They were putting up mills at once at great expense, with steam engines and stamps complete, and then when they came to sink down upon their veins, lo! they had no "pay-ore" there, or at least none worth working. A signal instance of this had occurred a year or two before. A New York Wall street Company had been organized, on a broad basis, and with great expectations. With a West Point ex-army officer superintendent and plenty of capital, their stock soon went soaring up like a rocket; but presently it came down again like a stick--_a la_ their superintendent during the war. He erected a splendid mill of dressed stone at a cost of thousands of dollars, and went in wildly for all the latest and most improved machinery; but when afterwards he came to test their lode thoroughly, alas! he discovered they had only a poor sickly trace of ore, that soon "petered out," and so that fine company of gold and silver miners incontinently collapsed--or, as Mr. Mantilini would have said, "went to the demnition bow-wows!" Machinery that cost the company thirty-three thousand dollars in New York, was afterwards sold by the Colorado sheriff for thirteen hundred dollars, to pay freight bills; and other property in proportion. Other instances were reported to us, but none quite so bad as this. But from the large number of mills and mines standing idle--fully fifty per cent., it seemed--we could well believe that mining machinery could be bought cheaper in Colorado than New York, and that steam-engines and boilers were a drug. A foundry-man beyond Golden City, we were told, found it more profitable to buy up old machinery and recast it, than to work a rich iron mine, though the former was scattered through the mountains and the latter was just at his door.