344 EESOUKCES OF CALIFORNIA. 



impossible for them to know beforehand whether a mine con- 

 tains much rich ore or dirt. But if we look a little further at 

 this explanation, we shall iind that it has no good foundation. 

 It is not true that the prudent business man always avoids great 

 risks ; in other words, prudent business men often make in- 

 vestments with a probability that the entire investment will 

 be lost, but in clear view of a possibility that' an immense 

 profit may be made. 



It is a mark of sound judgment and prudence in a business 

 man to avoid risks that may much endanger the loss of his 

 whole fortune, but he will not necessarily refuse to venture a 

 tenth part of his fortune, if he see a possibility — as of one 

 chance in five — of making a profit of a hundred-fold. It is 

 under the guidance of principles like these — stating the risk 

 in its least favorable aspect — that mining for gold and silver 

 is conducted throughout the world, to the great general profit 

 of those engaged in the business, and it is in view of princi- 

 ples like these that mines of all kinds have a certain market 

 value. They may be hidden hundreds offset under the earth, 

 but there is a probability that a metalliferous vein, if tolerably 

 rich, and similar to other veins not far distant, and found to 

 be rich through a considerable extent, will also be rich in like 

 manner in other parts out of reach. There is such a chance 

 for profit that a high value attaches to mines where there is 

 not even a regular vein or layer of mineral to guide the miner. 

 For instance, cinnabar is not found in veins, but in masses, 

 usually connected with each other by little seams. At New 

 Almaden, sometimes a mass of ore is found ten feet cubic, and 

 when it is worked out, only a little seam indicates where other 

 masses may he. Whether they do lie there is a matter no 

 way certain. The Enriqueta mine, which promised about two 

 years since to rival the Almaden, has fallen to the level of the 

 Guadalupe. Some rich masses were found ; and more may be 

 found, but nobody knows whether they will be, and so with 

 the New Almaden ; and though these facts are perfectly 

 understood, the latter mine is worth millions in the market. 



