COMMERCE. 343 
Francisco capital invested in Santa Clara county alone than in 
all the gold mines of the state. There is scarcely a county 
near the coast, between latitude 40° and 33°, in which there is 
not a large amount of capital invested by non-residents, to 
the evident benefit of the county. Although gold mining has 
been the chief industry of the state for fourteen years, and 
although Washoe is of late discovery, and has less population 
than single counties of California, yet more San Francisco 
capital is invested in Washoe silver leads than in all the gold 
mines of the state. 
There is a great difference of opinion among business men in 
regard to the causes of this alleged insecurity. One will say 
that the cause is in the want of fee-simple titles; that the 
ownership of mining claims depends upon possession, and is a 
kind of personal property with a still weaker title, for a man 
may lay his purse down, or let his horse go, and both will 
belong to him in law for years; but when he shoulders his 
pick and blankets, and leaves his claim for three days in the 
working season, he has not the least interest in it. Another 
consideration, however, will show that this cause alone, al- 
though it may contribute much to the general result, is not 
sufficient in itself to render gold-mining investments insecure, 
even in any one case of note. Most of the valuable mines in 
the world are held by mere possession, and abandonment or 
cessation of work would lead to a forfeiture of title. This 
is the rule throughout the rich mineral districts of Spanish 
America, in most of the countries of Europe, and even in 
Washoe; and yet the value of these mines, whose title depends 
only on undisputed possession, is almost as good as if held in 
fee simple, for it is plain that so long as the mine is profitable 
there will be no cessation of work. 
Another theory to explain the aversion entertained by capi- 
tal for gold-mining enterprises is, that the business is too un- 
certain as to its profits; that prudent business men avoid great 
risks, and will not venture their principal; and that they cannot 
invest in gold mines without the greatest perils, because it is 
