angles, in fact; and this was 
 proved to be the case. Consequently, the Illinois people said y 
 " We have a perfect right to drive our tunnel into ground which 
 you have no right to be upon," and the truth of this was borne 
 out afterwards by the Illinois Tunnel people's claim having to be 
 bought up, though it was boastingly stated some time afterwards 
 that the Emma Company had got a verdict against the Illinois 
 people with damages, the real truth of the matter being that 
 the Illinois, for form's sake, consented to a verdict against them on 
 condition of their tunnel being purchased by the Emma, as 
 they knew perfectly well (as the Emma Company have found 
 out to their cost) that there was no ore to le got iii any quantity 
 where they had driven their tunnel in, it being almost worked 
 out. 
 
 Now this artful trick of laying the Emma Patent Line as- 
 running north-east and south-west, was for the purpose of 
 avoiding hostile protests from neighbouring mines against 
 getting the Patent at all, had it been laid in the true direction 
 the mine was working ; for, besides the Emma, there were the 
 Illinois, the Cincinnatti, the San Francisco Emma, ^ and the 
 North Star, all working on ground close to where the Emma 
 have worked to. As to the North Star, owned by J. P. Bruner,. 
 of Philadelphia, and which the Emma must soon strike if they 
 go on working in that direction, I may mention that it has 
 been worked for years and has never yet paid its expenses. 
 Shareholders have been constantly told by the directors, and are 
 buoyed up by the intelligence, that a large portion of the Emma 
 property is still unexplored; but as the whole strata of the- 
 
28 THE TRUE HISTORY OF 
 
 country rang in a different direction to the line of their patent, 
 it is hopeless to do so, and if they go on mining in the direction 
 they have hitherto found ore, they come into collision with their 
 neighbours, in fact, will be trespassing on the latter's property. 
 So much for the title to the " Emma " property, as vouched for 
 by Hon. "Mr, Evarts, being perfect. Perfect it is undoubtedly 
 to the ground described in that Patent ; but certainly not to the 
 ground hitherto worked on, and where ore has been found. 
 This is only another illustration of the adage as to " keeping 
 the word of promise to the ear, but breaking it to the hope." 
 
 At this time Col. Stanley, then on a pleasure trip in America, 
 went to the mine in company with Messrs. Park and Stewart ; 
 though what Col. Stanley thought of it and affairs generally, we 
 never knew, for, so far as I am aware, hs has never opened his 
 lips at any of the public meetings. Sir Henry Selwyn Ibbetson, 
 M.P., also joined the board at this time. 
 
 On the 17th July the directors issued a circular, which says 
 that the decision in the Illinois Tunnel suit was that the United 
 States' Patent gave the Emma Company 2,400 feet of vein in 
 whatever direction it goes, and winds up with " future of ore 
 never so promising." This telegram is signed by Park, 
 Stewart, and Hussey. No steps were, however, taken by Park 
 to secure to the Emma Company the benefits of this decision by 
 getting the Patent altered to south-east and north-west direction, 
 as he was bound to do, having personally guaranteed the title, 
 for the very good and sufficient reasons I have before enumerated. 
 
 In August nothing of moment occurred, except that, as Par- 
 liament was prorogued, Mr. Anderson, the chairman, decided to 
 go out to the mine and judge for himself of the state of affairs. 
 
 On 2nd September the directors issued another circular, giving 
 another telegram from the mine, dated 23rd August, containing 
 one of the most unblushingly false statements yet given. It runs 
 thus : " New explorations ; reliable experts estimate second-class 
 ore in one part of mine only, as sufficient to pay dividends for 
 two years, and value the mine at 2,000,000. 
 
 (Signed) " HUSSEY." 
 
 At this very time, mind, taking into account the Illinois 
 Tunnel claim, the company were on the verge of insolvency ! 
 
THE EMMA MINE. 29^ 
 
 This circular also encloses a letter from Mr. Park, dated 27th. 
 July, in which, referring to the Illinois Tunnel suit, he says, 
 " They offered to compromise, and I have no doubt would have 
 taken 5,000 ; but I would not pay a dollar for any black 
 mail. New discoveries are immense ; the mine is better than 
 ever ; and if every shareholder could see the mine, the shares 
 would be selling at 75 or 100. lam particularly anxious 
 that no shareholder shall have fear as to the title to the whole 
 2,400 feet of vein, wherever it may run, or that we own the large 
 body of ore the Illinois Tunnel has taken possession of." Mr. 
 Park, you see, is virtuously indignant at anything like a com- 
 promise, and lauds the mine up in the terms I have quoted ; yet 
 at the very time this was given to the shareholders by the 
 directors, the company was, as I said before, on the verge of 
 insolvency ! 
 
 And as to Mr. Park's boast that the shares should be selling 
 at 75 or '100, the fact was that he had already disposed of 
 the whole, or the greater portion of, the vendors' shares. So 
 much for precept and practice ! 
 
 I may here mention that I am informed on credible authority 
 that the arrangement between Park and Mr. Albert Grant as to 
 the disposal of these 25,000 vendors' shares was, that Mr. Grant 
 should receive half on all the shares brought over 20 per share, 
 with t 5 per cent, commission on the total amount the shares 
 brought. This would make Mr. Grant's profit out of the trans- 
 action some 60,000 or 70,000 at least, over and above the 
 100,000 he received from Park for acting as promoter when the 
 company was formed. 
 
 Whefher this arrangement between Park and Grant is correct 
 I cannot positively assert, but I have endeavoured to get at the 
 facts by writing no less than six letters to Mr. Grant, to which 
 he has vouchsafed no answer whatever. In default of any 
 denial or explanation on his part, therefore, I can only repeat 
 the story as it was told to me. If it be true, it will at once 
 explain the reason for all the puffing and laudatory notices a.bout 
 the mine which was systematically carried on from April to 
 September, 1872. 
 
 In October nothing particular seems to have transpired. 
 
30 THE TRUE II1TTORY OF 
 
 CHAPTER VII. 
 MR. ANDERSON'S VISIT TO THE MINE AND REPORT. 
 
 ON the 1st November the directors announce the quantity of 
 ore raised to date as 10,190 tons, and that Mr. Anderson had 
 been in the deep level. He found the vein large and very pro- 
 mising, and states that we "might expect rich ore in a few weeks. 
 The suit with the Illinois tunnel still pending." It is worthy 
 >of note that the dividend warrant sent with this circular turned 
 out afterwards to be from money borrowed of Park. 
 
 On the 2nd December, 1872, the thirteenth interim monthly 
 dividend, and, as it turned out, the last, was sent, also paid in 
 borrowed money from Park. The total ore raised was given as 
 11,420 tons, and the result of the suit with the Illinois tunnel 
 was announced. What that was I have already informed my 
 readers, and the previous anticipation of Mr. Anderson as to 
 getting rich ore was apparently verified, as Mr. Hussey had 
 telegraphed- on 17th November that " first lot from bottom of 
 mine samples 220 dollars and 50 per cent, lead," which, worked 
 out, gave 47 5s. per ton. This appeared to be about double the 
 value of the ore lately raised from new explorations, and it was 
 sold on the spot. At this very time, mark ! the affairs of the 
 mine were hopelessly insolvent ! 
 
 On the 10th December came a long report from the chairman, 
 detailing his visit to the mine. To dissect this document would 
 be a work of some difficulty ; suffice it to say, that the general 
 tenor of it was very favourable : in fact, the chairman says in 
 his conclusion that, as the result of the excellent assistance and 
 advice derived from Messrs. Park, Stewart, and Hussey, and 
 the efficient staff at the mine, " I am not claiming too much 
 when I say that all the difficulties we know of have been more 
 
THE EMMA MINE. 3L 
 
 or less immediately arranged for, and the position and prospects 
 of the company are in every way better than they were when I 
 went out." The slight " difficulty " of the continuance of future 
 dividends was, it seems, decidedly overlooked ; for at the very 
 time the mine was hopelessly in debt and had actually paid two 
 dividends out of borrowed money ! 
 
 The price paid for the Illinois tunnel was 18,000, the Emma 
 Company kindly foregoing their " damages." The amount is but 
 a small one, says Mr. Anderson, " hardly more than a month's 
 dividend" "absolutely trifling," compared with the depreciation 
 of stock which continued litigation would cause. Somehow the 
 money has not yet been paid, and Emma stock has alarmingly 
 depreciated, notwithstanding the valuable acquisition of the 
 Illinois tunnel. 
 
 In this report Messrs. Stewart and Park are buttered over 
 finely by the chairman. " They had shown their loyalty to the 
 company in a very liberal way. On both trials, they sacrificed all 
 their business, took the arduous journey to Salt Lake, working 
 very hard, and carrying both cases to a successful issue," i. c., 
 involving the Emma Company in 18,000 of debt. " They had 
 -done this entirely without fee, and had not even charged their 
 travelling expenses ! Were the company to have much further 
 litigation it would evidently be trespassing on these gentlemen's 
 liberality to expect a continuance of such services, though I be- 
 lieve they would unhesitatingly grant it." 
 
 Now, considering the tremendous " pulls " these two gentle- 
 man had got out of the Emma Mine and the British share- 
 holders, the solicitude of the chairman for them is quite touch- 
 ing. Mr. Anderson also announced a new railway up the 
 canon to be in progress, which would save the company 20,000 
 .a year in carriage, and liberally offered some of the 10 per cent, 
 bonds of this railway for subscription to Emma shareholders ; 
 but, so far as I am aware, the offer was never accepted, and the 
 railway may be a thing of the future. 
 
32 THE TRUE HISTORY OF 
 
 CHAPTER VIII. 
 
 CESSATION OF DIVIDENDS, AND COLLAPSE OF THE MINE. 
 
 ON the 20th December, 1872, as a nice Christinas greeting to 
 the Unfortunate shareholders, came the announcement from the 
 directors of the cessation of dividends . Of course they exceedingly 
 regret to have to communicate such unwelcome tidings, still 
 gleams of hope are plentifully strewn through the document,, 
 such as ".the output is at the present largely in excess of the 
 dividend, but the increase is so recent that the results have not 
 been felt here. The position of the mine is better than ever, 
 and the directors have every expectation of being able to resume 
 the monthly payment on 1st February." 
 
 Still the system of monthly dividends being found to work 
 badly, or rather inconveniently, they will propose to the share- 
 holders to change it at the next meeting to quarterly payments, 
 forgetting to add, however, if they were able to do so. 
 
 In this circular not one word is said as to the two previous 
 months' dividends being paid out of borrowed money. It is 
 incredible to suppose they could not but have known it. If they 
 did not, it only shows the blind and reckless way they trusted 
 to the men on the other side. 
 
 On the 14th January, 1873, the directors confess that their 
 sanguine expectations of the previous circular are not fulfilled,. 
 for they again "extremely regret" that they are unable to 
 declare a dividend for the month of February. A long expla- 
 nation as to how they had been deceived by the telegram from 
 Mr. Hussey now follows, in which a mistake of 150 tons rich 
 ore having been raised was made whether purposely or not, it 
 would be very instructive to know. The tone of this circular is 
 decidedly discouraging, for they hold out no hope of being able 
 
THE EMMA MINE. 33 
 
 to pay the March dividend. Still no mention is made of the last 
 two being paid in borrowed money from Park. At length, on 
 the 22nd of February, the balance-sheet was issued, and then 
 the amazed shareholders saw plainly the real state of affairs ; 
 and what was the result of all this fourteen months' continued 
 false statements. Without going through the whole of the items 
 in this document, I may summarise it by saying that, as the com- 
 pany had paid thirteen monthly dividends at 15,000 each, they 
 had paid away to the shareholders 195,000 ; but as by the 
 balance-sheet the company stood indebted to Mr. Park 
 33,848 for cash lent to pay the two last ones, it left the actual 
 amount paid by the company fairly, in round figures, 160,000. 
 Now as the company took over from the vendors 46,300 in 
 cash, and 2,800 tons ore on hand, or the proceeds thereof, 76,104, 
 (together 122,404,) it showed the startling fact that, with 
 the dividend account balance of 7,874 in hand, the mine had 
 only produced nett about 47,000 from the 8th November, 1871, 
 to 31st December, 1872 ! Against which, mind, the company 
 were in debt to the Illinois Tunnel Company of about 18,000 ! 
 So the nett result is that if they had paid for their purchase in 
 proper course, the whole earnings of this wonderful mine during 
 fourteen months, less one week, would be less than 30,000 in 
 fact, just about two months' of their vaunted monthly dividends 
 at eighteen per cent. ! 
 
 And this was the reality of all these magnificent promises and 
 confident predictions which I have detailed. Going back to the 
 Prospectus and comparing it with the balance-sheet, it is seen 
 that the reserves of first-class ore, 13,250 tons valued at 357,750, 
 are gone ; that the second-class ore, valued at 64,000, is also 
 gone, or unrealizable ; that the ore cost in getting out upwards 
 of five times the amount indicated in the Prospectus, and had 
 enormously fallen off in value. The total estimated nett yield 
 of ore by the Prospectus was to be 700,000 per annum. By 
 the actual result it was only about 74,000 per annum about 
 one-tenth of the Prospectus estimate ; and the rate of dividend 
 earned, instead of being at the rate of 70 per cent, per annum, 
 was only about 6| per annum ! ! 
 
 The report accompanying the balance-sheet indulged in all 
 
34 THE TRUE HISTORY OF 
 
 sort of excuses to account for this disastrous state of things, and 
 stated that Mr. Warren Hussey, having expressed a strong wish 
 to be relieved of his post of manager, the directors had ap- 
 pointed Mr. George Attwood to succeed him. The only surprise 
 is that the directors had not "relieved" Mr. Hussey of his 
 onerous duties long before. 
 
 On the 6th March was held the second annual meeting of the 
 company, Mr- Anderson in the chair. Mr. W. Henderson and 
 Dr. Walker, who had been sent up from Glasgow as a deputa- 
 tion from the shareholders there, were present to watch the 
 proceedings, and take any action necessary. The chairman 
 made a long speech explanatory of the reasons for paying the 
 last dividend, and letting off Mr. Park as lightly as he could. 
 He still, however, reiterated his confidence in the mine, and so 
 did Mr. Brydges Willyams ; he held the same opinion as to the 
 valuable nature of the property that he did before, " His 
 opinions had not varied in the least." " That the ore was not 
 worked out," and " would not be in our lifetime." Mr. Orr 
 Ewing then made a long speech, in which, whilst exculpating 
 the directors from any infringement of their personal honour, he 
 severely criticized their blind and reckless method of trusting 
 to the American element in the concern, I cannot do better 
 than quote from the Glasgow 'Herald a summary of Mr. Orr 
 Ewing's speech : 
 
 " The directors founded partly on a report by Professor Silliman, 
 a very eminent American chemist ; but they founded mainly on the 
 statements made and the books shown by the vendors. Mr. Orr 
 Ewing, M.P., says that ' they have allowed themselves to be too 
 confiding in a set of what I will not hesitate to designate as swind- 
 lers, promoted by a man who is notorious in this country for having 
 been guilty of the grossest acts of fraud in similar cases.' Mr. Orr 
 Ewing s.ays that Mr. Park has disposed of his half-million of shares 
 during the period while the monthly dividend was being paid. He 
 was the company's New York agent, and they learned from him 
 what amounts were received from the mine. The money for the 
 last dividend seems to have been sent by him from Salt Lake 
 where he had no access to books at New York which would have 
 shown him, what he now tells the company, that no ore had come 
 
. 
 
 THE EMMA MINE. 35 
 
 to authorise him to send it. The effect of the payment may have 
 been to maintain the shares at a good price, and enable Mr. Park 
 to get rid of his shares. In fact, he now holds only 25 of his 25,000 
 shares. On the 10th December last, after his visit to the mine, the 
 chairman wrote of the three principal Americans in the business 
 ' This report would not be complete if I did not further mention the 
 excellent assistance and counsel received from Messrs. Park, 
 Stewart, and Hussey, and an efficient staff at the mine. Mr. 
 Stewart and Mr. Hussey were with me on this second visit to the 
 mine, and Mr. Park would have gone but for illness. Everything 
 that was arranged was after anxious and careful consultation both 
 at the mine and at Salt Lake City, and I think I am not claiming 
 too much as the result of our meeting together there, when I say 
 that all the difficulties we know of have been more or less immedi- 
 ately arranged for.' On Thursday he said ' Mr. Hussey has a 
 very large business of his own, and he has not the necessary know- 
 ledge to enable him to be of much service as regards mining 
 operations.' Ultimately, he let Mr. Park and Mr. Stewart drop 
 out of the direction, and he had not a word to answer when Mr. Orr 
 Ewing asked him i if he had any faith in any single American em- 
 ployed at that mine,' and called his colleagues on the board ' a set 
 of swindlers, and men interested in the circulation of false reports 
 to deceive us in order to get rid of their shares, which they had 
 done at a premium, mainly through the reports circulated by them, 
 and acknowledged and accepted by the board.' He acknowledged 
 that the information the directors got had often been false when 
 other parties had true information. Mr. Orr Ewing said that he 
 and his colleagues had ' acted like a set of gamblers, and had 
 trusted to Providence and the circulation of false reports from these 
 men ; ' and although he explained afterwards that he meant that 
 their action was like the action of such people, not that they were 
 such people, his explanation did not qualify his original words. 
 The present accounts from the mine are of the gloomiest description, 
 but the directors do not know whether or not to believe them. 
 
 "From the shareholders' point of view, Mr. Orr Ewing may have 
 been right in objecting to a committee of investigation, and as a 
 large shareholder he is entitled, if he chooses, to join the board. 
 In the interests of the shareholders, we hope that in so doing he has 
 resolved to look narrowly into everything. A public investigation 
 might have damaged the property, but the absence of it destroys 
 public confidence. The unfortunate shareholders, like Mr. Orr 
 
36 THE TRUE HISTORY OF 
 
 Ewing, who are in, are naturally and properly anxious to make th& 
 best of things. Except in the sense that it interests a great number 
 of people in the west of Scotland, the matter is not a public one, 
 and the shareholders and directors can settle among themselves what 
 they think due on the one hand to their property, and on the other 
 to their commercial honour. 
 
 " "We are sure the story will impress the public, if anything can 
 impress them, with the folly of meddling with things of which they 
 know nothing, even when they are backed by the guarantee of the 
 most respectable names. General Schenck's name influenced many 
 people probably the chairman's induced many more to invest their 
 savings in the stock. Investors are like so many sheep everybody 
 jumps in imitation of the first leader who shows the way, and there- 
 were crowds of people here ready to jump with Mr. Anderson. Even 
 when Mr. Anderson went over the mine, he seems to have been ac- 
 companied by Mr. Stewart and Mr. Hussey. Mr. Orr Ewing says 
 plainly that, ' sharp as he was himself, he was among a set of men 
 still sharper, who made everything couleur de rose for the purpose of 
 deceiving.' Mr. Orr Swing's theory is that the mine has been, 
 jockeyed from the beginning, and that the farce of monthly divi- 
 dends has been kept up till the public was induced to buy the last 
 share at the. disposal of the vendors. He does not profess to know 
 whether it is a 'played-out concern,' or whether it has been pro- 
 perly worked under the present management. Anybody can see 
 that, instead of the seven or eight hundred thousand a year profits 
 which were held out, there has only been 187,000 to pay every- 
 thing with for thirteen months, while 116,000 of that sum was 
 handed over to the company at the date of the Prospectus either as 
 cash or as ore on the road to England. The Emma is likely to be 
 the last Utah mine we shall in this country think of purchasing. In 
 fact, there is in America abundance of money-seeking employment, 
 and there never was good reason to suppose that benevolent people 
 there had taken the trouble to come all the way here to get pur- 
 chasers at a million for a property they believed likely to yield. 
 800,000 per annum." 
 
 Eventually Mr. Orr Ewing consented, though reluctantly, to 
 come on the board, together with Mr. "William Henderson, of 
 Glasgow, in deference to the wishes of the Scotch shareholders, 
 and in place of Messrs. Park and Stewart, who had resigned. 
 
THE EMMA MINE. 37 
 
 It was then admitted that Mr. Park had sold all his shares except 
 twenty-five the nominal director's qualification. 
 
 On the 23rd April, the anxiously expected reports from Mr. 
 Attwood, the new manager, were sent out, dated 25th and 29th 
 March respectively. Without going into a minute detail of 
 documents familiar to every shareholder, I will merely say that 
 they contained the disastrous intelligence that, after going through 
 carefully every part of the mine, he could discover only 1,450 
 tons pay ore as being in sight. The larger portion of the so- 
 called reserves had all vanished. 
 
 In the Mining World of the 3rd May, appeared a letter from 
 Mr. Park professing to explain his sh,are in the business. A 
 more flagrantly impudent explanation there could hardly be. 
 He entirely waives the main point as to what had become of the 
 immense reserves of ore vouched for by Professor Silliman, and 
 he only explains the fact of his having got rid of the whole of 
 the vendors' shares by saying, that as so much distrust was be- 
 ginning to be shown towards him, he decided to sell off all his 
 remaining shares in a fit of virtuous indignation, seemingly. He 
 winds up his letter with what is almost a piece of blasphemy, 
 saying, " No one could tell as to the quantity of ore remaining 
 in the mine, save Him who made it." 
 
 In the meantime Mr. Orr Ewing and Mr. W. Henderson; the 
 newly appointed directors, together with Sir H. S. Ibbetson, 
 had all three resigned their seats at the board, and the directors 
 called another meeting on the llth June to arrange for fresh 
 directors in their places being appointed, and also to get the 
 shareholders' sanction to borrowing powers being conferred 
 upon them, agreeable to the Articles of Association. 
 
 At this meeting, Mr. Gr. Anderson, the chairman, declined to 
 go into the question as to why these gentlemen had resigned, but 
 suggested that a sub-committee should be appointed to confer 
 with the directors as to what was best to be done under the cir- 
 cumstances, and generally to investigate the affairs and ante- 
 cedents of the company, such sub-committee to be chosen from 
 shareholders who held 100 shares and upwards, and who have 
 been on the register for six months past. 
 
38 THE TRUE HISTORY OF 
 
 Accordingly this was done, and Sir Hy. S. Ibbetson, M.P., 
 Mr. Orr Ewing, M.P., and Messrs. McCrea, "Wood, Murray, 
 Macfarlane, Clements, and Bernard, were appointed. This 
 conference, so formed, had many meetings, and on the 23rd 
 July they issued a preliminary report, which being now in the 
 hands of every shareholder I need not further refer to, save to. 
 call attention to the extraordinary fact that not one word is 
 said of Messrs. Park, Stewart, Hussey and Co. 
 
THE EMMA MINE. 39 
 
 CONCLUSION. 
 
 I WILL now go back a little to the month of May, and explain 
 my own proceedings in connection with this affair. By per- 
 severance and diligent enquiry I became possessed of most of 
 the facts I have here narrated, many of them from sources of 
 information not open to the majority of shareholders. So strong 
 was my conviction that a great wrong had been perpetrated and 
 called for redress, that I determined to take action, and consulted 
 my solicitors, Messrs. Harper, Broad, and Battcock, 23, Eood 
 Lane, E.G., by whom a case was submitted to Mr. Swanston, 
 Queen's Counsel, who is considered an eminent authority on joint- 
 stock company law. On the 19th of May, Mr. Swanston gives 
 his opinion, that upon the documents submitted, and the state- 
 ments made, there is a case for restitution against the directors 
 who issued the Prospectus, jointly and severally. Upon that I 
 issued my appeal to my brother original shareholders for assist- 
 ance towards carrying a representative case before the Court of 
 Chancery. Most of the shareholders have, however, I find, been 
 hanging back, to wait the report of the sub-committee of inves- 
 tigation, which up to the present time has told them but very 
 little. 
 
 I would respectfully urge on my brother shareholders not to 
 be led away by what this committee or the directors may say. 
 Let them be up and doing ; and if they distrust the steps I pro- 
 pose, let them take some of their own, and consult their own 
 solicitors and counsel. 
 
 I have, since the beginning of May, written a large number 
 of letters on the subject, at least a dozen to the public press, 
 another dozen to Messrs. Chapman and Hall, Mr. Lawrence, 
 
40 THE TRUE HISTORY OF THE EMMA MINE. 
 
 and his solicitor, respecting the book " Silverland ; " three or 
 four to Messrs. Cassell, Fetter, and Galpin, about the pamphlet 
 by "Nummus;" half-a-dozen to Mr. Brydges Willy ams and 
 his solicitors; half-a-dozen to Mr. Albert Grant (not one of which 
 has he answered) ; besides others to Mr. Orr Ewing, his friend 
 Mr. Graham Menzies, Messrs. Lewis and Son, Liverpool, Messrs. 
 Jay Cooke, McCulloch, and Co., Major-General Schenck, and 
 to various other people all over the country. As yet I have not 
 had one penny return for all this ; but knowing what I did, I 
 considered it my duty to take some trouble in the matter. 
 
 In conclusion, I will say, that as by the law of England there 
 is supposed to be no wrong without a remedy, Where, I ask, 
 is the remedy for the wrong I and others have suffered at the 
 hands of the vendor, promoter, and directors of the "Emma 
 Silver Mining Company, Limited " ? 
 
 S. T. PAPFABD. 
 
 44, TOXSLEY HILL, WANDSWORTH. 
 August, 1873. 
 
APPENDIX. 
 
 CORRESPONDENCE WITH MAJOR-GENERAL SCHENCK. . 
 
 EMMA MINE. 
 
 To the Editor of the MINING WORLD. 
 SIR, 
 
 I see in The Times of to-day that in a letter of Major- 
 General Schenck to the American Secretary of State, Mr. Fish, 
 speaking of the charges made on cablegrams sent by the Anglo- 
 American Company, he uses the expression that " A systematic 
 imposition is practised which ought to be exposed." 
 
 Now I have no interest in the Anglo-American or any other 
 Telegraph Company; but in the Emma Mine and in General 
 Schenck's connection with it I am interested, inasmuch as I took my 
 shares in a great measure upon the strength of his name being on 
 the Prospectus. 
 
 To me and many other deluded shareholders it appears a very 
 strange thing, that notwithstanding the fact that the Emma Mine was 
 principally floated upon the strength of the name of General Schenck, 
 holding the high position he does, having allowed his name to be 
 used in the sense of a guarantee of the bond fides of the speculation. 
 Yet though it has turned out a disastrous failure, General Schenck 
 has made no sign of attempting to help the unfortunate shareholders, 
 and has given no explanation whatever. 
 
 It is true, in reply to a letter from me in January last, he wrote 
 me that he had still confidence in the mine, and was holding his 
 shares in the full hope that dividends would come again; but in 
 March he declines to give me any advice as to selling or holding. 
 
42 APPENDIX. 
 
 Sir, there are ugly rumours about as to what induced the American 
 Minister to lend his name to the concern. I will not repeat them ; 
 but this I can unhesitatingly affirm that among all classes of 
 Americans now in London, at the Langham Hotel and elsewhere, 
 General Schenck's connection with this notorious mine is spoken of 
 in terms of regret, and is looked upon almost as a national reproach 
 and calamity. 
 
 As to the Emma Mine, to quote General Schenck's own words to 
 Mr. Fish about the telegraphs, I do not scruple to say " a systematic 
 imposition has been practised and ought to be exposed" and I now publicly 
 ask General Schenck whether he will come forward and help to 
 expose it. 
 
 I am, &c., 
 
 S. T. PAITARD. 
 
 44, TONSLEY HILL, WANDSWORTH, 
 2Qth June, 1873. 
 
 44, TONSLEY HILL, WANDSWORTH, S.W. 
 July, 9, 1873. 
 
 EMMA SILVER MINE. 
 
 SIR, 
 
 I must express my surprise that you have in no way 
 noticed the letter from me in the Mining World of the 28th ult., or 
 acknowledged my letter to you of same date ; the more so that two 
 previous communications from me to you in January and March last 
 were very promptly answered. 
 
 In one of those answers, dated 28th January, you use these words : 
 "I still hold my original investment of 475 shares, in the full hope of 
 dividends coming again," &c. Now, in reference to this paragraph, 
 I must tell you that one of the " ugly rumours " I alluded to in my 
 published letter, is that you did not bond fide pay for the shares now 
 standing in your name in the register of the Emma Company. 
 Whether this be true or false I know not ; but this / do Jcnoiv, that a 
 countryman of your own, now in London, and who is intimately 
 acquainted with the whole history of the Emma Mine, and the means 
 used to float it on the English market, has not merely told me, but 
 has sivorn it in an affidavit, that, to his certain knowledge, Mr. T. W. 
 
APPENDIX. 43 
 
 Park, in settling with his co-partners of the New York Emma Com- 
 pany, deducted the sum of 50,000 dollars as the value of the shares 
 held by you, precisely as he did the 100,000 paid to Mr. Albert 
 Grant for successfully bringing out the mine. 
 
 Furthermore, the same party swears that the Hon. W. M. Stewart, 
 who had no previous interest in the mine, had 2,000 shares given 
 him by T. W. Park, for becoming a director himself, and for inducing 
 you to become a director, and so lend your name and weight to the 
 concern. As this information was volunteered to me without reward 
 or promise of reward, you can hardly wonder that I should believe it, 
 and act upon it until contradicted specifically ; and I now, therefore, 
 ask you, General, respectfully, but firmly, whether the above two 
 statements so sworn to are true or false, in any or every particular ? 
 If not true, whether you are prepared to take any action, and what, 
 against those who have so aspersed your character ; and if true, what 
 you consider to be the present position of those shareholders who did 
 really invest money in a concern which was palmed off on the British 
 public by such nefarious means *? 
 
 Both Mr. T. W. Park and Hon. W. M. Stewart were (and probably 
 are) friends of yours. I charge these two men with coming to this 
 country in the fall of 1871 with nefarious intent, and by fraudulent 
 statements getting a large sum of money from myself and fellow 
 original shareholders. I again respectfully, but specifically, ask you- 
 whether you disown distinctly the acts of these men. 
 
 Should you decline to give me any answer to this, I must, on 
 public grounds, appeal to the force of public opinion, both here 'and 
 in America, and I therefore beg to notify you what my present in- 
 tention is : viz., to insert a letter in either the Times, the New York 
 Herald, Tribune and World, or all of them, narrating the facts so 
 sworn to ; to follow this up by a letter to President Grant and 
 Lord Granville, as an aggrieved British subject, and to induce as many 
 of my fellow-shareholders as I can to do the same, so as to bring a 
 concentrated force to bear on the question. 
 
 Eeserving to myself the right to publish this letter, and your reply 
 
 or absence of reply, 
 
 I am, 
 Your Excellency's most obedient Servant, 
 
 SAMUEL THOMAS PAFFARD. 
 
 His Excellency, Major-General ROBERT C. SCHENCK, 
 58, Great Cumberland Place, W. 
 
44 APPENDIX. 
 
 [Copy.] 
 
 58, GREAT CUMBERLAND PLACE, HYDE PARK, W., 
 July 10, 1873. 
 
 SIR, 
 
 I have your letter of yesterday. You complain of my 
 not answering your communication published in the Mining World 
 of the 28th ult., nor your note calling my attention to it. I should 
 think you would have no difficulty in comprehending my reasons for 
 silence. When you had previously written* to me asking, as it 
 seemed, in good faith, as well as courteously, for any information 
 which I, an original shareholder in the Emma Mine like yourself 
 (although to a very much larger amount and with greater loss) 
 might be able to give you, I replied promptly and in the spirit in 
 which you approached me, and you had my sympathy. I gave you 
 the benefit of all I knew, and suggested my own course, although I 
 could not undertake to advise yours. But when you dragged my 
 name into the public prints, and accompanied your communications 
 with offensive inuendoes, I could not with proper self-respect take 
 further notice of your letters. You are a stranger to me, and I 
 know nothing of your motives, or why you should be disposed to 
 assail me personally except under some great misapprehension. 
 Your last letter discloses to me that you may perhaps have been 
 deceived into believing statements based upon falsehood on the part 
 of somebody. Considering that you may have been thus deceived, 
 while I utterly disregard and am not to be moved by anything like 
 threats, I have no objection if you will call on me here, at 10 
 o'clock on Saturday morning next, or at some other convenient time, 
 to give you an interview as you suggest. My pressing engagements 
 and duties make it difficult for me to appoint a meeting elsewhere. 
 
 I am yours, 
 (Signed) ROBERT C. SCHENCK. 
 
 S. T. PAFFARD, Esq. 
 
 44, Tonsley Hill, Wandsworth, S.W. 
 
APPENDIX. 45 
 
 CORRESPONDENCE WITH MR. BRYDGES WILLYAMS. 
 
 44, TONSLEY HILL, WANDSWORTH, S.W. 
 July, 1873. 
 
 EMMA MINE. 
 
 Sm, 
 
 Pending the commencement of legal proceedings against 
 yourself and co-directors, I am about to write and bring out a pamph- 
 let, to be entitled, " The True History of the Emma Mine," and as 
 I wish to be scrupulously accurate in my facts, I beg to ask from you 
 the following information in reference to your visit to the mine in 
 the spring of 1872. It has been admitted by yourself and Mr. Park 
 that your expenses on that occasion were paid by that gentleman . 
 but as I am informed on credible authority that the amount of the 
 cheque you received from him on that occasion was 5,000, and that, 
 even with the addition of Mr. Lawrence's expenses, it would be 
 difficult to spend more than a third or quarter of this sum, I beg to 
 distinctly ask you what became of the remainder 1 Was it returned 
 to Mr. Park, or did you keep it as a bonus ? - 
 
 You may turn round, it is true, and say, What business is it of mine 
 as to what took place between yourself and Mr. Park 1 but my 
 contention is that, as an Emma shareholder, I individually helped to 
 pay those expenses, in however infinitessimal a degree, and therefore 
 I have a right to ask the question. 
 
 Furthermore, as Mr. Stewart, your solicitor, assured me, in a con- 
 versation with him some little time ago, that you were " the soul of 
 honour," I am sure you will not refuse to give me the information I 
 now seek. 
 
 I may mention that Major-General Schenck, the United States 
 
46 APPENDIX. 
 
 Minister, in a very lengthy interview he gave me recently, explained 
 fully, in a courteous and candid manner, his position and connection 
 with the mine. 
 
 I am, Sir, 
 
 Your obedient Servant, 
 
 SAMUEL T. PAFFARD. 
 E. W. BRYDGES WILLYAMS, Esq., M.P. 
 
 HOUSE OF COMMONS, 
 
 Monday, July 21. 
 
 SIR, 
 
 I beg to acknowledge the receipt of your letter, and 
 to inform you that I shall at all times be quite willing to give you 
 any information respecting the Emma Mine that I can, but that on 
 all other matters I must refer you to my solicitors. 
 
 I am, Sir, 
 
 Yours obediently, 
 
 E. BRYDGES WILLYAMS. 
 
 CITY, 23rd July, 1873. 
 EMMA MINE. 
 
 G-ENTLEMEN, 
 
 Since writing my previous letter I have heard from 
 Mr. Willyams. He says, whilst willing to afford me any information 
 as to the Emma Mine, on other matters he must refer me to you as 
 his solicitors. 
 
 Now, the question I asked him is simply this : Whether the 
 amount he received from Mr. Park in the spring of 1872 was 
 5,000 1 and if so, what became of the difference after paying his 
 own and Mr. Lawrence's expenses ? 
 
APPENDIX. 47 
 
 I am writing a history of the whole circumstances connected with 
 the mine, and, therefore, want to be very accurate in my facts. 
 The favour of an early reply will oblige. 
 
 Yours faithfully, 
 
 S. T. PAFFARD. 
 Messrs. LANFEAR & STEWART. 
 
 11, ABCHURCH LANE, LONDON, E.G., 
 
 23rd July, 1873. 
 
 SIR, 
 
 We beg to acknowledge the receipt of your two letters 
 of this date, and also yours of the 18th inst., addressed to our client, 
 Mr. Willyams. 
 
 When we previously communicated with you, we requested that 
 any letters you might think proper to write on the subject of the 
 Emma Mine should be addressed to us, and not to Mr. Willyams '> 
 and we must again request that all communications be in future sent 
 to us. 
 
 We have no other reply to make to your three letters than to 
 acknowledge the receipt thereof. 
 
 We are, Sir, 
 
 Yours obediently, 
 
 LANFEAR & STEWART. 
 Mr. S. T. PAFFARD, 
 
 44, Tonsley Hill, Wandsworth, S.W. 
 
 WANDSWORTH, 24/A July, 1873. 
 
 EMMA MINE. 
 
 GENTLEMEN, 
 
 Your favour of yesterday's date to hand. 
 J note that you decline to give me any specific answer to my 
 
48 APPENDIX. 
 
 question as to the 5,000 alleged to have been paid by Mr. T. W. 
 Park to your client, Mr. Brydges Willy ams. 
 
 It is not likely that I shall trouble you or Mr. Willyams with 
 any more communications ; but in my coming book, which I am now 
 engaged in writing, you will see, if you get a copy, in what way I 
 allude to the matter. 
 
 I am, 
 
 Yours faithfully, 
 
 S. T. PAFFARD. 
 Messrs. LANFEAR & STEWART, 
 ll,AbchurchLane, E.G. 
 
 CORRESPONDENCE WITH MR. ALBERT GRANT. 
 
 44, TONSLEY HILL, WANDSWORTH, S.W., 
 2Qth June, 1873. 
 
 EMMA SILVER MINE. 
 
 SIR, 
 
 As you are probably aware, I am about to take 
 proceedings against you in the Court of Chancery, as the promoter 
 of the above Company, in which I am a shareholder. 
 
 It is not, however, in reference to these impending proceedings I 
 now address you. 
 
 Briefly, it is this : I have been endeavouring to find out the author 
 of a pamphlet entitled, "Mining Enterprise in America, as illus- 
 trated by the History of a Great Investment. By Nummus." 
 
 This pamphlet was printed by Messrs. Cassell, Petter, and Galpin, 
 and' it was falsely stated in the Stock Exchange Review, Mining 
 World, and other papers sent to me free in 1872, that it was 
 published by the well-known firm in question. They, however, assure 
 

 APPENDIX. 
 
 me that they simply printed eighteen proofs of the said pamphlet, 
 which were paid for in advance, and taken away by some 
 gentleman. 
 
 Now, as we know at this very time, Mr. T. W. Park was making 
 desperate endeavours (and in which he succeeded) to work off on 
 the public the 25,000 vendors' shares, which he alleged to Mr. J. E. 
 Lyon would be locked up in your hands for a period of nine 
 months or more, as sworn to in the latter's affidavit, thereby getting 
 the said J. E. Lyon to consent to a settlement of his claim for a less 
 sum than he would otherwise have done, I have no hesitation in 
 saying that the pamphlet in question was -issued with a deliberate 
 fraudulent intention, i.e., to prevent existing Emma shareholders 
 from selling, and to induce them, and others, to purchase fresh 
 shares, such fresh shares being undoubtedly those belonging to the 
 vendors alleged to be in your hands. 
 
 Now, as Mr. Park is not in this country, I cannot interrogate him ; 
 and I therefore ask you if you are aware who wrote, and caused to 
 be printed by Messrs. Cassell & Co., and sent to the press, the 
 pamphlet before mentioned 1 Why copious extracts were given ' 
 from the pamphlet by several of the papers it was sent to, and why 
 these very papers were sent to myself and other Emma shareholders 
 free, in the month of April, 1872 ? 
 
 I am, Sir, 
 
 Your obedient Servant, 
 
 S. T. PAFFARD. 
 ALBERT GRANT, Esq., 
 
 24, Lombard Street, E.G. 
 
 [Other Letters to Mr. Grant, similar in tone, followed on the 26th 
 June ; 3rd, 8th, and 16th July.] 
 
50 APPENDIX. 
 
 CITY, mh July, 1873. 
 
 EMMA MINE. 
 SIR, 
 
 This is my sixth letter to you without any answer 
 being given, which you must admit is neither courteous or business- 
 like. 
 
 I have now finished writing my "True History of the Emma 
 Mine," and am about to get it forthwith published. However, as I 
 have to comment largely in it on your dealings with Park, in 
 reference to floating the mine, and disposal of the vendors' shares 
 in April and May, 1872, it is possible you may like to go through 
 the proof, and correct any inadvertent statement. 
 
 I now find the arrangement between yourself and Park, as to the 
 vendors' shares, was that you were to receive half on all they 
 brought over 20 each, with 5 per cent, on the whole transaction. 
 At least, that was Mr. Park's version of the matter to my 
 informant. 
 
 Should you depute anyone to wait on me, I am to be found by 
 appointment on the Lombard Exchange. 
 
 I am, Sir, 
 
 Yours respectfully, 
 
 S. T. PAFFAKD. 
 
 ALBERT GRANT, Esq., 
 
 24, Lombard Street, E.G. 
 
 [No reply received to this, or to three subsequent letters sent to 
 Mr. Ridley, Mr. Grant's confidential man of business.] 
 
APPENDIX. 51 
 
 CORRESPONDENCE WITH MESSRS. CHAPMAN & HALL. 
 
 44, TONSLEY HILL, WANDSWOETH, S.W. 
 27& May, 1873. . 
 
 SILVERLAND," 
 
 GENTLEMEN, 
 
 I have been in recent communication with Mr. G. A. 
 Lawrence, and as he tells me he has nothing whatever to do with 
 the future fortune of the book, having sold its copyright to you, 
 induces me to address you on the matter. 
 
 I do so as a shareholder in the Emma Silver Mining Company, 
 and as one who, by the perusal of this book, was induced to hold 
 his shares with disastrous effect, as the sequel has proved. 
 
 I would venture to suggest to you, on public grounds, whether it 
 would not be advisable, in any future editions of this book, either to 
 suppress altogether the chapter devoted to the Emma Mine, or else 
 put in a supplementary notice to the effect that the statements in 
 the book as to the mine have been since found to be completely 
 fallacious, and that the author was mistaken or deceived in making 
 them. 
 
 I do not hesitate to say that the publication of this book has had 
 a most serious and mischievous effect in causing people, who would 
 put no faith in prospectuses or directors' statements, to buy or hold 
 Emma shares. In fact, I saw in a Glasgow paper, not long ago, 
 advice from the editor to investors, to do so, upon the ground that 
 the statements in "Silverland " might be depended on. 
 
 As to the Emma Mine itself, I do not scruple to affirm (and I 
 speak advisedly as one who knows more about the matter than the 
 great bulk of the shareholders yet do), that it will prove to be one 
 of the most gigantic failures, not to say swindles, of the age, and the 
 
52 APPENDIX, 
 
 time will assuredly come when the very name of the Emma Mine 
 will become a byeword of reproach and derision. 
 
 I acquit Mr. Lawrence of all intentional misleadings, but he was 
 deceived, and wilfully deceived, as others were both before and after, 
 
 I am, Gentlemen, 
 
 Yours obediently, 
 
 S. T. PAFFARD, 
 
 Messrs. CHAPMAN & HALL, 
 
 193, Piccadilly, W. 
 
 (No reply being given to this, three other letters followed.) 
 
 193, PICCADILLY, LONDON, W., 
 
 23rd June, 1873, 
 
 DEAR SIR, 
 
 In answer to your letters dated respectively the 27th 
 May, and 3rd and 20th June, 1873, we have to inform you that we 
 have seen Mr. Lawrence respecting them. 
 
 He tells us that he has nothing to add to the statement he made 
 during the personal conversation he had with you. 
 
 As the matter is not a subject for our interference, we trust you 
 will allow us to decline entering upon any further correspondence in 
 the affair. 
 
 We are, dear Sir, 
 
 Yours truly, 
 
 CHAPMAN & HALL. 
 
 To S. T. PAFFARD, Esq., 
 
 44, Tonsley Hill, Wandsworth, S.W. 
 
APPENDIX. 53 
 
 44, TONSLEY HILL, WANDSWORTH, S.W., 
 28ft June, 1873. 
 
 "SILVERLAND." 
 
 GENTLEMEN, 
 
 Your tardy favour of the 23rd inst. to hand. 
 
 Permit me to say that your letter is no reply to mine of the 
 27th ult. 
 
 There is this singular anomaly, too, that whilst Mr. Lawrence says 
 he has nothing to do with the book, having parted with the copy- 
 right to you, you say the matter is not one for your interference. 
 
 On public grounds, on further consideration I think it will be best 
 to send a letter to the Editor of the Athenceum, simply narrating 
 facts, and leaving the literary and publishing world to draw their 
 own inferences. 
 
 What I propose to say in my letter next week is this : " A Book of 
 Travels is published by you containing a highly-coloured account of 
 a particular mining speculation, the which speculation has turned 
 out a complete failure, having been brought out and bolstered up by 
 fraudulent statements. The author of the book, by his own admis- 
 sion, had the whole of his expenses to the said mine and back (some 
 thousands of miles) paid by the deputy-chairman of the mine in ques- 
 tion. Shareholders have been prevented from selling out, and others 
 have bought additional shares, by the effect produced by reading the 
 said book. When Eeviews of the work appeared in the public press, 
 a shareholder had to write three times to the different papers they 
 appeared in before the author gave any explanation whatever. 
 Furthermore, on pointing out to the publishers the injurious effect 
 the publication of the said work had, and was likely to have, the 
 same shareholder had to write no less than four letters to the pub- 
 lishers before he got any answer whatever, and then the answer he 
 did get was no reply to his first letter." 
 
 I am, Gentlemen, 
 
 Yours faithfully, 
 
 S. T. PAFFARD. 
 
 Messrs. CHAPMAN & HALL, 
 
 193, Piccadilly, W. 
 
54 APPENDIX. 
 
 44, TONSLEY HILL, WANDSWORTH, S.W,, 
 UtliJuly, 1873. 
 
 " SILVERLAND." 
 
 GENTLEMEN, 
 
 I am in receipt of your favour of the 12th irist., but must 
 confess to a feeling of surprise at its contents. 
 
 Surely you cannot mean to assert that a publisher's responsi- 
 bility ends when he hands over to the author a letter from a reader 
 complaining of statements, in the book, and gives that reader no 
 answer whatever ! 
 
 I again repeat that I have had no proper reply yet to my letter 
 of the 27th May to you, three times repeated. 
 
 I wrote to you because Mr. Lawrence distinctly, by letter and in 
 conversation, told me. that having parted with, the copyright of the 
 book to you, he had no further concern with it. Is it to be said, tlien | 
 that a reader who applies to the publisher under these circumstances 
 is to have no redress to have his letters unanswered, to get no ex- 
 pression even of regret that statements in the book may have caused 
 him to lose his money, by placing implicit faith in those statements ? 
 
 I fear you do not appreciate the gravity of this question. Are 
 you aware that the whole matter of the Emma Mine is coming before 
 the highest Court of Judicature in the land 1 Are you aware that 
 the private conversation of the House of Commons rings with the 
 name of the Emma Mine (to quote the words of one of its members), 
 from the fact that no less than six M.P.'s have been at one time 
 or the other directors of this discreditable speculation ? Are you 
 aware that the New York Herald of the 26th June heads a paragraph 
 about the mine with the words in large type, "The Emma Mine 
 Swindle " / " The Emma Mine Fraud " ! and "Minister Schenck's Emma 
 Mine come to grief" ! ! ! 
 
 Mr. Lawrence writes me that he has nothing to do with my pri- 
 vate quarrels. Now I say I have no private quarrel with any one 
 about the mine, but a public quarrel I have with vendor, promoter, 
 directors, and all and every one who, by direct or indirect means, has 
 helped to puff up this mine and cause me to lose my money. 
 
 Reserving to myself the right to publish this letter and your 
 reply. 
 
 I am, Gentlemen, 
 
 Yours obediently, 
 
 SAML. T. PAFFARD, 
 Messrs. CHAPMAN & HALL, 
 
 193, Piccadilly, W. 
 

 APPENDIX. 55 
 
 193, PICCADILLY, LONDON, W., 
 Wh July, 1873. 
 
 DEAR SIR, 
 
 With regard to your request that we should not issue 
 another edition of Silverland without certain alterations, we beg to 
 inform you that we have no intention of issuing another edition at 
 present ; but should we feel inclined to do so after a while we will 
 certainly consider your suggestion. 
 
 Yours truly, 
 
 CHAPMAN & HALL. 
 
 (G. THURIDGE.) 
 
 To S. T. PAFFORD, Esq., 
 
 44, Tonsley Hill, Wandsworth, S.W. 
 
 CORRESPONDENCE WITH MESSRS. CASSELL, PETTER, 
 AND GALPIN. 
 
 44, TONSLEY HILL, WANDSWORTH, S.W. 
 8th June, 1873. 
 
 EMMA SILVER MINE. 
 
 GENTLEMEN, 
 
 Last spring, I think about April, there was published 
 by you for private circulation a pamphlet, entitled "Mining Enterprise 
 in America, as Illustrated by the History of a Great Investment. 
 By Nummus." 
 
 I have a particular reason in wishing to know who the author of 
 this pamphlet was, or, if you do not know, who was the person or 
 persons giving you the order to print same, and paying for the copies 
 struck off. 
 
 My reasons for asking this are that I have good grounds for 
 believing that the said pamphlet was issued for deliberate fraudulent 
 
56 APPENDIX. 
 
 purposes, i.e., to prevent original allottees from selling, and to induce 
 otlier persons to purchase shares in the Emma Silver Mining 
 Company ; in fact, to carry out, in Stock Exchange parlance, an 
 operation called Rigging the Market. 
 
 As I am sure such an eminently respectable firm as your own 
 would not for a moment lend yourselves to such a transaction, if you 
 were aware of it, I now ask you to give me the information named, 
 that I may further take up the question with the person or persons 
 who issued it. 
 
 You will see from the enclosed the action I am taking in the 
 matter. I may mention that my solicitors are Messrs. Harper, 
 Broad, and Battcock, 23, Rood Lane, E.G. 
 
 I am, Gentlemen, 
 
 Yours obediently, 
 
 S. T. PAFFARD. 
 Messrs. CASSELL, FETTER, & GALPIN, 
 
 Belle Sauvage Yard, Ludgate Hill, E.G. 
 
 LA BELLE SAUVAGE YARD, LUDGATE HILL, E.G. 
 London, 10th June, 1873. 
 
 SIR, 
 
 We are in receipt of your letter referring to a pamph- 
 et entitled " Mining Enterprise in America, as illustrated by the 
 History of -a Great Investment." We find, on enquiry from our 
 publishing department, that it was not published by us, and that, 
 so far, nothing is known of it to us beyond its having been brought 
 to our printing office by a gentleman, who requested that it might 
 be printed for him, and who paid for the work in advance, and took 
 the proofs away when they were ready. There were only eighteen 
 proofs printed, and no other copies. 
 
 We are, Sir, 
 
 Yours faithfully, 
 
 CASSELL, FETTER, & GALPIN, 
 S. T. PAFFARD, Esq., 
 
 44, Tonsley Hill, Wandswortli, S.W. 
 
APPENDIX. 57 
 
 44, TONSLEY HILL, WANDSWORTH, S.W. 
 
 3rd July, 1873. 
 
 MINING ENTERPRISE IN AMERICA, AS ILLUSTRATED 
 BY THE HISTORY OF A GREAT INVESTMENT." 
 
 GENTLEMEN, 
 
 I beg to refer to your favour of the 10th ult. 
 
 May I trouble you still further to tell me if you are aware who 
 the gentleman was who gave the order for the proofs to be printed 
 and took them away 1 If he did not give his name when he gave 
 the order, as is usually done, can you say if by his accent he seemed 
 to be an American 1 
 
 I have my suspicions who the party was, but I want to confirm 
 them. 
 
 Of course you are aware that under a Bill of Discovery being 
 filed in Chancery, all these matters can be legally enquired into ; but 
 you will not, I am sure, require any such thing to be done in your 
 case. In fact, I have in a letter to the Athenaeum this week on the 
 subject of a book called " Silverland," contrasted the way I have been 
 treated by Messrs. Chapman and Hall with the prompt and courteous 
 way in which you answered my previous communication. 
 
 I am, Gentlemen, 
 
 Yours obediently, 
 
 S. T. PAFFARD. 
 Messrs. CASSELL, PETTER, & GALPIN, 
 
 La Belle Sauvage Yard, E.G. 
 
 LA BELLE SAUVAGE YARD, LUDGATE HILL, E.C., 
 
 London, 7th July, 1873. 
 SIR, 
 
 In answer to yours of the 3rd inst., we beg to say 
 that we have referred to our printer, who states that the gentleman 
 in connection with the proofs, about which you enquire, was, as far 
 as his impression enables him to judge, an Englishman or at all 
 events that he did not notice anything indicating his being of 
 American origin. 
 
 Yours truly, 
 
 CASSELL, PETTER, & GALPIN. 
 S. T. PAFFARD, Esq., 
 
 44, Tonsley Road, Wandsworth, S.W. 
 
 F 
 
58 APPENDIX. 
 
 LA BELLE SAUVAGE YARD, LUDGATE HILL, E.G., 
 
 London, Ittli July, 1873. 
 SIR, 
 
 . lu answer to yours of the 9th, we had hoped you 
 would have been satisfied with the information already afforded 
 you in answer to your previous letters upon the subject of the 
 pamphlet. 
 
 We regret that you press us for the gentleman's name, because we 
 feel that you ought not to urge the point upon us. For instance, if 
 we had printed anything for yourself which you had issued anony- 
 mously, you would no doubt consider it a breach of good faith if 
 we, at the instance of some one complaining of the substance of what 
 you had written, gave up your name as a matter of course. 
 We are, Sir, 
 
 Yours faithfully, - 
 
 CASSELL, FETTER, & GALPIN. 
 S. T. PAFFARD, Esq., 
 
 44, Tonsley Hill, Wandsworth, S.W. 
 
 44, TONSLEY HILL, WANDSWORTH, S.W., 
 16th July, 1873. 
 
 EMMA MINE. 
 "HISTORY OF A GREAT INVESTMENT." 
 
 GENTLEMEN, 
 
 Your favour of the 14th inst. to hand. 
 
 I had certainly hoped that when so eminently respectable a firm as 
 your own were informed by me that a publication, issued with your 
 name, was got out for the purpose of deliberate fraud, I had hoped, I 
 say, that you would haye done all in your power to enable me to expose 
 that fraud, and to fasten on the guilty party the odium and responsi- 
 bility which belongs to him. However, as you decline to give me his 
 name, the matter must rest where it is for the present. When the 
 matter gets into Chancery a Bill of Discovery will be filed, and then 
 we shall doubtless learn all about it. 
 
 Pending this, I shall bring out my own pamphlet, and after point- 
 ing out the purpose with which " Nummus" Avrote his, and giving 
 extracts from it, I beg to respectfully notify you, I shall include my 
 
APPENDIX. 59 
 
 correspondence with you on the subject, and also with Mr. Albert 
 Grant. 
 
 Thanking you for the information already afforded, 
 I am, Gentlemen, 
 
 Yours obediently, 
 
 S. T. PAFFARD. 
 
 Messrs. CASSELL, FETTER and GALPIN, 
 Ludgate Hill, E.G. 
 
 CORRESPONDENCE WITH MR. ORR EWING, M.P. 
 
 44, TONSLEY HILL, WANDSWORTH, S.W., 
 
 26th June, 1873. 
 
 EMMA MINE. 
 
 SIR, 
 
 On the 17th instant I sent you a list of questions to 
 be put, and points to be gone into, by the sub-committee appointed to 
 confer with the directors. May I ask if you received them (as I 
 have had no acknowledgment from you), and, if acted on, whether 
 the result tends to verify them or not 1 
 
 I have also not had back Dr. Atwel's qualified subscription-note 
 which I sent you in mine of the 5th inst. I shall be obliged by 
 .your returning it, and also if you will let me know whether you 
 feel disposed to support me in the proceedings I am advised to take. 
 
 As some doubt has been expressed as to my motives in taking the 
 initiative I have in the matter, I have simply to observe that it is 
 done solely with the view of endeavouring to get back my money, 
 and I challenge the fullest enquiry into the truth of this statement. 
 
 My solicitor, Mr. J. E. Harper, informs me to-day that he is likely 
 to have to go to the United States on other business in about three 
 weeks' time. Whilst there he might make many enquiries to still 
 further verify the statements made in Mr. Lyon's affidavit, which you 
 have seen, I believe. 
 
 I think it very desirable that he should do so, and would be glad 
 to hear that you, as a large shareholder, are of the same opinion. 
 I am, Sir, 
 
 Yours obediently, 
 
 S. T. PAFFARD. 
 A. ORR EWING, Esq., M.P. 
 
APPENDIX. 
 
 HOUSE OF COMMONS, 
 
 27/A June,, 1873. 
 SIR, 
 
 I have your notes of 17th and 26th inst. You cannot 
 expect me at present to answer any of your questions. 
 I returned your Dr. . Afcwel's note. 
 
 I cannot comprehend why you, with five shares, should place your- 
 self in the position you have done, although it may be, as you say. 
 from the sense of a great wrong. 
 
 Your obedient Servant, 
 
 AIICHD. ORE EWIXG. 
 S. T. PAFFARD, Esq., 
 
 Wandsworth. 
 
 44, TONSLEY HILL, WANDSWORTH, S.W.,.- 
 
 2th July, 1873. 
 EMMA MINE. 
 
 SIR, 
 
 Permit me respectfully to ask you whether any and 
 what use was made of the various questions and points of enquiry I 
 sent you as necessary to be gone into by the sub-committee ? 
 
 I ask this because, to my surprise, in the preliminary report, just 
 issued, I see no reference whatever to these points mentioned. I am 
 now busy writing a " History of the Emma Mine " for publication.. 
 
 I am, &c., 
 
 S. T. PAFFARD. 
 
 ARCHD. ORR EWING, Esq., M.P., 
 3, Cromwell Road, S.W. 
 
 [No reply received up to present date.]