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!"