“The Diamond Fields—About the 20th of August a party of fifteen men left this city to explore the diamond fields about which there has been such a furore of excitement. Amongst them were the following well-known gentlemen: G. D. Roberts, General John W. Bost, M. G. King, M. G. Gillette, Alfred Rubery, John F. Boyd, Dr. C. Cleveland, E. M. Fry, Chauncey Fairfield and Chas. G. Myers.
“The members of the expedition returned last evening. They experienced no trouble with the Indians, but had a very tedious march to the fields and thence home. The heads of the party declare that their explorations more than confirmed the original report of Janin of the extent and richness of the deposits and they exhibited specimens which they say they secured with their own exertions with but little labor. This party went merely to explore and prospect the country where the diamonds and rubies were said to abound and not for the purpose of working. They say that active operations could not be carried on when they were there, as the altitude is great and the ground covered with snow. The specimens they brought back are similar to those previously exhibited in this city and they number 286 diamonds of various sizes.
“Mr. Roberts says that if they had been deceived they are the worst deceived and cheated men who ever lived. They surveyed 3000 acres of land and propose to keep secret the exact locality until the company receives a Government patent. The implements used by them seem to have been ordinary jackknives—an improvement on the boot heels of the original locators. If so much wealth can be turned up by such primitive means, what might be accomplished with shovels and pickaxes? The report of the party renewed the excitement and little else is talked about on California street but diamonds and rubies. A meeting of the trustees of the company was called for 2 p. m. and further developments will be awaited with interest. A fact that is so easily demonstrated as the existence of diamonds in that country should not be longer one of doubt and suspicion.”
Of course, everything was closed down for the winter. But every holder of the company’s stock figured on being a millionaire at least by the early spring, from the proceeds of his diamond field adventures.
I should have added that when we returned from the diamond fields Mr. Janin took a package of the gems we had found to Tiffany for valuation. We had estimated them to be worth $20,000, but the jeweler scaled this down to $8000. This didn’t disturb Janin. He considered it a “bear” movement.
CHAPTER XXXI.
Rude Awakening Follows Dreams of Boundless Wealth; While Promoters Wait for Spring Word Suddenly Comes That They Were Victims of Clever Swindle.
Diamond Already Cut Reveals Fraud; Gems Had Been Carried to Scene of “Find” and Planted Like Seeds.
Just what might have happened in a single month of wild speculation had the stock of the San Francisco and New York Mining and Commercial Company been placed in any considerable quantity on the market, is hard to tell. But one thing is very certain—it would have caused a catastrophe almost without parallel in the civilized world. The public was keyed up to the point of a speculative craze such as even the Comstock never saw, not alone in San Francisco but in nearly every financial center of the earth. Millions upon millions would have been invested. The shares would have soared to fabulous figures. Banks would have advanced money on these prime securities, as was the custom in those times. And then the awful crash! There would have been more ruins in financialdom than San Francisco exhibited after the fire. Every day the mails were loaded with letters from eager correspondents making inquiries for stock. The best and unanswerable proof that everyone connected with the company acted in absolute good faith is to be found in the fact that not a share changed hands.
LOUIS SLOSS