. . . The next work
of our organization will be along the line of developing some
manner of control of corporations by which paid-up capital stock
shall represent actual value."
Mr. Callbreath would seem to be one fore-doomed to his own
troubles; yet it is clear that he and his organization stand for
legitimate mining as opposed to prospect-selling. In strictly
accurate phrase, it is the prospect which is found, and the mine
which is made and investment cannot properly begin until a body
of ore has been blocked out in a proved prospect. Add to the
glamor of risk the haze of fraud, and the foregoing will show the
nebulous condition of mining investments in relation to mining
laws in America to-day.
What we really need is a Bureau of Mines at Washington. Nobody
protects the mining investor. Nobody guards the widest open gate
into the savings deposits of this country.
The American Mining Congress, it should be stated, had a quasi
pre-inaugural pledge from President Taft in favor of a Federal
Bureau of Mines. Toward this we have made a start. A bill
establishing this Bureau has already passed both the House and
the Senate, and bids fair to become a law.
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