JRemarJcs on the Gold Mines of Virginia. 107 



gold region, as to the expense of working the mines, I give on this 

 head merely the reports of others, but, I would suggest that the 

 expense must, of course, increase as the mines are sunk deeper. 

 It is true that experience in management and improvement in ma- 

 chinery, operations, and processes, will tend to diminish expense, 

 and increase the product ; but the ore may not continue equally rich, 

 and on the other hand it may grow richer; this is, both ways, uncer- 

 tain, and as no human science or skill can remove this ambiguity, it 

 follows that mining enterprises cannot be relieved from this hazard. 

 It is, however, wise to make estimates of expenses high, and of re- 

 ceipts reasonably low, that the chances of disappointment may be, 

 as far as possible, provided against. Should the trials made by me, 

 and under my direction prove, in the event, to be a fair representa- 

 tion of the average produce of the mines of Busby and Moss, (pro- 

 vided also, that the expenses have been correctly reported,) it fol- 

 lows of course, that the profits must be great. Prudence would 

 suggest, however, that the estimate should be made at a lower rate 

 than that which I have reported ; if it were taken at one half of 

 what was actually obtained, the yield would exceed that at Fisher's 

 mine, which is understood to be a very profitable one ; and if it were 

 estimated even at one quarter, and the expenses are no greater than 

 have been reported, the enterprise could still be profitably sustain- 

 ed, unless the interest of capital should cast the balance the other 

 way. - 



With respect to the sums paid for the mines, I am not called upon 

 to speak, nor would it be proper that I should express any opinion. 

 I would simply remark that, in my judgment, nothing could be more 

 inauspicious to the mining interest and to the welfare of the country, 

 than a spirit of speculation in these concerns. In an excited state 

 of the public mind, it is rare that facts are correctly reported, or 

 correctly viewed. The speculator, who buys merely that he may sell 

 again, is, too frequently, ignorant of the facts, and reckless also of 

 the consequence in regard to those who may succeed him in his ob- 

 ligations ; flattering gains from sales of stock are reported from day 

 to day ; the property rapidly changes hands ; the public mind being 

 morbidly excited, is of course blinded, and at no distant period, ac- 

 cumulated ruin falls heavily upon the last in the train. This is ex- 

 actly the opposite of that mental sobriety and moral rectitude which 

 ought to govern men in all concerns, and especially in such transac- 

 tions as these ; it is not too much to say, that no man should either 



