VALUE OF MINING PROPERTY. 
]87 
The course pursued by the second class has been so notorious, 
as to give character to mining enterprises, and to invest them 
with a suspicious appearance. 
I have not space, however, to follow up this subject. My 
principal object now, is to state, very briefly, the value of some 
kinds of the mining property of our country, for the purpose of 
placing the subject in a prominent light, and thereby show that 
it is for its interest to foster and encourage all mineral enter¬ 
prises which are undertaken in a proper spirit. 
The time is not far distant when mining will form one of the 
great industrial pursuits of the country. Every blow of the 
pick, and every gunpowder blast, will add their farthings to the 
common wealth of the nation, for every pound of copper or 
iron is a real addition to its resources. 
1. Northern New York. The net proceeds per annum, which 
may be realized from the ores of iron in northern New York, 
will pay the interest, at seven per cent, on $3,000,000. 
The mines at Adirondack have just been sold for $500,000, 
a sum much below their real value. The Sandford ore bed in 
Essex county, can not be estimated at much less than $500,000. 
At this mine, from two pits alone, 21 and 23, 200 tons of 
ore per day have been raised at a cost not exceeding fifty cents 
per ton; and which, when crushed and separated, yields from 
five to fifteen tons of phosphate of lime per one hundred tons 
of ore, which is worth on the ground twenty dollars per ton, 
and twenty-five to thirty dollars in New York. 
There remain the Clintonville and the Saranac iron districts, 
together with inexhaustible quantities of the specular ore in 
Jefferson and St. Lawrence counties, and the magnetic ores of 
the Highlands. 
2. Pennsylvania furnishes an amount of iron which may be 
estimated at $5,000,000, annually. 
3. Missouri, from the Pilot and Iron mountains is capable of 
furnishing as much iron as any part of the world. Situated in 
the great valley of the Mississippi, its value can scarcely be 
overrated. 
