NEWPORT COMPANY — OF — Newport, Kentucky. CINCINNATI: WRIGHTSON & CO., Printers Bank Alley, Rear of 21 West Fourth Street. 1875.OFFICERS. T. WRIGHTSON,President. JOHN NASH, Vice President. J. H. BUCKNER, Treasurer. NATHANIEL ROFF, Secretary.NEWPORT Mining, Manufacturing, & Commercial Company OF NEWPORT, KENTUCKY. Articles of Incorporation Of the Newport Mining, Manufacturing, and Commercial Company, of the city of Newport, in the State of Kentucky : The name of this corporation shall be “ The Newport Mining, Manufacturing, and Commercial Company,” and its principal place of transacting business, the city of Newport, Campbell County, Kentucky. Its object is to purchase gold, silver, iron, copper, or coal mines, to work, take metals or coal from same, to manufacture, sell or exchange the metals or coal so obtained, and to carry on a general business of mining, manufacturing, and traffic in such mines, metals and coal, in the State of Kentucky or elsewhere. The capital stock of this company shall be One Million Five Hundred Thousand Dollars, which shall be divided into fifteen thousand shares of one hundred dollars each. The existence of this company not to exceed twenty-five years in duration, and is to commence on the 2d day of November, 1874. The affairs of this company are to be conducted by a board of ten directors, to be elected by the stockholders at such time and place as may be fixed by the by-laws. This company is at no time to subject itself to any liability or indebtedness whatever, and the private property of its members is to be exempt from corporate liabilities or debts. Any member may at any time withdraw from the company by having his stock transferred on the books of the company. For the purpose of making repairs, rebuilding or enlarging or extending works, or to meet contingencies, or for the purpose of providing a sinking fund for the payment of any desired thing, the company may establish a fund and loan the same out from time totime, taking in all cases good and sufficient security for the repayment of the same. The company to have perpetual succession ; may sue and be sued by its corporate name; may have and use a common seal, and alter the same at pleasure; and may make all necessary rules, by-laws and regulations, for the management and carrying on of their affairs, as to them may seem right and proper, not inconsistent, however, with the constitution and by-laws of this State or of the United States. Campbell County. J * * I, Ed. Air, clerk of the county court for the county aforesaid, do hereby certify that this instrument, of writing incorporating the Newport Mining, Manufacturing, and Commercial Company was this day presented to me in my office and acknowledged by the incorporators to be their act and deed. Whereupon the same and this certificate arc duly admitted to record in my office. Given under my hand this 3d day of November, 1874. I, Ed. Air, clerk of the county court for the county aforesaid, do hereby certify that the foregoing is a true and correct transcript of the record of the foregoing instrument of writing, as the same appears of record in my office. GUS. ARTZMAN, J. L. VATTIER, It. W. NELSON, JOHN NASH, It. W. DAVIS, LOUIS M. ANDRICK, J. II. BUCKNER, THOMAS WRIGHTSON. State of Kentucky, ED. AIR, Clerk. By J. H. Bodlev, D. C. Commonwealth of Kentucky, Campbell County. Given under my hand and official seal this 9th day of December, a. d. 1874. ED. AIR, Cl'k C.C. C. Ky.(General Statutes Commonwealth of Kentucky, page 34G. Notice lias been published accord* ing to this law.) Section 1. Any number of persons may associate themselves together and become incorporated for the transaction of any lawful business, except banking and insurance, and for the construction of railroads; but such incorporation shall confer no powers or privileges not possessed by natural persons, except as hereinafter provided. Sec. 2. Among the powers of such bodies-corporate shall be the following: 1. To have perpetual succession. 2. To sue and be sued by the corporate name. 3. To have a common seal and alter the same at pleasure. 4. To render the shares of interests of stockholders transferable, and to prescribe the mode of making such transfers. 5. To exempt the private property of members from liability for corporate debts. 6. To make contracts, acquire and transfer property, possessing the same powers in such respects as private individuals now enjoy. 7. To establish by-law3, and make all rules and regulations deemed expedient for the management of their affairs, not inconsistent with the Constitution or laws of this State or of the United States. SEC. 3. Before commencing any business, except that of their own organization, they must adopt articles of incorporation, which shall be signed and acknowledged by them as deeds are required to bo acknowledged, and recorded in a book kept for that purpose in the office of the clerk of the county where the principal place of business is to be. Sec. 4. Corporations for tho construction of any work of internal improvement shall, in addition, file a certified copy of such articles in the office of tho Secretary of State, and have the same recorded by him in a book kept for that purpose. Such articles of incorporation must specify the highest amount of indebtedness or liability, direct or contingent, to which the corporation is at any one time to be subject, which must in no case exceed two-thirds of its capital stock.Sec. 5. A notlco shall ho published for at least four weeks in some newspaper as convenient as practicable to the principal place of business; said notice shall specify—* 1. The names of the corporators, the name of the corporation, and its principal place of transacting business. 2. The general nature of the business proposed to be transacted. 3. The amount of capital stock authorized, and the times when, und the conditions upon which, it is to be paid in. 4. The time of the commencement and the termination of the corporation. 5. By what officers or persons the affairs of the corporation are to be conducted, and the times at which they arc to be elected. 6. The highest amount of indebtedness or liability to which the corporation is at any time to subject itself. 7. Whether private property is to be exempt from the corporate debts. Sec. 6. The corporation may commence business as soon as the articles arc filed for record in the office in the county court clerk, and their acts shall be valid if the publication in a newspaper is made, and the copy filed in the office of the Secretary of State, when such filing is necessary, within three months from such filing in the clerk’s office. No change in any of the foregoing particulars shall be valid unless recorded and published as the original articles are required to be; nor shall any change be made at any time or in any manner, which would be inconsistent with the provisions of this act. Sec. 7. Corporations for the construction of any work of internal improvement may be formed to enduro for fifty years; those formed for other purposes shall not exceed twenty-five years in duration; but in either case they may bo renewed from time to time for periods not greater than was at first permissublc, if three-fourths of the votes cast at any regular election held for that purpose shall be in favor of such renewal. The articles of incorporation shall provide a mode by which a member may, at any time, withdraw from such incorporation, and also the mode of determining the amount to be received by such member upon withdrawal, and for the payment thereof, subject only to the rights of creditors of the corporation. Sec. 8. The corporation shall not bo dissolved prior to the period fixed upon in the articles of incorporation, except by a majority ofthe stock of its members, unless a different rule is adopted in the articles; and no such premature dissolution shall take place unless preceded by the newspaper publication required at its organization. Sec. 9. Intentional fraud in failing or refusing to comply substantially with the articles of incorporation, shall be a misdemeanor, and, upon indictment and conviction in a court of competent jurisdiction, the party or parties so offending shall be punished by a fine of not less than one hundred nor more than one thousand dollars, or imprisonment for not less than three months nor more than one year, or fine and imprisonment both, at the discretion of the jury ; and any person who has sustained -injury from such fraud may also recover damages therefor against those guilty thereof. Sec. 10. The intentional keeping of false bocks or accounts by any corporation, whereby any oue is injured, shall be a misdemeanor on the part of those concerned therein, and they shall, upon trial and conviction, be fined in any sum not less than one hundred nor more than one thousand dollars. Sec. 11. Transfers of stock shall not bo valid, except as between the parties thereto, until the same are regularly entered upon the books of the company, so as to show the name of the person by whom and to whom the transfer is made, the numbers or other designation of the shares, and the date of the transfer. The books of the company shall be so kept as to show, intelligibly, the original stockholders, their respective interests, the amount which has been paid thereon, and all transfers thereof; and such books, or correct copies thereof, so far as they relate to the items mentioned in this section, shall be subject at all times to the inspection of any stockholder desiring the same. Sf,c. 12. Any corporation organized, or attempted to be organized in accordance with the provisions of this act, shall cease to exist by a non-user of its franchises for five years at any one time ; but such body shall not forfeit its franchises by reason of any omission to elect officers, or to hold meetings at any time prescribed by the bylaws. Sec. 13. Corporations whose charters expire by their own limitation, or by the voluntary act of the stockholders, may, nevertheless, continue to act, for the purpose of closing up their business, but for no other purpose. Sec. 14. Nothing herein shall exempt the stockholders of any corporation from individual liability to the amount of the unpaid installments on the stock owned by them, or transferred by them,for the purpose of defrauding creditors; and an execution against the company may, to that extent, be levied upon the private property of such individual. Sec. 15. For the purpose of making repairs, rebuilding, or enlarging, or extending works, or to meet contingencies, or for the purpose of providing a sinking fund for the payment of debts, the corporation may establish a fund, and loan the same out, from time to time, taking, in all cases, good and sufficient security for the repayment of the same. Sec. 16. In any proceedings by or against a corporation, the court shall have the power to compel the officers of the corporation on the motion of either party, upon proper cause being shown, to produce tire books of the corporation, and when so produced, either party may use the same in evidence. Sec. 17. Persons acting as a corporation under the provisions of this act, shall be presumed to be legally organized until the contrary is shown; and no such franchise shall be declared actually null or forfeited, except in a regular proceeding brought for that purpose. Sec. 18. No persons, acting as a corporation under the provisions of this act, shall be permitted to set up or rely upon the want of a legal organisation, as a defense to action brought against them as a corporation ; nor shall any person who may be sued on a contract made with such corporation, or sued for an injury done to its property, or for a wrong done to its interests, be permitted to rely upon such want of legal organisation in his defense. Sec. 19. For taking and certifying the acknowledgment of the articles of incorporation, the clerk of tho county court shall receive a fee of one dollar, and for recording the same he shall receive a fee of ten cents for each one hundred words, and the Secretary of State shall receive a like fee for recording the same in his office. Sec. 20. No company organised under the provisions of this act, for the purpose of doing a mining or manufacturing business, shall have power to construct or operate any railroad, tramway, turnpike or canal, except such as may lead from its principal works or place of business to some navigable stream, or to some existing railroad, turnpike, or other public highway,One of the protections against private liability, and against possibility of Company debts and liabilities, is the record of certified copies of the Articles of Incorporation and law under which the company is incorporated in the county where the properties are situated, as required by Colorado law. Such copies were sent for record within the time required by the Colorado statute. Notice has been published •according to Sec. 5 of the foregoing Kentucky statute. So that there can be no creditor to sell property from under the stock. Every way the stockholder is protectedPROPERTIES NOW OWNED — BY THE — Newport Mining, Manufacturing, and Commercial Company. dAll Fully Paid For and Unincumbered. “SNOW FLAKE,” “SILVER STREAM,” “OSWEGO,” “ONONDAGA,” “SYRACUSE,” “JIM HOOKER,” “IDDINGS,” “ W. C. FULLER,” Silver mines, each 1,500 feet in length, aggregating 12,000 feet. Ores have assayed up to $134.72 silver per ton. An assay from the Territorial Assayer, in hands of this company, shows this fact. DISCOVERY TUNNEL LOCATION, Three Thousand Feet in Length. This will pass through all the mines in the “belt,” and secure 1,500 feet of many “blind loles,” beside the eight above named. (See act of Congress, 1872.) MILL SITE AND WATER POWER. FIVE ACRES OF LAND FOR REDUCING WORKS. All these properties are in the “Grand Island Mining District,” Boulder county, Colorado Territory, and besides “ blind lodes,” five of the mines named cross the track of the Discovery Tunnel,and are in the same “belt” that the celebrated “Caribou,” “7*30,” “Sherman,” and other great developed mines are in.Report of B. O. Cutter, Partner of A. D. Breed in the Celebrated Caribou, and now, ' Middle Bouldeji, Sept. 19, 1873. Dear Sir: I visited and examined the Snow Flake, Silver Stream, Jim. Hooker, Iddings, and other mines situated at Boulder Pass, on the 17th inst I find the Snow Flake a strong and well-defined vein thirty feet in width, and can be traced two thousand feet up the side end of the mountain. There is a shaft sunk on the vein twenty-two feet deep from the surface, which shows a very fine grade of ore, carrying argentiferous galena and black sulphurets of silver. The Silver Stream lies about two hundred and fifty feet north of the Snow Flake, running parallel with it, showing the largest vein I ever saw, even larger than the Comstock, of Nevada, it being not less than one hundred feet in width and can be traced up the mountain for half a mile. There are two shafts on the vein showing a fair grade, but not carrying very much high grade ore, but I think the shafts are not on the pay strata of the vein. The Jim. Hooker and lddings are about three-quarters of a mile east of the Snow Flako and Silver Stream, with shafts on them about twelve feet deep, showing good ore on each side of the shafts. I was unable to get the width of the vein (not showing on top and the vein wider than the shaft) as they did not crop out, but were blind veins and very strong ones. The others were all good and well-developed veins, showing good mineral. All of these mines lay in the same mineral belt as the Caribou mine, with the same formation of Wall rock, and lying, as near as I could judge, about three miles in a westerly direction from the Caribou hill, being in sight of it. I think they show the best of any mines I have seen in Colorado for the amount of development, with a very promising future. There is also a very fine mill site in the immediate vicinity of the mines, with plenty of water for milling purposes. Your* truly, JB. 0. CUTTER.Report of Gen. A. V. Kautz. Newport Barracks, Ky., Sept. 30, 1873. Gentlemen : In compliance with your wishes, I visited the mines claimed by Messrs. Cleary & Lainbertson, situated in the vicinity of Boulder Pass, Colorado. I reached Idaho Springs on the 17th of August last On the 19th, accompanied by Dr. A. M. Noxon and Mr. Lainbertson, I proceeded, via Central City and Blackhawk to Hollinsville. We reached the latter place in the afternoon too late to go up to the mines and back the same day, and the remainder of the day was spent in visiting the mill at Middle Boulder and the Caribou mines pertaining to it, returning to Ilollinsville the same day. On the 20th we proceeded up the South Boulder, by the Boulder Pass road which leads through Boulder Pass to Middle Park. This is a toll road and we found it in process of construction. Mr. Hollins is making the road and had about twenty men at work on it. For five miles the road is excellent; the remainder being new, was not so good, and the last three or four were unfinished and difficult. We drove in a buggy to Jenny Lake, where the road leaves the valley and ascends the dividing ridge between Middle Boulder and South Boulder. Jenny Lake is a beautiful mountain lake, so deep that the water looks blue; it is nearly round and between eight hundred and a thousand feet in diameter. It is fed from a snow-bank lying above it between five hundred and a thousand feet.* We visited the mines on foot. The “Snow Fluke” is the first in order, and it stands immediately west of Jenny Lake, and the discovery shaft is about five hundred feet above the level of the lake. The lode is well defined, from twenty-five to thirty feet wide, widening slightly from the top downward, aud can be identified as far as it is possible so see it. The end of the lode is visible to the top of the mountain, and its inclination from a perpendicular is to the north, and not more than fivo to ten degrees, bearing nearly northeast and southwest, directly towards the Caribou mines and evidently pertaining to the same belt. The discovery shaft consists of a tunnel about fifteen feet into the lode, at the end of which is a shaft from six to eight feet full of water from the melting snow, for which reason I could not see how well defined the mineral vein is at that depth. As the tunnel and Shaft were not more than four feet wide, and the lode at that point nearly thirty, it is not certain * Probably also by interior springs. It is perpetual body of water.that the richest part of the lode has been exposed. The dump pile showed sufficient evidence of a mineral vein, and from it specimens were selected. A portion of the gangue rock assayed at Georgetown 84 52 to the ton, and a portion of the mineral vein assayed at Central City yielded 857 46 to the ton. These evidences in regard to the Snow Flake being the best that were shown me,* I will here state that I regard them as indicative of a rich and valuable lode. None of the rich lodes now developed, which I saw, showed as favorable indications so near the outcrop. This lode being above the timber line the air is so clear that the mountain containing the Snow Flake does not seem to be more than three hundred feet high. After examining the discovery shaft we ascended along the wall rock of the lode. The debris of the lode having assumed a natural slope of about forty-five degrees, was too difficult to climb. It required us about one hour to ascend the mountain to what would be the highest point of the lode claimed by the present parties, and must be nearly two thousand feet high. This mountain contains four more lodes claimed by the same discoverers, as represented by the diagram accompanying this report. Apparently they are all parallel to each other, and they are all north of the Snow Flake, and a tunnel of less than three thousand feet in length would cut them all. There is every indication of narrower lodes standing in between the Snow Flake and the Silver Stream. This last was the next one I visited. We had to descend from the main hill five hundred feet or more to the discovery shaft, which was partially filled up and not open more than five or six feet * Further on he states better or wider. He means all the evidences in • he report. t The highest part. Along the streams, and up depressed and protected places on mountain sides, timber grows higher than Jenny Lake. It does not grow on exposed tops of even lowest of the mountains. “Timber line*' differs everywhere as to elevation above the sea. The altitude of the “Snowy Range,” or “Great Continental Divide,” beyond this Company’s mines, is not quite 13,000 feet above sea level,—as shown by A. R. Marvino’s Geological Survoy, Vol. 1873. Most of the greatest silver mines reach (their tops) high elevations. The great Potosi, that has yielded over a thousand millions, is worked at a height exceeding that of Mont Blanc; I*asco, 14,0C0, &c. (Lamborn s Metallurgy, and Spanish History.) Most of the best of Colorado are 8,000 to 12,000 feet or more above the sea; yet in the vicinity of fertile parks and unfailing streams. Georgetown ia 8,500 feet above sea level.deep.* At this point the ridge between the lake and middle boulder creek becomes very narrow, and has barely space enough for the road, and the vein, which seems to be immensely wide, takes up the greater portion of the ridge at this point. The blossom rock shows every evidence of a mineral vein. One specimen assayed at Georgetown, showed a trace of silver; and another, assayed at Central City, $22 10 to the ton. The other lodes had their discovery shafts on the north side of the mountain, and were not opened any more than the Silver Stream and I did not visit them in consequence. The Iddings and Jim. Hooker are three or four thousand feet cast of Jenny Lake and the discovery shafts very shallow and partially filled up. Two small specimens which Mr. Lambertson selected, which he said came from the vein they had struck in the Jiin. Hooker, assayed, to my great surprise, $81 76 to the ton. I should wish to have this assay confirmed by others before I would attach much importance it. The eighth lode being to the north of Middle Boulder was too far away to examine. We were engaged nearly four hours in our examination and to have done any more it would have been necessary to come provided to remain on the mountain over night. The remainder of the day was required to return to Collinsville. I am of opinion that these lodes arc true fissure veins for the end of the Snow Flake is visible for nearly two thousand feet above Jenny Lake, the wall rock being clear and well defined, and I thought that I could trace the same in the distance for several miles. The others are not so well defined, but their vicinity and apparent parallelism show them to be of the same character. The Silver Stream is possibly one hundred feet wide. I regret none of the lodes were in a condition to be closely examined. The ores assayed were from the dump piles, and were not selected with a view to get a high assay, but the lowest assay were ores picked out because they seemed the poorest. Some select specimens from tho Snow Flake, now in my possession, entirely free from gangue rock, I think will assay probably $400 per ton. Tho highest point of this lode must be nearly two thousand feet above the lake. The location of these mines is highly favorable for working. A tunnel site has been located near the west edge of Jenny Lake that will enable the entire mountain to bo developed by a tunnel * The shafts were not then cleaned out, “ Blossoms” are the offshoots at the surface. They rarely contain any silver, ami never except from strong veins below.ess than three thousand feet in length, cutting the five lodes about the level of the lake. Should the veins justify it, a level may be made by tunneling from the north side of the mountain, that will cut the lodes perhaps Five hundred Feet lower than the level of Jenny Lake, which will be a very important feature. The expense of developing the mines will be comparatively small, for all of those lying together, except the Silver Stream, can be entered on the end at a depth below the top of the lodes sufficient to test the merits of each mine by a tunnel less than two hundred feet in length. This would be the first step toward developing the mines. The mill site is at the outlet of the lake, a quarter of a mile from the discovery shaft of the Snow Flake. There is here ten or fifteen feet fall, but not water for more than a ten-horse power mill, if so much. Ample water power however, can be obtained two or three miles below on the South Boulder, and possibly on Middle Boulder much nearer. I cannot state, however, positively, with regard to the latter near the mines. Immediately at the foot of the lake, and crossing from hill to hill, are several ledges of rocks, that are probably wall rocks of other and undiscovered lodes, which give the fall to the waters of the lake, and the fall can be made to be twenty feet very readily by damming and excavating. From the Snow Flake the ore could be passed immediately into a boat and transported to the mill at the foot of the lake. In winter, however, the lake freezes and the ore could be conveyed on sledges.* The timber ceases to grow in the vicinity of the lake, but below it there is a vast amount of timber land convenient for use in working the mines. No mill, however, would be required until the mines are sufficiently developed. The ore obtained could be sold at Blackhawk and Central City, twenty miles distant, and possibly nearer, as other mills are in operation still closer. These mines are evidently in the Caribou mining belt, the Snow Flake and Silver Stream evidently tend toward the Caribou mine, distant about six miles north of east. Should these lodes prove as rich aa the Caribou, their value must be proportionately greater, as they are so much larger and can be entered on the ends instead of the top as is the case with that mine. Any points that may be omitted in this report I shall be glad to. supply. I have, however, given every one that I can think of that appears essential to a correct understanding of the merits and value of these discoveries. Respectfully submitted, A. V. KAUTZ, U. S. Army. * The best way to transport to Company’s mill, will bo by suspended endless wire way, described by the U. 8. mining commissioner, mentioned further on.Report of Dr. A. M. Noxon* Ten years a resident of Colorado. Idaho Springs, Col., November 2nd, 1873, I have examined the mining properties in Grand Island Mining District, Boulder County, Colorado, reported on by B 0. Cutter, Esq., September 19th, l873, and by others, namely: the Snow Flake, Silver Stream, Oswego, Onondaga, Syracuse, Jim Hooker, Iddings and W. C. Fuller, silver mines tunnel site, water power, mill site, tons daily. Justice________________________________________________________________ 40 “ Belcher_________________________________________________________________450 “ from 1,200, 1,300 and 1,400 foot levels. Chollar-Potosi, 100 tons daily; average value, $30.00 per ton. Savage company realized over 50,000 tons of milling ore in 1872, from the mine; and the daily product from it now (Maroh, 1873) varies from 900 * to 1,000 tons of ore of $19.00 to $21.00 milling value. (U. S. Commissioner of Mining Statistics, 1873, p. 111.)—The mine was then penetrated to 1,700 feet depth. Belcher, 550 tons daily. (M. and Sei. Press of Sept. 19, 1874.) All worked by shafts. Self-evident: That if out of any shaft 550 tons may be daily taken, that number may be taken out of tho Snow Flake tunnel, when as much stoping ground is open, the vein being among the largest. It is in faot self-evident that vastly more may be daily taken out of the Snow Flake tunnel than can be lifted by any possibility out of any shaft. Self-evident: That the number of tons that may be daily taken from the Snow Flake mine will depend simply upon Hale & Norcross_______________________________________- 160 tons daily . Gould & Curry_____________________________________________________70 “ Overman 125 “ Kentuck___________________________________________________________50 “ Yellow Jacket____________________________________________________350 “ Chollar-Potosi__________________________________________________ 200 “the pleasure of the owners; because, whatever the number, at any time down the ages in which it will be worked, that number may be increased by increasing the stoping ground, and this may always be done by penetrating further forward, upward, or downward, and lengthening or multiplying levels. The number of men used in mining by shaft, to mine, hoist ore and water, attend engines and mills, get fuel, etc., in proportion to the tons daily taken out, are given above in a sufficient number of instances to show at least that more men are allowed in the calculation than can be needed to take 100 tons out of the Snow Flake. Any one ought to be able to see that far less number of men will be required to take out of the Snow Flake tunnel than out of any shaft, a given number of tons per day. The men in the cases given, were employed not only in taking out ores, but also in the mills and in getting fuel, etc. (5.) That the costs will be less than are allowed in the calculation, will now be shown. Let it still be borne in mind that, after mill is ready, the only necessary costs will be—first, of breaking the ore down; second, of rolling it to the mill; and third, of reducing it For there is no more of the business. Breaking down, from over such tunnel, or other level, is done very rapidly, when the crevice and vein are so large. Win. Atkinson, foreman of American Flag mine, yesterday broke a block of ore for the Industrial Fair, at Denver, which is eleven feet long, four and one-half feet wide, two and one-half feet thick, weighing probably fourteen tons. * * The same blast which brought it down broke also about three cords of other material. (Central City Register of Sept. 10, 1873 ) At this rate, breaking down 100 tons could not require a great deal of time, or many men, or much expense.Any one can see that 50 cents a ton for sloping down would be high. And there is a gain, especially if men are inclined to he careless of rapidity, in hiring the stoping to he done by the fathom, as has been practiced in the celebrated Terrible mine, near Georgetown. Men are hired at $3.00 to $3.50 per man per day (Olds’ London work, table, p. 89), the men bearing their own expenses. In the calculation the highest wages are allowed. For taking the ore to the mill there is suspended endless wire rope way, described by U. S. Commissioner of Mining Statistics, 1872, that would reduce the cost to 25 cents a ton. lie says it works on a slight descent without force, will transport 180 tons every 10 hours, and may be run night as well as day, in all seasons, even if there be snow five or eight feet deep; requiring neither road nor expensive machinery; is rapidly and cheaply made; runs at rate of 200 feet per minute, and inay be increased ; produces itself a motive power at both ends of the line. The amount of ore delivered may be increased or diminished at will. The cost of delivering the ore, including wear and tear of machinery, interest on outlay, and running expenses, is about twenty-five cents per ton per mile. The cost of constructing such a line is from $4,500 to §7,000 per mile, according to the topography of tho country. By its use materials can be transported up or down.— U. S. Com. M. Siat. Vol. 1ST2 ftp. S5-G. He fully describes and commends. Now this would be the whole cost of taking tho ore to the mill; but the calculation allows $2. The saving by this “endless wire rope way,” over the allowance in the calculation, amounts to $175 on 100 tons, that is, per day, and in 300 days to $52,500. And five times as much if 500 tons should be taken out per day. If mill a mile away.The Commissioner says that one man can manage the transportation by the “endless wire rope.” The charge for reducing by the custom mills is 025. But the cost to the owners of the mine and mill themselves is, for such ore, 03 to 05 per ton.— U. 8. Com. Min. Stat. 1S72 j). 33, and 345-6 from Prof. Hill, of Boston and Colorado works at Blackhawk, Col. In which ho admits it Smelting ore would cost more. But the following statistics, in brief,—covering the whole costs of taking out by shafts, transporting to mills, and reducing,—will enable any one plainly to see that more than abundant costs are allowed in the calculation. The very smallness of the gross yields, in many cases that give profits, show conclusively that the costs per ton, even worked by expensive shafts, are less than we have allowed. We give only the necessary words. The rest may be found where referred to. U. S. Comr. of Min. Slat., 1872— Mined and milled at cost of $3 per ton___________________________________page 61 Milled and mined “ “ $6 “ “ _________________________________ “ 83 Mining and transporting to mill, and reduction, cost only $10, the mine is at an altitude of 10,000 feet “ 92 Mined and milled at cost of $10,20 per ton, 126, and see pp. 125-6, 129-30, 144-6, etc. Gross average yield of ore $10 per ton____________________________________ “ 82 « n it it it ii « g5 Assays in gross, $12 to $17 per ton_______________________________________ 11 94 Whole cost for 2 years, 25.75 per ton------------------------------------ “ 129 Average cost of mining. --------$8 82 >___________________________________ i< 125 Average cost of mining $2.02 / And all these pay handsome profits. P. H. Van Diest, E. M , says in the Mining Review of January, 1875, that the costs in working the Caribou mine (in same belt as this Company’s mines,) is, “for mining, hoisting, (out of shaft,) sorting, etc., 0t> per ton,” and “for reduction to silver, including wages of superintendent and small repairs, 011 per ton,” and of taking the ore to themill (four miles) $2 per ton. (He is good authority of course.) The mill is only a 20 ton mill. The larger the mil] the less the cost. And the more ore extracted from the mine the less the cost of mining. In the calculation we have allowed larger cost than Mr. Diest mentions. The whole expenses of the Belcher for the month of July last (in great part composed of outlays outside of mining, transporting and milling, and not necessary in the regular progress of the business, and not properly chargeable against it) distributed among the tons taken out in that month, amounted to a fraction over $25 per ton.—Mand Sci. Press, Aug. 7.7,1874. The average yield of the Crown Point ore for the year ending with June, was $56.45 per ton. Cost of mining was $7.09 per ton. Cost of crushing, $11.43. General expenses on number of tons crushed, $1.53. Net profit per ton of ore $23.05. Dividend, $2,100,000.—U. 3-Comr. M. Stat. 1S73, p. 133. Four hundred and sixty tens a day. The expenses charged included much not properly chargeable to the business. No road is required to be constructed to the Snow Flake mine. A railroad runs to Boulder, and one to Central City and Blackhawk. A good wagon road from these—the last part a toll road.” A mine may be—many are—so located that a road to them would cost a large preliminary outlay, even in some cases more than a company could pay; for mines are in mountains thousands of miles in extent. Of course some of which are not easily accessible, and lack conveniences. Many are out of roach of fuel and water—absolute necessaries—with which this company’s properties are plentifully provided at hand. Costs are made much less—as any one can plainly see— by always keeping a just balance between all parts of the business,—to preserve this, of course, requiting stopingground always ahead, so that no man or thing shall ever at any time stand idle. Mr. R. Teats, owner of mines and former owner of a mill at Blackhawk, and inventor of Roasting Furnaces, etc, makes an important suggestion. He says, and we know, that black sulphurets of silver is among the richest ores-When stoping is done, this richest ore, which readily crumbles, falls with the rest, but sifts in large part, to the floor, and there mixes with the loose rocks and is lost. To avoid this, he places close blankets under. A considerable saving is made in this way. Owners ought, alternately, at least once a year to visit the works. We have given considerable space to these several points, —because we deem them extremely important, and it was necessary to prove the factors of our calculation; and because we know to what extent ignorance prevails, how much is required to beget confidence, and to what monstrous expenditures capitalists have sometimes been subjected for the very reason that they were ignorant, the mine managers knowing the fact. If a manager knows the capitalists who employ him are ignorant of the matter, and will not go to see what he does and will not try to inform themselves-and knows, what is often the case, that they believe it will require a large outlay from pockets—he is almost sure to make the outlay large. Many capitalists base judgment upon western mining in the early times. But no intelligent judgment of the present or of the future can be formed from what one knows of the past in the west. Are there rib improvements, no railroads and other necessaries and conveniences—is there 110 skill, no business knowledge, no evenness of work, no cheapness, —that were not in the earlier times? Why, 50 per cent of the precious metals were lost at the mills, in the earlier times. But hero we leave these matters on which a volume of statistics might be produced.Ten per cent, of the whole gross is, in the calculation, deducted. But the new process of Teats and Breed (Cincinnati) saves 90 per cent, of the silver where is much base metal, and 95 per cent, from such ores as this Company’s. The calculation is based on average including the gangue,— the costs are, as now shown, liberal; to, which is added $100 a da}r for imaginary incidentals. If we now deduct 5 times these costs (including the incidentals,) from the gross, after taking out the 10 per cent., and take only 50 tons a day as the amount that will, when the mine is well opened, be extracted, even this—and no one can doubt the safety of this—gives net profit per day $3,275, and net profits in 300 days $982,500. A few other calculations are here added, to show that one cannot make estimates that will not give large profits. Calculation II.—Take average of the lowest ore assay and the gangue assay, the rest same as in Cal. I. And the net profit per 300 days will be $128,700. Calculation III.—Take the lowest ore assay, the rest as in Cal. I. and the net profit per 300 days will be $1,-222,800. Calculation IV.—On the ore over the tunnel level. Take 700 feet of the height. Ti^ke 1,500 feet of the length. 1,050,000 4 feet of the thickness. 4,20 >,000 cubic feet. 12 cable feet a ion. Tons therefore,_____________________________ 850.000 Multiply by average of all assays net per ton____________________ $132,31 Gives total net profits___________________________________________ ________________________________$16,308,600 (100 tons a day—30) days for a year—it will require I If years to take 350,000 tons out. And every oneV>f these years the net profit will be $3,969,-300-—according to this calculation.) Estimated on lowest ore assay—net profit for each year of 11J years____________________________________________________ 1,222,800 Estimated on average of lowest ore assay and gangue assay—net per year for ll§ years_______________________________________ $428,700 And these are the results from only one mine. Government patents are expected to be obtained early in the coming season.COMPARISON. This company's mines. Owns8 mines, each l,500feet—aggregating 12,000 feet—20 times the Crown Point. Will own also 1,500 feet each of “blind lodes."—(-4c/ of Congress, I 1872.) Capital stock, 15,000 shares— $100 each. Worked by end tunnel, or drift,— 2,000 feet depth, ore rolled out of tunnel, water runs out of itself. No costs for such. Tunnel runs in nt2,000 feet depth. Ore is out of tunnel almost as soon as broken down. Snow Flake tunnel begins in mineral and follows it always. Far richer, This company may sell many mines, and still have enough left. 12,000 feet, besides blind lodes. Stock, $1,500,000. Shares, 16,000. Crown Point. Crown Point company own only 600 feet.—(M. and Sci. Press, Aug. 15, 1874.) Capital s»oek $10,000,000—shares 100,000, $100 ench. Quoted $68 to $73 per share in J/ and Sci. Press of Aug. 15, 1874. Worked by vertical shaft.—2,000 feet deep,—ore hoisted out of shaft, —water pumped out. Costs of pumping and hoisting machinery, $">0,000 or more ; of fuel for hoisting engines, of engineers, hoisting nnd pumping machine tenders, fuel getters, etc , large. Sutro tunnel will strike the lode at 2,000 feet depth,—the ore will run then nearly 4 miles through this tunnel. Sutro tunnel cut through nearly 4 miles of solid rock without mineral. tOO tons daily yield.—(.1/ and Sci. Press, Jan 2. 1876.) Ore yield $56,-45 per nvernge ton. Over $3 400,000 net profit for 1874.—[M. and Sci. Press, Jan. 3d, 1876. This company can sell no mine, unless all it has. « Belcher. Mine, 1,040 feet in length. Stock, $10,400,000, shares 104,000, quoted at $61.25 to $66 per share.—(At. and Sci. Press, Aug. 16, 1874.) “Belcher turned out 12,3 0 tons of ore last month which yielded $694,-000—$56 50 per ion. The expenses were $316,000," (owing in part to extra matters,) “and from the $378,-OOt) that remained (net profit,) $312,-000 weie paid out as dividends to stockholders on the 10th of this month."—(if. and Sci. l'ress, Aug. 15, 1874.) Dividends paid in 1874, $5 304,000.)—M. and Sci. Press, Jan, 3d, 1875.What may these yield ? Yield last month, $975,663, 550 tons daily. (Same paper of Sept. 19. 1874.) Worked by shaft. Worked by tunnel. Silver Stream larger.—(B. 0. Cutter’s report) These mines far richer at equal depth. Comstock mine. Has now yielded about $200,000,-000 —(M. and Sci. Press, Sep. 19, 187'1, and News.) The Comstock has about forty companies, each owning part. These have large capital stocks. New silver and gold mining companies lately organized have capital stocks—ranging from $2,000,000 to $11,000,000 each. Some judge of silver mines by what they know of lead mines. A few distinctions may do such good. Lead mines only workable by vertical shafts. Reducible only by expensive smelting. 249 8-5 tons of lead gets $31,200 cash. Lead is nowhere money. 249 3-5 tons of lead must be mined, smelted and freighted to market as merchandise, and sold to get $31,200. These silver mines workable by tunuels, and by cheaper processes. 1 ton of silver gets $31,200 cash. Silver is itself everywhere money. Only 1 ton; itself money without freighting, etc. There are Fluvial or fluviatile silver mines, (deposits by water or washings of living or dead rivers); Glacial silver mines, (deposited by glaciers); and silver deposits from other causes. True mountain fissure silver mines, lifted when the mountain chain in which they occur was lifted, by a force deep-seated in the earths molten central body, and so were formed, with the aid of concurring and succeeding events ; the veins now necessarily reaching back to the then surface of that molten body. It is to the last formation or sort that the mines of this company belong, or of which they are parts. That such are safe for investments,science proves. That they are both safe and profitable, experience abundantly shows. This is not an imagined fact For silver miningis an ancient and honorable industry, having a history in which its safety and profits are recorded. Silver mining is not o. discovery of modern times. It reaches as far into antiquity at least as written history. Silver was used largely in Abraham’s time, in Moses,’ in Solomon’s, in ail Jewish time, and among the ancient Romans, and Greeks, and Egyptians. There were silver coins 895 B. C. The Romans employed 25,000 men on a single mine. The Carthagenians 40,000 men in mines of Spain. Spain’s silver mines yielded wealth to almost every nation of antiquity. The German family of Fugger took out over 3,000,000 1. Hannibal took from one mine half a million a year. Cato as much from mines. Ilelvetius twice as much. Vast amounts were plundered. Pliny says Cyrus obtained by his Asian conquests an amount equal to 7,720,000,0001. Vast amounts were obtained as tribute. Heroditus says: “ The natives subdued by the Persians, except the Indies and Antioch, paid a yearly tribute in silver of about 3,-000,000 1.” For 50 years after the second Punic war, the conquered city paid an annual tribute of 9,000 pounds of silver, etc. Rome contained immense quantities of silver. As early as the 12th century silver mining began in parts of Europe, and have been yielding ever since. The Saxon kings were for centuries the richest monarchs of the world, and now in their vaults are immense amounts of silver. There are numerous schools of mines in Europe, that rank among the leading institutions of learning. Old miners are pensioned by the government in Austria. Pliny says that in his time silver mines in Spain were penetrated a mile and a half. The Samson, of Hanover is worked to the depth of 2,600 feet. Others to great depth. All readers know the wealth of silver and gold in SouthAmerica, when the New World was discovered—how the Spaniards and others plundered those countries. According to Prescott, the Historian, Prince Atahualpa, made prisoner, had gathered to pay for his liberty, the value of 3,500,000 1. of gold, and 51,610 marks or about 25,805 pounds of silver. Their temples and noble palaces were lavishly ornamented and provided. Three beams of silver each 20 feet long, 1 foot broad, and 2 to 3 inches thick, intended for a country seat, being erected, were found by the soldiers of Pizarro. One of their great silver mines is the Pasco. From 1781 to 1827, the Pasco works smelted 4,967,710 pounds troy of silver. While the value yielded in 1851 was about 400,000 pounds sterling. Both mining ami reducing has always, to this day, been done in the most primitive and wasteful manner,—often neglected. In 1852, 4,165 of their valuable mines were idle and only 66 in actual operation. Notwithstanding their negligence and primitive and wasteful modes, the silver mines in Bolivia and Peru yielded from the peiiod of their discovery to the year 1815 a quantity of silver equal to 155,839,180 pounds troy, or a money value of not less than 506,220,000 1.” (Lamb >rn.) The grand Potosi of Bolivia was discovered in 1545. Since then it has given to the world 240,000,000 1. silver. In Chili, there were mined, between 1846 and 1853, not less than 1,750,000 pounds of silver. Attention began to be directed to the silver mines in Mexico about as early as to those in South America. All readers know the great silver wealth of the Montezumas. In the early period of their history, according to t ie estimates of Ilumboldt, the mines of Mexico produced from 400,000 1. to 600,0001 per annum. During tho 18th century, says Lamborn’s Metallurgy, the production gradually rose to 4,600,000 1. per annum. This yearly sum decreased dur-ing the war of Independence, but within the last ten years it appears to have been higher than ever before, having, according to the most reliable accounts, reached 5,000,000 pounds sterling per annum. Humboldt’s Essai Politique states that the mines of Mexico, of only a few central spots, yielded, between the conquest and 1803, not less than $2,027,952,000. , And yet, mining and reducing in Mexico has always been about as crude as in South America; and the almost perpetual condition of war, has, of course, prevented the working much of the time. The statistics of silver mining in Mexico and South America, notwithstanding their primitive and wasteful methods and negligence, are the more interesting and instructive to the people of this Republic, for that the silver mines of the Andes and of the Rocky chains (including those of Mexico) are of the same belt and were formed by the same grand uplift. These rapid strides down the ages, over other countries, bring us to our own country, wherein the precious metals, as the other metals and coal are largely concentrated, under many circumstances that favor mining beyond the experience of any other country. In the light of history, these silver true fissure mines are seen to be practically inexhaustible, at least incapable of exhaustion for many centuries. No such have ever been exhausted. Owners ought fearlessly to enter to the depths as rapidly as possible; for by such course, the great wealth will sooner come into pockets. It is the foolishness of a child with a toy, to continue work only near the surface. When viewed rightly how vastly are the values of these great silver mines enhanced. It was not so easy to make wealth out of them at any time before as now.The precious metal products of our west foot up not much less than $2,000,000,000. It is written that the Pacific coast of North and South America (including Mexico) and the Rocky mountains have given to the world one-half of all the gold and silver in it, and an amount equal to all the gold and silver coin in the world, excepting China and India. Besides much other wealth. Though a great deal has been lost by imperfect reduction. A great deal, too, has not entered into general statistics. The yield of the Pacific slope of this country, was, in 1872, $70,236,914,—in 1873, $80,287,436,—and last year $100,000,000 (estimated)—as appears in the general statistics. The increase has been mainly of silver, and whole to 1875 is $1,681,386,186. Colorado—(though her silver mines were discovered first in 1865, and only at a single spot, and the mining area expanding ever since, is yet very small, and for several years great difficulties were encountered)—has sent out to the world (according to the general statistics) $53,217,603, —not estimating the large part of the product sent for reduction to other countries and states, and that part taken away by private hands, and that part which has entered into local properties and built up local fortunes—none of which is mentioned probably in general statistics. Senator Jones received from the product of the Crown Point in the month of March 1874, not less than $416,000—Weekly Central City Register, May 6th, 1874. The income of Senator Jones is currently estimated, where his mines are, at $30,000 a day; and Wm. Sharon is the possessor of $20,000,000—and has an income of over $2,000,000 a year from mines. “And yet each of these men has seen the day on this coast, and not many years ago either, when he had not a dollar, or had not (to use a California expression) four bits to get a square meal.”—Correspondence of Tribune, dated at Virginia City, Nevada May 18, 1874. The same article says that some of these mines pay dividends each of half a million dollars a month, some months.“The Raymond and Ely silver mine was stocked and sold in San Francisco for $3,000,000. Since the day of sale it has paid 7 per cent, per month on its stock. Mr. Raymond, one of its discoverers, holds $1,000,000 of its stock upon which he receives $70,000 monthly. For the past twelve months he has received $840,000 gold in dividends.”—Omaha Herald. “The profits from the Belcher for the month of July 1874 were $378,000, dividends paid of it to stockholders were $312,000.”—M. and Sci. Press of Aug. 15, 1874. “Hon. J. W. Haynes, of Genoa, Nevada, one of the Centennial Commissioners for Nevada, authorises the publication of the fact, that as a stockholder in the Belcher mine, he received a dividend from that mine of $3 a share. Inasmuch as 100,000 shares, the aggregate dividend was $300,000. That in February, the same mine paid a dividend of $400,000; in March, $500,000; in April, $750,000. Which statement he will verify to anyone who may address him.”—Prof. Amasa McCoy, Philadelphia, Pa. U. 8. Com. of Min. Stat., 1872,— Idaho mine, dividends per year, $232,500 _____________________________page 126 Confidence, $30,000 to $40,000 per month_______________________-__________________ “ 50 Heslep, ore $10 a ton gross, profit $3 to $5 per ton___________________________ “ 61 Excelsior, in 20 months, $525,000 ____________________________________________________________________________ “ 67 Paloma, (since far richer ore reached) pays $1 000 a day “ 82-3 Amador, dividends to stockholders, per year, $155,400__________________________ “ 84 Sierra Buttes mine, per year $389,000 ____________________________________________ “ 138-9 Pittsburgh, vein 12 to 18 inches, ore gross per ton $36, net profit per ton $10, profits per year $45,000 to $50,000 (10 stamp “ mill)______________________________________________________________ “ 129-30 Green, $1,987 per day__________________________________________________ “ 122 Ward Beecher, from Jan. 1st, to Oct. 1st, 9,706 tons of ore taken out, $496,228_________________________________________________________________ “ - From Old’s work,— Cold Stream, first year net profit per month, $10,000-----------------page 26 Gunnel, profit in five years over $1,000,000__________________________________________ “ 42-3 Burroughs, profits per year for 11 years $361,856_________________________________ “ 47 California mine, pay vein 12 to 80 inches, profit in 21 months $306,301 _____________________________________________________________________“ 48 Gregory (gold,) in 1869 (there are several companies, but principally the Blackhawk Co.) profit $320,000—whole profit, $1,358,148____________________________________________________________________ “ 45 Terrible, first 6J months, $283,000, and its profits have risen to enormous proportions__________________________________________________________supt’s rep. Its stock quoted in London, Eng. on ’Change, 70 per cent, above par. Brown, pay vein, 2 to 16 inches, $265,411 since February 25, 1871 to the early part of 1872 ____________________________________________________ “ 37 Pelican, profit in coin, before the first year expired, $138,000, and 1,000 tons rich oro then piled---------------------------------------------- “ 31 (The Colorado Miner of January 5th, 1872, gives a full account of its working and product, and from books and mill certificates, states the same results and adds that the ore in sight is perfectly startling.) From the first its profits have been enormous. The Hercules is one of the most lavishly productive mines. An account of it would be interesting and instructive, were it not too lengthy for this. The Flag Staff pays 80 to 40 per cent per month on 350,000 pounds sterling capital stock.— U. S Comr. M. Stat. 1873.Challar-Potosi (1,434 feet length of mine,) average yield $26.17 per ton, cost of taking out the ore, $2.38 per ton, cost of reduction, assaying, &c., $12.16 per ton. Total cost, $18.73 per ton. Net profit per year, $271,173.— U. S. Comr. JI. Slat. 1873, p. 130-1. The Mono which was discovered in the Autumn of 1871 and sold for $2,-600—part of which again recently sold for $900,000—has produced, though sunk only about 650 feet, over $1,000,000. One car load of 10 tons it i9 said was sold for $72,000. Silver mining really began about 1870 in Utah ; and yet her silver product in 1874 was over 7,000,000, as shown by the statistics published there. According to statistics published in the M. and Sci. Press, 23d January, 1875, in 1874 California mines gave to the world $72,000,000 of gold and silver. And in the same issue of that paper are the following: Dividends paid prior to Jan. 1st., 1875— Belcher $14,135,000 and in 1874, $5,304,000. Crown Point 11,388,000 and in 1874, 3,400,000. Cons. Virginia 2,692,000 (most of it in 1874.) Chollar_________________________________________ 8,080,000 Eureka cons_________________________________ ______________in 1874, $700,000. Gould and Curry_________________________________ 3,826,800 Golden Chariot____________________________________ 600,000 Hale and Norcross_______________________________ 1,568,000 Imperial ____________________________________ 1,067,000 Kentuck_________________________________________ 1,262,000 Meadow Valley _________________________________ 1,200,000 Ophir__________________________________________ 1,394,400 Raymond and Ely ______________________________ 3,076,000 Savage ________________________________________ 1,460,000 Yellow Jacket___________________________________ 2,184,000 Eureka mill (on Carson river, 60 stamps) in 1874 reduced 61,100 tons of ore, producing 80,347 pounds of bullion worth $3,435,131. . Idaho, Eureka, Black Bear, Plume-Eureka, Sierra Buttes, Sumner, Ilito's, Keystone and Empire (none of whioh on the dividend list, or stock board) in 1874 paid dividends $2,996,503 (from 187,391 tons of ore) making, if averaged, a dividend of every one of them of nearly $300,000. The Cons. Virginia yields daily 425 tons of ore from the 1,300 to the 1,550 foot levels, exclusive. (It, the Ophir, and tho California, having now reached richer ores, their net products aro much greater than the statistics Bhow.) The same, issue of tho 31. and Sei. Prat says tho statement by some in earlier times that at great depth the heat would be too great, is proved fallacious; that certain Comstock company’s are preparing to go the depth of 4,000 feet; and that the last year’s general mining largely exceeded any former year, and its results eclipses those of ancient or modern times. Bat we have room for no more of these statistics.The profits of some of the best paying mines are never heard of by the public, because—as said by Prof. Old in his London work—owners of such are like a dog with a rich bone, silent. But enough are known. And this truism applies, that, what has been done in any, may be done in others—things being equal. Over the vast areal extent of the mountains, most mines, are, of course, distant from road and other facilities (in this unlike this company’s ); the veins do not everywhere reach to pr even near the surface, and they do not all, nor does the same vein its entire length, begin the rich ores at uniform depth. So that the cost and time required to reach rich ore are not everywhere the same. But experience shows that wherever especially true silver Rocky mountain veins are penetrated to proper depths—none very great— the rich ores are reached, and in the main increase downward. Every year—every month—adds fresh proofs of the U.S. Commissioner’s statements in Vol. of 1872, p. 15, that “mining the precious metals is now not only more profitable but is also more safe than any other of the leading industries,”—and in Vol. of 1873, p. 4, that “ the treasures of these territories are not exhausted—on the contrary, they have hardly been discovered,”—“every year witnesses substantial gain”—“a constant advance in this most important industry.” There come now reports of large increase in the Comstock of Nevada; verifying what experience everywhere testifies, that the deeper these true fissure silver mines are penetrated the richer^ and on the whole the larger, they will be found to be. Such facts strengthen tho presumption of practical inexhaustibility. A thorough knowledge of geology and cosmogony would raise the presumption to certainty. For, it would show that the silver could not have come from the earth’s crust or from the air above thecrust; but that it came out of the molten center, and that the fissures were opened by tension below—at a geologically recent point of time,—and that therefore the veins reach to miles of depth, deeper than man can ever go. * This Company’s Silver Stream is larger than the Comstock. It is the mother of that belt, as the Comstock is the mother of its belt. It is in an uplift greater than that in which the Comstock occurs. A tunnel will enter the Silver Stream (also the Snow Flake, etc.) at as great a depth as the Comstock is now penetrated. Instead of having to work years by shaft to reach the depth, as owners of Comstock worked, this Company start there,—so to speak, it starts years in advance. The following, clipped from the Cincinnati Enquirer of December 28th, 1874, is from a banker editor who until lately was afraid to say a word in favor of Western mining lest it would draw capital away from his city. [From the Chicago inter-ocean.] “The California Excitement.—The speculative capitalists of San Francisco seem to be wild with excitement over the enormous profits by the rise in the prices of mining shares. One man, General Thomas II. Williams, is said to have made 8650,000 in one day, and his entire profit on 9,500 shares of “ California” and Consolidated Virginia is said to bo over 82,000,000 ; his partner, Bix-ler, is reported to have made 8700,000 clear profit in the last few weeks. Dr. Bronson makes 8800,000, Curtis $50,000, and so on. The reports, however, do not say whether any body buys these stocks at this enormous advance. The foundation for this immense advance is said to be new discoveries of enormous wealth in the Comstock lode. The rise, however, is not confined to the Comstock mines, and we hear marvelous stories told hero in Chicago about mines in Utah and Colorado. There is in fact some reason for believing that mining interests are on the eve of a new era of development. We believe, however, that the present enormous accumulation of idle capital has much to do with the excitement that has arisen in California. Capita! there, like it has here, has accumulated until there was a large decline in the rates of interest, andthen it rushed into speculation with a perfect furor. The wildness of the excitement is characteristic of California, but that the present accumulation of capital in these Atlantic States is also preparing the way for a speculative excitement there is not much doubt.” It is not our intention to reproduce the recent exciting accounts of the Comstock; with which there is, doubtless, sufficient familiarity. But the above furnishes an excuse for protesting against a too common inclination to treat with gross injustice the subject of western mining. It would be interesting to have that writer explain how there could have been an “ enormous advance” of the stocks, and how men made such fortunes on sales of stocks, if nobody had bought any. If he had looked at the statistics in the San Francisco and Virginia City papers, he would have seen daily large actual sales of stocks at the “ enormous advances.” The simple truth is, that, while in the sudden excitement the stocks may advance with frightening rapidity and then retrograde somewhat, the actual profits will later carry and sustain them up at high dividend paying figures. He calls it a “wild excitement.” Well, if it he a “wild excitement” it is on the most substantial of basements. The Belcher, a section of GOO feet of that mine, whose company was incorporated in June 1863, between the incorporation and 1st of January, 1875, paid to the stockholders dividends (t. e. profits) of $14,135,000—from ore that, though it increased in richness, last year yielded about $50 -50 per ton. And the dividends paid from its yield in 1874 amounted to $5,304,000.—(M. and Sci. Press, Jan. 3d, 1875.) Now the California, another section of the Comstock, whose stock has made such “enormous advances” mentioned in the Inter-Ocean, has gone down and reached a larger body of ore, that yields $300 a ton average.The Cons. Virginia is another section. Its ore, now reached, is as rich and large as that of the California. It yields daily 425 tons of ore from certain of its levels.—(M. and Sci. Press, 23d January, 1875.) Now—without mentioning more of the sections—if Mr. Scammon and other gentlemen had bought all the Belcher stock and paid 053,040,000 for it, cash, the net profits the Belcher paid in 1874 would have returned them ten per cent, on their whole investment, and this from 05G.5O ore. What sum, then, is the California or the Cons. Virginia— with ore averaging 0300, taking out 425 tons a day, capable of paying ten per cent, upon ? A high per cent. The more a man knows of this business the less “wild” will the “excitement” appear to him. It is not plethora of money that makes the stocks “ advance;” there is no plethora. It is large profits, increasing as depth is increased, and increasing confidence which the facts create. If excitement of the moment runs them up too high, they will soon find their proper level. “Speculative.” Some people, ignorantly, or for a purpose, speak of gold and silver mining as if it were speculative and not legitimate. Merchandizing is buying and selling with a profit; and so, is as much speculative and illegitimate as buying stocks and selling them with profit. So buying city real estate to sell with profits. Buying stock or interest of an iron manufacturing company, to hold for the profits, is the same as buying stock or interest in a silver or gold mining company to hold for the profits. And surely no industry is more legitimate, profitable, or safe, than that of precious metal mining. From antiquity to the present time it has been regarded by intelligent people as at least among the most legitimate of the industries. The great Mining Schools of Europe show it so regarded there. Our own mining in tho west is so regarded by thosewho are informed as to it. It is therefore a very foolish thing to characterize the buying of stocks of western mining companies as “ speculative,” if by the word is meant that it is not legitimate. What the past, the present, the future condition of our country, if her western gold and silver mines had not been discovered, is a question that comes up before the mind. There are not now, never were, never will be, any gold or silver not mined. We send gold and silver out in every direction,—annually to China over $7,000,000, to Japan, $10,-000,000, and large amounts to every other country where our flag goes. In the ten years—1863 to 1873—our bullion exports, exclusive of mail, amounted to $885,865,181. In 1873, to over $8^,000,000. During the ten years 1862 to 1872, we increased our indebtedness to England to the extent of $1,750,000,000. And all indebtedness, principal and interest, is to be paid in coin. The Bombay Chamber of Commerce stated that tor the previous six years India had absorbed an annual average of 11,500,000 pounds sterling of silver. Indies’ silver absorbing power is said to be almost unlimited, and the quantity in oriental countries never increases. Vast quantities are in ornaments. They accept mainly silver. How to supply “ the drain of specie to the east” is regarded by experts as an unmanageable problem. General business and a thousand things beside, at home, continually require more. Every house has silver and gold, solid or plated. The Gorham manufactory alone uses up from one to two or more tons of silver daily in plating table ware. In 1871 the amount consumed in the arts in the United States was over $16,000,000. Everywhere are gold and silver—solid, plated, or washed. Day by day these beautiful and useful metals are carried out of the country, lost on the land and in the sea, worn and wasted away.The demand increases with our growth. And all must be supplied from our mines, or nearly all. Whether known or not, people and government are deeply interested in this grand old business of silver and gold mining. No other leading industry is so safe. And which of the others has in so short a time, within so small an area, and with so few people, built up and established on permanent basis so great and profitable a business—given to the world so much wealth—or made individual incomes like those mentioned above, with so little outlay from pockets ? We close by adding a few absurdities in mining. It is absurd to buy a mine (or anything else) fixed hundreds of miles from facilities where it will cost owners more to reach it than they possess, as some in the early times are known to have done. To buy a true fissure valuable silver mine, and never go or send for the silver in it. Examples of which we know. To buy such mine, sink shaft 40 to 100 feet (merely into the earth’s outer, scale) then stop, go home, and call it worthless and the investment lost because profit could not be made out of the little mineral they took from the bottom of the shaft. Examples of this are known. To sell such mine at the value of the ore actually in sight. As is done sometimes. To fear such mine while undeveloped, and not after developed; when in all such, whether developed or not, the ores are inexhaustible, nature being in all her works uniform. To judge of present and future by what was done in earlier years,—or of one place by what is known of a worse place,—or of true fissure silver mining by oil or lead mining, and not see any difference. It would be a mistake to imagine that this pamphlet contains all there is on this important industry.