George Hearst was probably the greatest natural miner who ever had a chance to bring his talents into play on a large scale. He was not a geologist, had no special education to start with, was not overburdened with book learning, but he had a congenital instinct for mining, just as some other people have for mathematics, music or chess. He was not a man of showy parts, liked the company of a lot of cronies, to whom he was kind and serviceable—when he wasn’t broke himself—was much inclined to take the world easy, but if anyone mentioned mines in his presence, it had the same effect as saying, “Rats!” to a terrier. Hearst became alert and on dress parade in a moment.
Hearst made his first big stake on the Comstock Lode, a year after it was uncovered in 1858. He was associated with his cousin, Joe Clark, and William M. Lent. I do not know the exact size of the clean-up, but it must have reached into seven figures. Such an event, in the old days was always made memorable by some kind of a “jamboree.”
Now, Joe Clark was a southwestern man, hailing from a section not far from where I originated myself. All of us were inclined to be provincial. For instance, Joe Clark believed that St. Louis was not only the most magnificent but the largest city in the world. He had many heated discussions on the subject and several times backed his opinions with coin. He declared that the Rue de Rivoli was a pale shadow alongside of the glories of Laclede avenue. He swore that St. Louis was bigger than London, more cultured than Athens during the age of Pericles and grander and more picturesque than Babylon, when the hanging gardens were in full bloom.
It is said that Hearst suggested a “blow out” in Europe after their clean-up, in order to disabuse his kinsman’s mind of certain illusions respecting St. Louis. At any rate, the two husky young miners set their faces eastward to look over the effete monarchies of the Old World.
GEORGE HEARST
An unsurpassed mining genius,
former U. S. Senator
While they were pleasure bound, “Bill” Lent stayed behind to look after the investments. He sunk a shaft which headed dead on for the big bonanza and had he continued the work a little further, Flood, O’Brien, Mackay and Fair would have cut a very small figure in history. But he engaged unfortunately in a seductive looking speculation and went to pieces in a grand pyrotechnic and spectacular failure. Hearst and Clark were hopelessly involved. They received the news while they were making the tour of Europe with much eclat. Fortunately they had money enough to reach home. But the main object of the journey was accomplished. When Joe Clark mentioned St. Louis thereafter, it was the voice of a chastened soul that spoke.
Of course, nothing could keep Hearst down in a mining region. Any capitalist was only too eager to back a man with such surpassing talents; but he had to pay an awful toll. For years Hearst’s projects were financed at 2½ per cent. per month compounded monthly, and any business that can stand that strain and come out ahead must have a solid foundation to build on. He was the real founder not only of his own but of the vast Haggin and Tevis fortunes.
I had mining deals of more or less importance with Haggin, Hearst, Hayward, Hobart, Grayson, in fact, with nearly all the large operators of those times. My largest speculations, however, were with Ralston as a silent partner, which, on average, showed more profit than loss. It was for the purpose of joint investment that late in the fall of 1870 I visited the Emma mine near Salt Lake City, which a year later was the central point of a great international scandal and will play an important part in this narrative.