In 1859, ten years after the gold rush of California, a group of poverty ridden but determined prospectors, were gathered around Sun Mountain in Nevada, trying to uncover a supposed great silver strike uncovered by Ethan and Hosea Grosch. Unfortunately, the Grosch brothers had died, and left no trace or identifying landmark of their find. This area in Nevada is known as the “Washoe.” Peter O’Riley and Pat McLaughlin are generally credited with having uncovered the first significant silver ores in the area, even though they were prospecting for gold. McLaughlin was a $40 a month cook at a Montana sheep ranch, and O’Riley was near death in an asylum, and was later buried in a pauper’s grave. This was their virtual ‘last chance.’ The heavy blue clays prospectors always found, had traces of gold in them, but were basically annoying. One day, in the fall of 1859, a specimen of the “blue stuff” found its way back to a sophisticated assayer in Grass Valley California, and within a few hours, the western world was hysterical with the intelligence that the despised “blue stuff,” was silver, in unfamiliar geological form, but of incredible richness. The rush was on, and the silver dwarfed into insignificance, every aspect of the California gold rush ten years earlier. The soon to be named town called “Virginia City,” got its name thanks to an ancient drunk named James Finney, who always was proud to be from Virginia. One Saturday night, Finney tied one on royally, and in his polluted effort to regain his tent, stumbled, and was heard to shout in his alcoholic stupor, “I christen this God damned camp, “Virginia.” And that’s how Virginia City got its name. Henry Comstock, another alcoholic original to the area, co-discovered the Ophir mine, sold his half for a quart of whiskey and a blind horse; and later committed suicide. The Ophir mine later produced over $17 million in silver. The name ‘Comstock’ stayed, and throughout the world, the name “Comstock,” stands for the richest silver discovery in history. Two of its mines alone , and there were many, produced $190,000,000 in silver and gold in just a few years. Alvah Gould, co-discovered the great Gould & Curry mine, sold his share for $450, spent it in an alcoholic delirium, telling all comers that he had ‘trimmed some suckers.’ So much for the beginnings of Virginia City Nevada, which at its peak, had population of over 30,000. Today? A few hundred, but the legacy of the Comstock and Virginia City, live on in the annals of sudden, and unexpected riches, power, and all that goes with having virtually uncountable money.
Sandy Bowers was the first of the many Comstock millionaires. His mansion still stands, and he is best remembered for marrying Eiley Orrum, who had a claim adjacent to his. Eiley was Sandy’s landlady and laundress, but when the Gould & Curry came in, Mr. & Mrs. Bowers traveled the world, and spent blizzards of dollars wherever they went. Sandy and Eiley built a mansion down the hill from Virginia City, in an area known as ‘Washoe Meadows.’ When it was finished, it was an amazement, even for its time, of gilt, plush, crystal mirrors, Turkish carpets, draperies and furnishings dear to Victorian hearts. Their friends came down from Virginia City in droves, and exclaimed that surely no castle or palace in the world could possibly hold a candle to it. The Bowers took a liking to Europe and England, and stayed there for a few years, while their claims continued to produce fantastic sums of money to support their wildest whims and most expensive fancies. They obtained ivy cuttings from Windsor Castle, which still grow up the walls of their mansion, which is now a museum. Eventually their claims ran out, Sandy died and was buried on a hillside behind the mansion, and Eiley was reduced to taking in travelers in the mansion. She never did learn to read or write! Easy come and easy go?
I’ve been to Virginia City many times, fine it fascinating, and I hope it won’t bore you too terribly, if I spend a couple of weeks telling of the riches it produced, those who spent it, and what it did.
As an aside, last Thursday, silver reached, I think, the bottom of its downward trend, by touching $15.35. By consulting the technical charts on our web site, it was within a couple of cents per ounce, of the lows from the previous five years! Friday, it was up, and I have no idea of what it will be when this column is posted. No one knows what tomorrow will bring, but as I have said over and over again, silver as well as gold, is real money, and not dependent upon a government, stock market, corporation, or even the weather, for its historic value. You just can’t go wrong having your retirement in real money, rather than promises, contracts, annuities, or any of proffered opportunities sold by financial advisors, who delight in taking a percentage of your wealth every year. Our 1% includes delivery, and that’s it. As years go by, if you need a few bucks, sell some, and if you bought it from us, we charge $25 total. If when you die, with what’s left, leave it to your kids with no inheritance taxes. – Don Stott . 1-888-786-8822