But as a rule, men who invested their money in coal lands in the early
days after the discovery of coal lost the amount of the investment.
They, with prophetic vision, saw the comfort, the commerce, the
manufactures, of a nation dependent on the products of the coal mines,
but the people at large could not see so far. These pioneers made
ready to supply an anticipated demand, but it did not come. Talking
did not bring it. Exhibitions of the wonderful utility of the black
coals served to arouse but a passing interest. No other product of the
globe which has obtained a position of equal importance ever had to
fight its way into public favor with such persistent effort through so
many years. But when at last its worth became generally recognized,
when the people had reached the conclusion that they wanted it, and
its value in dollars had become fixed and permanent, then the pioneers
of the industry had vanished from the field; they were disheartened,
destitute, or dead; new hands and brains took up the work, matured
the plans of the elders, and reaped the fortunes of which former
generations had sown the seed.
In the beginning the coal lands were mostly divided into small
tracts, and held by persons many of whom thought to open mines on
their property and carry on the business of mining as an individual
enterprise. This plan of work was partially successful so long as
coal could be dug from the outcrop and carted away like stones from
a quarry; but when it became necessary, as it soon did, to penetrate
more deeply into the earth for the article of trade, then the cost
of shafting, tunneling, and mining in general usually exceeded the
resources of the individual operator, and either he succumbed to
financial distress, or disposed of his mining interests to men or firms
with more money. As the art of mining advanced with its necessities,
it was learned, sometimes after bitter experience, that the business
was profitable only when a large amount of capital was behind it.
Therefore men who had invested a few thousand dollars transferred
their interests to men who had a few hundred thousand to invest, and
these, in turn, associating other capitalists with them, doubled or
trebled the investment or ran it into the millions, forming companies
or corporations to accomplish with their more perfect organization
that which would be impossible to the individual. So it has come about
that in these later days the individual operators have given place
largely to the corporations; those who still remain in the field often
operating their mines on a small capital at great disadvantage. In the
bituminous regions, however, this rule does not hold good. There the
coal lies near the surface, is accessible, and easily mined. It needs
only to be carried to the river bank and screened as it is loaded into
boats and started on its way to market. Compared with the anthracite
regions, it requires but a small capital here to sustain an extensive
Public-domain text, read in full here on John Shaqi.
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