330 TRANSACTIONS OF THE 



dollars — the same as the year before; the entire product of that rec^ion 

 since the discovery of silver there in eighteen hundred and fifty-nine, 

 being estimated at about forty million dollars. While there has thus 

 been no tangible falling off in the jMcld of late, it is not to be concealed 

 that the results of the last year have somewhat disappointed the san- 

 guine friends of that country, many of whom had predicted and confi- 

 dently looked for a large increment there of the precious metals. With- 

 out going into an examination of such other causes as might have con- 

 tributed towards that end, it is enough to say there could have been no 

 great increase of this commodity without a corresponding increase of 

 mills and reduction works, which it is well known has not been had. A 

 good deal of capital has recently been invested in that region, and many 

 mills have been commenced, but only a few of the number have yet been 

 completed — the producing class having been diminished meantime. In 

 another year, when these establishments and others now projected or 

 contemplated shall have been finished and set to work, there will no 

 doubt be a large addition to the bullion product of Washoe. 



With the causes of the late depreciation of stocks in the mines at Vir- 

 ginia City, the public are too well acquainted to require their discussion 

 in this place. It is enough that it was undoubtedly a salutary and desir- 

 able event, and one not unexpected by those best acquainted with the 

 merits of these mines and their management. It has unquestionably 

 caused pecuniar}^ inconvenience in certain quarters, and may to some 

 extent discourage further investments in the silver mines of that State; 

 but it is equally certain that in the end it will result in placing that 

 interest on a more solid basis than before, and prove generally beneficial 

 to all parties concerned. That the mineral wealth of Nevada is really 

 very great, is now pretty well established — many of the ledges discov- 

 ered in the central and southern portions of the State during the last 

 year being conclusive on that point, whatever may be thought of the 

 Comstock lead. The ores are rich, accessible, and tolerably abundant, as 

 is shown by the decided success of the mills running upon them; and, 

 Dumerous as are the valuable lodes already discovered, the work of 

 exploration is still being carried on with success. 



tJ])on the value of manj'of the districts it is yet too soon to pronounce 

 an opinion ; but in regard to some there is not much hazard in saying 

 they contain numerous ledges of fair size and undoubted richness ; and 

 that when these remote regions come to be connected with San Fran- 

 cisco by railroad communication, as will likely be the case in two or 

 three years, they will rapidly fill up with people and produce their great 

 staple in unexampled abundance. There is now in the State nearly one 

 hundred and fifty mills, with an aggregate capacit}' of about two thou- 

 sand stamps, most of which have been running the greater part of the 

 time during the past year. The cost of these mills ranged from twenty 

 thousand dollars to two hundred thousand dollars, the average being 

 about seventy thousand dollars each, or a total of ten million dollars. 

 AV'^ithin the last eighteen months the machiner}'- for about thirty mills, 

 generally of good size, has been sent into the State, these establishments 

 now being in difterent stages of progress, the most of them completed or 

 well underway. A nominal capital of many millions, and an actual cash' 

 investment of perhaps two and a half millions, mostly from the East, 

 have come into the State, meantime, to the great relief of the raining 

 interest, which had begun to languish, as very little aid had been 

 received from California for some months before. With this assistance 

 the country has received a start that will sustain it until a considex'able 



