The Black Range

The Mining Boom for 1889.

From 1840, each ten years has witnessed a mining boom of great dimensions, and many persons are speculating upon what 1889 will do toward maintaining this record. From present indications there may be a boom in 1890 that will overshadow all others, and be different from its predecessors. There may be a stampede or two to some few localities, but great excitements are not expected to characterize mining affairs next year. The impetus will not come, if it comes, so much from the discovery of great new districts as it will from the movement of capital toward mining investments, and by a change in laws affecting supply and demand. The logic of practical results from mining operations is compelling confidence in this industry as a safe and legitimate business in the minds of the better class of investors, and instead of sneering at mining as heretofore, they will defend its legitimacy by a presentation of irrefutable proofs.

The millions of dollars annually realized from gold, silver and copper mining are tangible evidences that this industry is a profitable one, and that it should be divorced from the unwarranted prejudice which has ever retarded its progress. Other industries have appealed to capital and been liberally backed by it. Mining has made like appeals but the backing has been withheld except in isolated cases. Mining securities and mining reality have been ignored by all financial institutions, and no effort has been made to investigate the soundness of such securities as collateral for loans. The money that has been employed in mining has come from individual pools and syndicates, but banks have steadily refused to make loans upon any kinds of mining collateral, even in states and territories where the basis of all business is clearly that of mining. It may be that 1890 will stand out prominently as the year in which this great injustice will be attacked and partly overthrown, and that the feeling of confidence in the legitimacy of mining will keep increasing until there will be banks specially conducted, with the view of giving aid and encouragement to all worthy mining enterprises. If such shall prove to be the correct reading of the signs of the times, nothing can prevent an immense revival in lode and placer mining and in smelter and milling of the precious and useful metals. - Industry.