The trouble with the Colorado ores was, they were refractory sulphurets, which we had not yet learned how to reduce at a profit. They assayed very readily two hundred and even three hundred dollars per ton, or more; but when you came to mill them out in large quantities, you were lucky if you got twenty-five or thirty dollars per ton. The problem Colorado then wanted solved was how to desulphurize these rich ores of hers at a profit. Various "processes" were continually being tried at great expense, but none of them seemed yet to be the "success" she desired. Stamp-mills, with copper-plate and quicksilver amalgamators, seemed to be the process in use generally, though not saving over twenty-five per cent. of the precious metals usually. Many companies were using these and saving their "talings," or refuse, with the expectation of yet realizing goodly sums from working the "talings" over by some new process by-and-bye. A "process" just introduced was saving from twenty-five to fifty per cent. more from these "talings:" but it was too costly for general use, or, perhaps, to pay. Individual mine-owners and the lighter companies seemed mostly to have suspended, or like Mr. Micawber to be waiting for "something to turn up"—for the strong companies to go on and find the much coveted "new process," when they would resume operations. Another trouble evidently was the great number of companies organized to sell stock east, rather than to mine successfully. Companies, with a property worth a hundred thousand dollars, had frequently issued stock for a million, and of course could not expect to make regular dividends on such an overplus. On a basis of a hundred thousand dollars, or real value, with an experienced honest superintendent, they might have got along well, if content to creep at first and walk afterwards. But as a rule they had preferred to "water" their stock, after the most approved Sangrado method; and the result, after a year or two's operations, was disappointed stockholders and the old, old cry of "bogus" and "wild-cat." Many of the companies, too, were heavily in debt, and what was called in Colorado parlance "freezing out" was taking place largely. That is to say, a company gives a mortgage for say twenty thousand dollars on property worth perhaps a hundred thousand, or at least represented by that amount of stock. When due it is not met, the treasury being empty, and the stockholders discouraged from want of dividends, or by "bear" reports about the mine; whereupon the mortgage is foreclosed, and the "bear" directors buy the property in for a song, thus "freezing out" the feebler and more timid brethren. This operation may lack the essential feature of old-fashioned honesty, but is no doubt a paying one—pecuniarily—for the new owners, who can now well afford to go bravely on. "Others may sink; but what's the odds, so we apples swim!"
No doubt Colorado is rich, immensely rich, in mineral resources—gold, silver, copper, iron, coal, etc.—but she was scarcely making much decided headway as a mining community, so far as could be seen, in 1866. Considerable of her population, indeed, had gone off to Montana and Idaho, to the reputed rich gold-fields there, and many of the rest were waiting patiently for the Pacific Railroad and a market. Great results were anticipated from the oncoming of the railroad, and it is to be hoped she has realized them. Her yield of the precious metals in 1862, it was estimated by good authority, amounted to ten millions of dollars; but in 1863 it fell to eight millions, in 1864 to five millions, and in 1865 to four millions. Ross Browne, in 1866, in his report of Mineral Resources of the United States, with characteristic exaggeration, estimated her yield for that year at seventeen millions; but more accurate observers regarded this as a California joke, and pronounced his estimate at least four or five times too high. The large yield in 1862 represented the maximum from gulch or placer mining, and the soft outcroppings of the quartz veins. But in 1866 placer mining, as I have said, had mostly ceased, and our quartz-miners had to go down so deep, and then got only the hardest and most refractory sulphurets, that the business greatly languished. Yet, it was plain to be seen, the gold and the silver were all there, in inexhaustible quantities, practically speaking; or as Mr. Lincoln once remarked, in speaking of our western mines, "We there hold the Treasury of the world!" All Colorado wanted, as elsewhere said, was the right "process" to subdue these rebellious sulphurets and compel them to release their imprisoned deities. Science surely holds the key somewhere, and waits only the coming man to hand it over to him. Millions of our countrymen are watching and praying for him. A half a continent calls for him. And when this coming man does come, who shall estimate the untold treasures he will here unlock and outpour upon the world! He will but have to strike the naked rocks, and abundant streams of wealth will gush forth. He will but have to touch the rugged mountain sides, and gold and silver by the million will obey his bidding—enough not only to pay our own National Debt, but the National Debts of the world. Let Colorado, then, be of good courage. The Pacific Railroad will cheapen supplies, and swell the volume of her immigration. The Yankee hand and brain are busily at work, conning over her knotty problem; and we may be sure, that the right hour will bring the necessary man.
From Central City we crossed the range at an altitude of nine thousand feet above the sea, and thence descended to Idaho, on South Clear Creek. A fine hotel here, in good view of the Snowy range, boasted itself the best in Colorado, and we found none better. Here also were several fine mineral springs, that bubble up quite near to each