METALS AND THEIR ORES. 29 



true of any regions except the Ammonoosuc district, and the related 

 rocks along the upper Ammonoosuc river and near the border of Can- 

 ada. Several points of interest in this connection may be mentioned. 



First. It is not intended, when it is said the gold business ought to 

 be remunerative, that a multitude of people can engage in it and become 

 wealthy in a short period. A false impression prevails as to the nature 

 of gold deposits. In California, persons have been fortunate enough to 

 strike "pockets" of gold in the gravel containing many thousand dollars' 

 worth of metal. Those are the few and rare exceptions. Out of the 

 hundreds of gold quartz mines wrought upon the Pacific side of the con- 

 tinent, there are no instances of similar "finds." The gold is obtained 

 only through persevering, tiresome labor. Whatever will be obtained 

 in our state, must come in the same way. No rich placer deposits have 

 ever been discovered within our limits. Should any such be found, and 

 the cost of their discovery be estimated, it will appear, as is the case with 

 those in the West, that a fair proportion of labor has been expended for 

 the result. 



Second. We must not expect to obtain profitable results in gold min- 

 ing without the expenditure of considerable capital. This is like all other 

 business pursuits. For example: a farmer must purchase land, build 

 houses, barns, buy horses, cows, sheep, etc., procure implements of till- 

 age, etc., before he can produce articles of merchandise. He may ex- 

 pend, say, $6,000, which is his capital stock. He will not expect to real- 

 ize from the sales of his produce the whole amount of his investment 

 the first year. If he obtains produce worth one thousand dollars, he 

 would do remarkably well. So in mining and milling gold, no one ought 

 reasonably to expect to receive the first year a larger proportionate re- 

 turn upon his investment than the farmer has received from his capital, — 

 say 1 6 per cent. The nominal capital of the Dodge and Lisbon compa- 

 nies is $123,000. During the ten years of their existence, $50,000 in 

 gold has been obtained from them. This certainly represents more than 

 the sum of actual payments in cash by the companies, and at the least 

 showing would indicate a 4-per cent, annual dividend for the whole time. 



The question arises, What is the proper capital required to carry on 

 successfully a single mining and milling establishment in New Hamp- 

 shire.'* The first item is the cost of the land, by lease or fee simple. This 



