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Show INTER-MOUNTAI- i MINING REVIEW. N ANOTHER INSPECTION BILL. NTER-MOUNTH- IN MINING REVIEW. Devoted to the Mining and Smelting Interests of the Published Weekly by C. T. HARTE, Room Inter-Mounta- in West Atlas Block. 223 TERMS : (Payable in Advance.) One Year Six Months Three Months To England, Mexico and Canada, $2.00 1.00 S3 per year, postage prepaid. Entered at the Salt Lake City Postoflice as Salt Lake City second-clas- s February matter. 18, 1890. EXCESSIVE CAPITALIZATION. MONG tho recommendations for increasing the revenues of the State that were submitted to the Legislature by Governor Wells is one that all incorporations hereafter be required to pay a fee of not to exceed 50 cents per thousand on the capital stock. On a capitalization of two millions, a fee would amount to $1,000, and such a law would check A 50-ce- nt the apparent tendency towards inflated capitalization of mining companies. It is an absurdity to capitalize at two millions a group of claims that could not be sold for more than $10,000, and are actually not worth more than that sum. Such practices do not enhance the value of the property, and they arouse distrust in the minds of eastern investors. While the owners of prospects may be pardoned for entertaining sanguino expectations concerning the future of their properties, and while some of these prospective mines may some day be worth millions, it would be far better to place the original capitalization at not to exceed four times the actual value of the property owned by the company. The company following this conservative course is more likely to enlist the confidence and support of eastern capital than would be the case should it capitalize for three million dollars a group of undeveloped prospects showing not a pound of ore. It is hard to convince investors that expectations have a very great tangible value and they usually exhibit some reluctance in paying for any more than is actually in sight. Speculators may be willing to gamble on indications, but even they are not misled by excessive capitalization. This evil, if it may be called such, is prevalent in Utah to no greater extent than in Colorado, California and other mining communities, and these strictures of course do not apply to those companies that have demonstrated the actual values of tlieir properties. But when a company that can make no showing of ore whatever, and at the very best possesses but an equal chance for striking it, capitalizes its prospects at three millions and attempts to float its stock, this is a dangerous approach to wind-bamining. g IF THE Utah Legislature enacts no legislation governing the operation of mines it will not be owing to a lack of opportunity. It would seem that enough bills have now been presented to meet all requirements. The latest bill was introduced by Senator Driscoll, and provides for the appointment of a metalliferous mine inspector. He shall have had at least ten years experience in metalliferous He shall inmining and two years experience in Utah. spect all mines concerning which complaint is made, in respect to working and ventilation, and is required to inspect every mine in the State once in three months, which will give him quite enough vrork to occupy his time. The bill also sets forth what sort of safety appliances shall be used upon the cages, requiring the use of safety catches, operated by double springs, aud rope fastenings of the best material, and the cages must be examined twice a week. The shaft must be lined, all openings protected, and ladder-way- s separate from the hoisting compartments must be maintained. Sixty cubic feet of air per man per minute shall be supplied, and ail explosives must be given to the men in condition for immediate use. This bill differs from that introduced by Senator Warner in the important particular that it does not invest the mine inspector with full authority to frame rules and regulations governing the operation of the mines. Such unlimited powers, in the hands of an incompetent or erratic official, wTould be extremely dangerous, and moreover, it is questionable whether such a transfer of legislative functions would be constitutional. 'T'HE available cash balance in the United States treasury 1 is nearly two hundred millions. This is made up chiefly of greenbacks that have been presented for redemption, for the purpose of drawing out the gold. And this condition presents a new problem which will soon face tho administration. The gold paid for each issue of bonds is immediately withdrawn by the presentation of greenbacks for redemption. Thus, every bond issue of one hundred millions increases the amount of currency iu the treasury to an amount nearly or quite equal to the proceeds of the bond sale. If this continues it will be simply a question of time until all the greenbacks will be locked up in the treasury vaults, which would mean a contraction of the currency to the amount of half a billion dollars. Even now the government has withdrawn two hundred millions wrhich should be in circulation among the people, and unless some measures are adopted to pay out this surplus in the redemption of bonds or otherwise, the currency n distress will grow more intense. The system of financiering lets loose a new calamity each day. Cleveland-Carlisle-Sher-ma- absurdities of Carlisles financiering cropped ONE ofatthe New York tho other day when a broker named Zimmerman was drawing out gold in exchange for greenbacks and turning it ever to his atone counter of the customers to deposit inpayment for bonds at another counter. It was simpy childs play at tho expense of the people. The government issues bonds to replenish the gold reservo and permits the bond buyers to withdraw the gold from the treasury with which to pay for the bonds. This leaves the people in pretty much the same position as the man who held the bag. Assistant Treasurer Jordan finally put a stop to the business by refusing to accept gold drawn out and turned over to the brokers customers in the building, but it could be thus supplied to them any wThere else. sub-treasur- 'T'HE Salt Lake Stock and Mining Exchange performed a good service to the mining interests of the State in sending an official representative to attend the opening cf the New York Mining Stock Exchange, and Judge Colburn may be depended upon to secure for Utah jiroperties the place upon the board to which their merits entitle them. Judicious investments in Utah listed stocks by eastern investors, are certain to yield such returns as will attract attention to this field, and encourage the development of other properties The official notifi:ation that Utah stocks will be listed at Chicago, while a rather tardy recognition, is not without significance. TpIIE tabulated data concerning Utah mining companie whoso 3 stocks are listed upon the Salt Lake Stoc! md Mining Exchange, published elsewhere in this issue, wl be kept standing for the convenience of local and eastern ir esters. No other journal publishes this information in complete form. y sub-treasur- y Exchange has let contracts for the printing of many thousand copies of a pamphlet on the Boise gold belt, which will be followed by others covering different sections of the State. Stocks are to bo listed upon the Exchange, and the first call will be made not later than May 1st. The fee for posting and advertising prospects has been fixed at $1 for members, and $25 for THE Boise Mining and |