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VOL 1. V rN Clr3 r 'r i'ý , t
;4, ý " 4 ý '3i, alb' ýr1 DE 4 186 0
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r'',3lly rt ýý,
,. a !rP rn·- .dPI;;C 4.t;l 1; 1-
Y Oi., `.. a:lj1hRIVf:itffX}~L~rc l!4 R 1S~ C~b l il ls t4I' ItE` ;f 7 i r t J^' r
i :k Z ~~t.. 3 ý_ !T% iiIL
V O L . -IT V R G I N I I -C E " I s O N T I A -f l, -8 6 4
0 'YIx · ClbO ·;.M; LiL I
D. W. Tilton, & Co.,
D. W. Tn.rox. Ia. R. Dmas.
rcaerasus A x rorPmrSoaa.
ontle at the Clty Beek Store,·Cerner
et Wallace ma t Jackson Streets.
Oue copy, one year, - - - $7.50
One copy, six months, 4.00
nJe copy, three months, - 2.60
. ates of Avyertlslag.
usiness ands, (fve lines or lse,) one year $20 0
" " " "" a" six months, 16 00
" " "' " " " three months 10 00
One rquare one year, (ten lines or tie) 40 00
One square six months " " 25 00
One square, three months ' " r ]5 00
Qsarter column, one year, 60 00
" " six months 45 00
" three " 30 00
Balf column, one year, *0 CO
" six months, 60 00
" " three months 45 00
One solumna. one yer, 150 00
" " six months' 100 00
S three months, 75 00
Re;ular advertisers will be allowed it change
yaarterly without additional charge
All lneines codmunications hould be addressed
so D. W. TILTON & Co., Virgtnia City, M. T.
Job Printing of every description executed in a
Isperior manner and at reasonable rater.
Ro..eson, SIDNEY EDGERTON, Bamack City;
AcmCTArer . II. P. FORSEY;
Emr JusyCes, H. L. HIO~MER.
Aeeocsra Jcsrrcz, AMMI GIDDINGS,
SL. B. WILLISTON.
ArrY. GCI.!IRAL. E. T.. NEALY, Virginia City;
MAREnAt. C(. J. BUCK.
'-uvrroa G(r'nRAL. M. BOYD.
ArTnio. JOHN P. LOTT.
TnzAsrasa, JOHN J. HULL.
1o0TA· t PrULuc, JOHN S. ATCHISON.
Assasson, T. C. EVERTS.
Wounly Offleers of Maaisean Comaty.
Coamty Commiiauesee, JAms Fuiers,
1 " AYxCL W. SrATaUIr,
. "4 FRan. K. Roor.
Probate Judge. Tros. C. Joisas.
herti, NYIL Ilowir.
Troesurer. Roasar N. HIL..
X.eorer, IL M. ht AsiAx.
Assistant Assessor let District, Jsar Coss.
Munlelpal Officors of Virgminia City.
Felice Judge and Ex-Olicio Mayor, G. G. uasmu..
laesae_'of Council, E. K. WOODUcRY,
" " SA. SCnWAI,
S N JAMa.s Gissox,
d e N. FORD.
Makal1. Jamav NOLAN.
.am sea ac.
The regular communiuations of Virginia City
Ledge, U. D., A. F. A A. ]M., are held on the 2d
and 4th Saturdays in each month.
P. 8. PIOUTS, W. Y.
Aiux. DAt, Sect'y.
Precking every Sabbath by Rev. A. U. Torr, I
at 11 A. M. at the Court House. Sabbath School
at 2 P. M. All are invited to attend.
HUSINESS CARD B
W. F. Sanders. Jerry Cook.
SANDERS & COOK.
AA TTORN'EYS at Law, Virgiaa City, Montama
W. L. M]MAYH.] [W. T. ]LovaLL.
MccMIATH & ILOVELL,
Attorneys at Law, VirginiaCity, M. T., will promp
tly attend to all profesional busines entrusted to
their eare. 1-3n
W. J. McCormick. W. Y. Pemberton. H. Burns
McCormick, Pemberton & Burns.
Attorneys at Law, Virginia City, Montana Territo
Ty. Oces in Content's Corner up-stairs. 1-m
W. M. STArroFa, R. B. Piaaorr, L. W. Boarow,
Cal. Iowa. Col.
STAFFORD, PARROTTr & DORTON,
Attorneys at Law, OAcee on Idaho street, opposite
the cuurt house, Virginia City, Montana Territory.
J B. JUDGE.
Boot L Shoe maker, Virginia City, Montana Ter
7itory. The beet of custom work always on baud.
tivre me a trial. I-4m
French Baker, Nevada City, Montana Territory,
rWould say to his numerous customers that he is al
"eri on hand to stuff the mouths of the hungry.
irve him acall. 1-Gm
DR. I. N. CREYLN,
Phiaician and Surgeon, formerly assistant in the i
Hospital du midi in Piris, and attached to the New
York Hospital, New York-recentlyfrom Dkn ee,
1] . Office in Virginia .City. opposite theh.
:a. main street. 1- - m
I T. BUTLEt,
P'ractical Watchmaker and Jeweler. Particunar'
Ittsr.tion paid to repairing all classes of watches.
-4Y part of any watch can be made new at thiu s
tblihment, and warranted to give satisfaction.
Cl11 and examine specimens of Jewelry msde from
thS native cold. l-lv
Nevada City, Mentana Territojy.
.uLoU8 BELANGEt, ,. * Pas. ,. t .
This hotel is situatidi p ) hiArtiad in *i
bat part of the'City. A'h tF1614 suppliqd with the
"t the market affords, and the saloon furaished
thL the best lid9, .
Rooms and beds can be had at r eion bs *cas.
"ý ae for. bestselnGQ/i tl .1i J r A ti :I : i[
Y Providing property sfd
at can havey .
ý w ks e, I-lu
Wllas street, l iaClty, M1 . JT. J. M.. ser
ropr.etor. The proprietor announees to his old
frierds ad the. pLlic generally, that he is now
prepared to sccommodato boare by themeal, day
or week at low rate. its table furished with the
bet the market arords. ]-ly
Meanfactures of Jewelry, Jackoso street, Vir
gl City, M. T. Strict attentio. given to e
arnring all clamses of watche, and warranted to
give satisfaction. Keep costantly on hand a large
assortment of Jewelry. Every thing in our line
made to order at low rates. 1-3m
HAIR I)RESSING ROOM.
Hair Dyeing and Cutting Done in
TOM. WHITE, Proplietor.
O FICE IN POST OFFICE UIIAlING. PA
tient visited at their rai( ncs when defired.
ROATH & CO.,
AMERICAN WATCHES JUST RECEIVED DI
reetfrom the maaufactories.
Every description ofJewelry manufactured from
the Native Gold. Call, Examine Specimeon
and then judge.
Sign of the XAKXOTH WATCH
NEVADA CITY, Montana Territory.
Virginia City, Sept. 10, 1864.
Real Estate and Mining Agency.
All business promptly attended to. OSiee in
Poaf Oice Building s
J. T. HENDERSON,
PAINTER AND SIGN WRITER.
Offleo om Carer treet, Vlrjiai City.
LIME AND BRICK.
Flo Flue Building, and all kinds of brick work
n to ord'r. 5--3m
A TIORNEY AT LAW, VIRGINIA CITY, MON
tans Territory. Office, corner of Wallace and
Jackson streete, at J. A. Mint's Store.
Shaving and Hair Dressing Saloon.
MUSTACHE AND HAIR COLORING.
Seuth tide of Wallace Street, Va. City
LYONS AWHITE, Proprieters.
JOHN S. ATCHISON,
REVENUE STAMPS AND BLANKS
FOR SA LE AT
ALLEN & MILLARD'S BANK.
VIRGINIA CITY, MONTANA TERRITORY.
PEOPLE'S MA 1'J I.
Wallace St., Next Door to Weary's
MEATS VEGETABLES, GAME,
Ae., Ac., AL.
STEWART A BALL..
Idaho street, Virginia City, M. T. Jame Ge.
nall, proprietor. Keeps constantly on hand all
kinds of the best lamber, which will be sold at low
STAR BAKERY AND SALOON,
Nevada City, M. T. Patrick Ryan, proprietor.
All persons wishing good bread are requested to
call. Prices low. Also, beer furnished with th
be-t of drinks. Here is the place to get an hon-.
lQat, a ak* or pie, ani "comelg to wash it
Corner of Idaho and Jackson 8ts-, Vir
ginia City, Montana Territory.
WM. & JOHN A. SHOOT
(Fndertly of .thePlastr's Home, Hannibal Mo.)
TR ABOVE NAMED IOUSE, 1. FOaiUC L
conducted .y W.-Bilo a, Fq., havag.
easred and rtne- is sow open with every fiil
ity for the accomeodstion of f lat amind Bolrd
Comfortable rooms and beds are premeidd sad the
thle is carefully M riahed wi tbl eut the .mar
ket sad sW aenus (d. -
P,.ssenga for thev-8 Cobe a obtain
gooi P ro b nuS od a the4o 61W
hour. T lcrlind:~the public to frls
1s.a C. ., . a A' J$. AsTIQ ,.10
'aei co t E WAsist, . wa
IISCOMNJI HMOe usZ5.
7T~ iPqid iOta~irtc g **~
UIthus 4 r th
Sto he LegI.naetve Assembly of nhe
" we Lererser at hena
To the Honorable Council and Hesa of.
as9prsenUtiwn of iA. eanl-i Asd.- .
'bl of the Territory of Mote:...
GismrmxY '-Yea have met ihee tht rep
resentatives of the pooplq in the fltt Lei
islate iAMei*bly --of, t dtfitt of
Montana. To your hands is committethe
honorable but responsible duty °of e.uetipg
sunh laws as may eonduce to tfle hpplneds
ad prosperty of the people. Ttvendet-the
first laws; to set in motion the machinery of
a government for e youngbut rapidly grow
ing Territory, is a task of no ordinary im
port, and the limited time assigned for your
labors by the act of organization, will. re
quire of you the most patient industry and
unswerving devotion to business. - have
no doubt you have assembled with .the en
erg, aid resolito purpose commensurate
with the high and responsible duties. you
have assnm ,d; and it becomes my duty, as
well as my highest pleasure to.co-4ljera*e
with you iu every measure for the advance
ment of the interest of the people of this
In the prosecution of our labors, we
should find abundant encouragement and
incentive in the unparalleled growth and
prosperity of our Territory. But a few
years since the country now embraced in
the Territory of Montana was little better
known than the interior of Africa. A
few explorers had passed over it; a few
hunters and trappers had found their way
into its mountain fastnesses, but its vast
resources were unknown-the rich deposits
of precious metals lay concealed, awaiting
the all-enduring energy and patient re
search of the hardy miner. It is now only
a little more than two years since gold was
first discovered here, and less than six
months since our territorial organization,
and now we rival the oldest of our
sister Territories in population, and are
inferior to none in future promise.
Within this short time, large settle
ments have been made; society has been
organized, and towns and cities have sprung
up with a rapidity and growth that chal
lenges credulity and almost realizes the
wildest dream of romance. And when we
take into consideration the distance we are
from the settled portions of our country;
the long stretch of desert and mountain
which intervenes, the growth of this Terri
tory seems indeed marvellous, and speaks
well for the energy and enterprise of our
people. The tide of immigration which
has set in upon as with such force during
the past year, will increase in power and
magnitude with each succeding year;
thousands in the States are now looking to
this Territory as the field for future en
terprise and at no distant day our pop
ulation will not only warrant, but require
our admission as one of the States of the
ROADS TO TUE STATES.
Ia view of the immense immigration
focking to our Territory, I would respect
fully call your attention to the importance
of th^ "construction of a road to the States
more direct than any that has ret been
opened. The usual route from the Miissouri
river, both for immigration and freight, is
now by way of Fort Laramie, South Pass
and the Lander road, or Fy the still more
circuitous one up the South Platte, through
Bridger's Pass and Great Salt Lake City,
These routes impose upon every person
seeking our Territory, not only hundreds of
miles of unnecessary travel, but the crossing
and recrossing of the Rocky Mountains. ]
am sure that a more feasible roate can be
established to the north-western States,
shortenxiTg the distance six or seven hundred
miles, and avoiding altogether the necessi
ty of crossing the Rocky Mountains. I be
lieve that Congress has already, by an act
approved June 30th, 1864, established a
post road from Sioux City, in the State of!
Iowt,. rvi Yankton, in the Territory of
I)akota, Niobrarah, in Nebraska ; to
Gallatid, innurown Territory. Thisroute
is perhaps as lii'ett and unexceptionable as
any that could be selected, and would form
a continuous and nearly direct route from
the north-western States to Walls Walla.
Could this road be opened, it would be of
inestimable value to this Territory, form=
ing, as it would, a great highway through
the very heart of our Territory, connpeting
ns more nearly with the east and the west
-the Atlantic a-ndPaeje States. 1 weuld,
therefore. recommend that you memorialias
Congress-upon this subject, asking for an
.appropriation s8icieint to open the road at
an early period, and I trust that our Dele
gate will, at the earliest possible moment,
urge upon Congress the importance of this
-measure, which so vitally affootr our pros
perity: ',.. J , .. -- - -
. MINELG INTERESTS.
The mthing interests of our Territory
will claoim your early and earnest considera
tion. The new discoveries of gold and silver
establish beyond a reasonable doubt that
this i to be not only one of the richest nat
'one of the most permanent mining countries
on the continenti These facts, now so well
deimolitrated, will invite capital and labor,
and these valleys will soon resound with
the clash 6f inachineriv'aking from onr
moantains the intold wealth *hieh for ages
has awaited the hand of 'ndstfy. I would
call yoitrkbdal Atten ti a aa passed
by the. leitlailve ass f 4 he Terrifot
ry of ldei , a'"d 'apro & phi4Ath, 1864.
entitled Att Aact re We d0atoverl
of 'goltdand'silver qjuaiT s aTird of the
ninn'r St their16i d t Appeyrs to
me that thii lawIB tina te to the wantf
of diedpl STpL pr6slilens
ofthi', " da `hid Q rtU
chlaims 8 he in6 ewfitt he
protiot s t sctsiti o5f oti set, shall eti
title th6i feson k6 recirdina, t'o hold the '
sa*e to the ue of himelf bih heir or 0s I
ins. Prorid4d, That within six months
ter date of rcording, he shall perform,
or cause to bi performed thereon, work i
amountingin value to the sum of one hun- a
dred dplars." The proviso in this section i
*pperN to me to be partiaclarly unwise. i
t bears with great severity upon that hardy I
and persevering claa of men who have en- 1
dired so muoh privation and labor in I
bringing to light the reeources of the I
country. Whatever obstacle in the wayof
legislation is thrown into the path of the
prospector, will retard ou progress and
development. When capital and machine
ry have found their way into this Territory
suffiient to work these mines, then it will
be for the interest of persons holding claims
to open them, and it will require no legis
lation to quicken the promptings of self
interest, but until that time, the expendit
tre proposed would be simply a waste of
time and money. I would further suggest
whether it would not be advisable to reduce
a quartz elyim from 200 to 100 feet in
length, and also whether the number of
claims on a lode should not be limited each
way from discovery.
TUE SEI KORAGE ACT.
Intimately connected with this subject is
another in which the people of this Terri
tory feel A deep and sensitive interest. 1
allude to the schemes introduced into Con
gress for the disposal and taxation of min
eral lands. While 1 am confident that the
general government would intentionally do
nothing to our detriment, yet through a
misconception of our true situation, and
the peculiar nature of mining interests, it
might inflict upon us an irreparable injury.
We should be willing, as we are, to do our
part in support of the government under
which we live, but we should raise our pro
test against esuch measies whieh strike a
direct blow at orp prosperity. The life of
the miner is one of privation and hardship,
and mining is proverbially precarious. The
claim which to-day appears inexhaustible,
may to-morrow be worthless. The miner
should pay like every other man upon what
he is worth, and taxation should rest, not
upon the unknown and possible, but upon
the knownand actual. Government should
find its support in the wealth that is, and
not in the wealth that may be. I hope that
we have heard the last of such measures,
and that Government will adhere to its
long established policy. The government
of the United States has too deep an in
terest in these mining districts to legislate
rashly. From them is to be drawn the
wealth that is to sustain its credit and re
deem its promises-and every miner who
lifts the pick and shovel is an ally of Gov
ernment, and every pound of gold taken
out, adds to its stability and power. That
mad proposition made at the last session of
Congress to have Government seize the
mines and turn off the miners, was a blow
aimed alike at us and the Government of
which we are a part, and had its origin in
the rancor of disloyalty. If mining is
to be taxed, (which I think it should not
be) the least oppressive and least offen
sive method would be to tax the gold at the
mint, where ultimately most of the gold
will find its way.
1 would suggest the propriety of your
memlorializing Congress upon this subject.
The past year has been one of peace and
prosperity to the people of this Territory.
The numerous Indian tribes within our
borders have manifested a friendly dispo
sition, and few acts of violence or lawless
ness have been perpetrated. It is for the
best interests of this Territory that these
amicable relations should be cultivated and
continned. While I shall endeavor to pun
ish with promptness and severity any In
dian aggression upon our settlements, I
shall, at the game time, hold to a strict ac
countability any who may trespass upon
the rights of the Indian. In this way only,
c.a peacj be maintained. You will de
termine whether any additional loeislation
is necessary for the punishment of lawless
and unprincipled men, who engage in un
lawful traffic with the Indians. I trust that
the Government will, at an, easly day, take
steps for the, extianuishment of the Indian
title in this Territory, in order that our
lands may bt brought into market.
The agricultural interests of this Terri
tory claim your earnest consideration.
Most of the necessaries of life have here
tofore been brought from the States or Salt
Lake valley-hundreds of miles over
mountanious roads. This has rendered
prices almost fabulous-taking from the
miner much of his hard earning. Our
population is increasing with such rapidity
that we cabnot longer depend upon foreign
supplies. We must look to ourselves, and
as soon as possible, become a self-sustain
ing people. While mining, as now, will
ever constitute the paramount interest, yet
agriculture must form the enduring basis
of our prosperity. Without it, we are but
tributaries to and dependencies upon, sur
roundingbut far distant settlements. Our
necessities will constitute the peasure of
their demands, and we shall remain the
victims of a heartless cupidity; and this,
too, while we ban boast of as fertile lands,
of as riah valleys, as any country on the
continent. Wheit, and indeed all the oe.
reals, can be raised hemr in abundance, as
the past year has fully demonstrated, and
every-regetble that can beraisodin the
States grows hers much morb abundantly.
Stook, which in other countriesreqpires so
aach labor and forethought -t, provide for
its winter subsistenee, here lIam and fattens
through the wimter in our valleys. I khow
of no country s itviting to the kusbaod
man as thisi-whert lbor mbet witdr such
sure and muiniieusit' reward : T. .yoar
fotering eatare d easiet~agem t I cooa
mit 'thds at.'is.r-.. -
fteill de4y4T. 'eol . to. d4ie spine
ate. wantsf ydr ole.'The t,
with a wise forethought, has made liberal
provisions for this purpose in the Organic
Act, setting apart two sections of land in
each township, for the establishment ef a
school fund. With proper care theselands
will furnish a rich endowment for Our com
mon schools, placing them upon a sure and
permanent basis. But these lands are not
now available and it may be years before
we can realise any consideable advantage
from them. Hundreds of children are mow
in the Territory, which a wise legislation
will not permit to grow up in ignorance;
for, in a free government like ours, where
public measures are submitted to the judg
ment of the people, it isof the highest ia
portance that that people should be so ed
ucated as to understand the bearing of
public measures. A self-ruling people
must be an educated people, or prejudice,
and passion wll assume the power, and an
archy will soon usurp the authority of gov
ernment. Children are in one sense, the
property of the public, and it is one of the
highest and most solemn duties of the
State to furnish ample provision for their
education. It has been well said by a dis
tinguished jurist that it is cheap.r to edu
cate the boy than to punish the man, and
if the education of the boy is neglected,
the punishment of the man may become a
necessity, for crime and ignorance go hand
Our mail facilities are altogether inade
quate to meet the wants of our extended
and growing popelation. A mail route
should be estabished from Virginia City to
Gallatia; another from Virginia City to
Fort Benton via Prickly Pear Valley, and
one from Baaasek City to Jocko, witýi pos
olcee at Willow Creek, Fert Owen, iel
Gate sad Joeko. I would recommend that
you memorialiae the Post Master General
and ask for this additional mail service;
The question of taxation will be one of
no small diceulty, and will require much
of your time. Taxation should be as light
as the necesaities of the publiewill permit,
A sulcient amount of money must be
raised by taxation to meet the internal and
municipal wants of the Territory. Politi
cal economists have said that no tax law
can be absolutely just and equal. Yet wise
legislation should aim at justiee and equal
ity so that no elase or occupation shallbear
an undue Dronortion of the public burden.
The subject of currency is beginning to
agitate the minds of our people and many
are of the opinion that interest and patriot
iem alike require our adoption of the. Na
tional Curreney. Wherever it has been
adopted, either in State or Territory, the
increasing prosperity of the people has at
tested the wisdom of the measure. The
loyal States that have adopted this eunrren
cy notwithstanding the burdens of a gigan
tic and protracted war are prosperous be
yond all former precedent and the people
are richer than when the war commenced.
Gold Dust with us is an article of trade,
and when we attempt to make it a currency
we close the door against the introduction
of foreign capital. California alone among
the loyal States has refused the adoptioa
of the National Currency-the efect upon
her has been most disastrous. The Gover
nor of that State, in alluding to this subject,
makes use of the following languagse
' Here in California the enterprise that
would develops our unbounded resources
is checked and repressed for the want of
capital; while the necessary amount to
supply the deficiency is waiting at our
doors to have its entrance invited and its
standard of value adopted." If such has
been the effect of this policy upon a eom
paratively old State like California, what
must be its consequences in an infant Tere
ritory like ours. Let as adopt this curren
cy, and capital will And its way here l*
abtitidance to quicken enterprise and eo.
large the feld of Industry.
It may be necessary during this session
to makp some provision for the confinement
of criminals; if no suitable building ean
be obtained, one should be erected as doon
as possible. I have no doubt Congreis will
make a liberal appropriation for that pur
Although we are far removed from the
scene of strife which is 4evastating one
portion of our country, we cannot be indif
ferent to the result of the struggle. We
are a part of the great American Nation,
and a part of that nation we must ever re
main. HIr interest, her prosperity and
glory must ever be dear to the heart of every
loyal man. This unhallowed rebellion had
its origin in the lust for power and the in'
sane desire to extend and perpetuate ha
man bondage. For years tnin conspiracy
had been plotting, till at a length, under
the imbecile administration of James
Buchanan, it threw off all disguise and sa
sumed the defiant attitude of treason. Be
ginning in crim ,and perfidy, itk as diihl
to establish iti power by atrocities tIj
most inhuinan and applling. Ignoring the
long establiihed rulea of civilized'iarf.re,
it has prosecate4 the war.with a fieAic'
ferocity that i*old put t blush thebimeo
anUllltivated savages. W, this waý II"a
menjed4 mSaf ia the ).yaI Staties," ro
lot.n ojitical ass6eation wit. thie leadch
of te rebellt6n, felt nb little sympanriy itli
their cause, and in most of the Eopeai0
ovtrnments they ha active and ife
tjal adiocatee; Iat as the war ha.
gretted their frfend* have desei4
%rid thej po longeri ope or. citaaDe ^»
tA4 Northern Statei pr ei t6 I
abior. Thbeleae Ii t;1 *
twein'loyalty and t t
arniei ar6 in t14 fieldo do
tion bhy the agk7
them te n o ir
P of th0
the couutty aeu ~ledg Zebguprdua.O
of the C04otaitio..
- .,-. .. M ý ,w P
It gives no plini. a t.3te yoU e tha
bof pea ztpees. TOhe" Map r of tme to
bdrcatY q=ru~. iFtgoat
pedr OW vact f~lj ~ dows esiop
?f pesc Rut 1 mu beeI pkm. PCtbt th
nowtity tf ott omif, the vlmctioml of =Z
a"tomalx s dor,4 h gaz sga~les of w'ks Ia
Again maubg you of my delve to co-rwte
ith you in overy nama -of pub fatwee, ad
invoking the Naodltimu of Hows eat Ia.
bors,I submit to y.. ca. Sid C ows
mamfold iaterest of our TOMito"
Hfl OuI Mc.t ARK sOQ. M IMT hLA.
We recently publishq4 a statement that a
large sale o mining inteests known as
the Pine Mountala Consolidated Compay,
had lately been made in New York b the
well-known Sheba Hunt and assoctates,
for $3,000,000. This statemest being
doubted by some, we will explain it so far
as we are able by giving some account of
how these sales are effected at the East.
The statement published is correct, we be
lieve, as it was furnished by one of the
parties interested; but the explanation we
give of the mode of effecting sales will en
lighten us as to the character of this par
ticular sale. A number of capitalists bar
gain with the owner of the mine to,give
them a certain sum of money and a cer
tain portion of stock for it. They then
form a joint stock incorporation; iesue, say
one-half of the stock and sell it in the
'market for cash, which constitute the
" working fund." The stock, it must be
borne in mind, is made unassessable, and
therefore sells for fiftv to seventy-fve sent
on the dollar of its per valae, acording to
the success of the operators. Let us snp
pose a case like the one mentioned, where
there are four ledges of 1,50. feet each,
making 6,000 feet as the basis of the incor
poration. The claims are valued at $00
per foot, making the $3,000,000. The eash
or working capital is to be $1,00O000.
Suppose the stock is divided into 30,000
shares of $100 each, and one-half is sold
at about sixty-seven cents on the dollar
thus the sum of $1,000,000 is realised as a
working fund, and half of the stock is still
held by the originators of the scheme aad
the owners of the mine. The stock not of
fered in market to realize the working fund
is withheld by the trustees from issue, so
that it shall not come into competition. To
arrive at an idea of what the owners of
the claims realize from the transaction, let
us suppose that each of the three locators
in this Pinewood mine which was sold, re
ceives $100,000 in sash and the same
amount in stock, which would leave $700,
000 of the fund and $1,200,000 of the
stock remaining. Suppose that to make
the scheme more attractive they set aside
the $20,000 of st ack to be told in fature if
needed, to inorease the fund. That would
leave $1,000,000 of stock for the corpe-r
tor who got up the incorporatin. As thes
men must realise some money in hand from
the transaction, the purchase of the mine
is supposed to have cost three-quarters of
a million instead of $00,000, which leave
$250,000 actually in the treasury to work
the mine with, and $200,000 in stock to be
sold to increase the fund. As work is deo
and machinery erected the mine beeomee
valuable and the stock saleble, en.aling
the originators who hold the balance of the
stock to sell, und thus realise more looey.
If based upon really good elaimas thoee
in question are believed to be, the tranas
tion is legitimate and !unorable; if upo
claims known to be worthlesms t is like o
wild eat opet.tionti and is umjustilable.
We think the system upon which claimn are
incorporated at the East much better than
our own. If a number of men are con.
vinced that a ledge or several together are
valuable and worth developin, let them
associate for the purpose, take a portion of
the stock themselMes and pay the cash forit
and ofer the stock in market aloe, so as to
realise the amount thought ncessary to de*
relope the mine, and thoe expend it in doing
so. If saceessful the Atoa will become
vauable, if not, only. a certain oat has been
risked, and there are no asesements to pay.
We believe it would do more to kill wild.
eat stocks and bring our mining operations
into a legitimate chasel thba anything
elb that can be done. Under such a ys
tem, a man risks a ecrutin sbam I oue
mine and a Oeetaia eun in another. 11a
pays it out on the start and knowe 6e e
act sen it costs him. He dioe not gt a
lot of stocks on hand that he must pay .
aessments on or lqo.Jor the stock ma usa**
sesrable, therefore tha.asseauments roannt
embarrass him a. they now de,. ,U t ld
very materiPa y educe t rik .i.dJal
siaplify ourtatag opertilo. Wei
to see Ts fbytetd aanguated here. Fr
miade union. * « * *
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