the form of a publicity law. My belief is that no system of laws,
either state or national, will prevent men from gambling in mines
more effectually than such laws now prevent gambling in its more
common forms. These may restrict and furnish protection to those
who are wise enough to open their eyes, but it will be impossible
to protect all the fools all the time. It is the purpose of the
American Mining Congress, after having secured the enactment of
laws providing penalties for fraudulent representations and
requiring publicity, to perfect an organization to SECURE
EXECUTION of these laws, and also to carry on campaigns of
education showing to investors, first, that mining is a
legitimate business and not a gamble; second, that mines are
found and not made; third, that investments in mining should be
made with the same care and prudence exercised by business men
when embarking in other business enterprises. . . . 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