opinions began to lose their value within a month or two after
they were written, and are of less value every year. Mining can
never be put on the same basis as agriculture, for the reason
that the risk of failure is infinitely greater, and that it is
impossible to prove the value of any mine or mining region
without spending a large amount of capital, the greater part of
which will inevitably be lost in this work of initial
development."

Those are the sober words of an expert who spends his life in
studying the theory and practice of mining. If such words shall
teach us a little wisdom, so much the less need for laws. But let
us consider what the laws ought to do in order to protect you for
the sake of your family, and for the sake of society, and for the
sake of the savings which lie back of the prosperity of this
country.

Let us agree that no government can guarantee the safety of any
investment. Let us admit that digging gold can never be put on
the same amortization basis with digging potatoes, for instance,
because the soil remains for more potatoes, whereas the ore of a
mine is exhausted and does not raise more ore. Nevertheless,
although the industries of potato growing and ore digging are not
the same, the principles lying back of them ought to be precisely
the same; and our governments, both state and national, ought to
see to it that they are kept precisely the same, and controlled
on the same plane legally. If it be true that no government can
watch after every mine, none the less any enlightened government
can establish general conditions for engaging in mining or
engaging in the sale of mining stock; and, perhaps with yet