166 MINING. 



obtained a great part of the profits that had got into the 

 hands of the public. Previous to 1884 the consolidated 

 Virginia and the "California" had paid over $70,000,000 

 in dividends. They were then consolidated with capital 

 of $21,000,000, and since that time have paid small 

 dividends occasionally, some $3,500,000 in all to this 

 time, but the persons in control have made a great deal 

 more by stock operations and by the mills, whieh were 

 owned by separate organizations, but controlled by the 

 same unscrupulous ring, and the power of this ring of 

 mining kings of California and Nevada has never been 

 fully realized outside of the people immediately con- 

 cerned. They have influenced the whole country and 

 its legislation, and the stupendous operations carried on 

 at the mines are a wonder in the engineering and mining 

 profession. 



I could give you many more examples of the many 

 phases of this great business, especially of its bad side, 

 as that attracts the most attention. Legitimate mining 

 makes no great newspaper excitement, and takes its 

 losses and gains quietly as other businesses do, and little 

 is heard of it outside of its immediate neighborhood. 



Gold and silver mining has caused the greatest in- 

 terest in mine gambling. Copj)er, as being next in 

 value, has caused some large operations, and some of 

 the largest and best paying mining operations in this 

 country are the copper mines of Lake Superior. The 

 Calumet and Heckla mine has made more money for its 

 owners from actual mining operations than any other 

 mine in this country and is a great example of good 

 management. Some of our iron and coal mines are 

 fountains of wealth to their owners, and far more 

 valuable and reliable business enterprises than the 

 mining of gold or silver — in fact, the more useful and less 

 valuable minerals receive better management as a gen- 



122 



