Emma Silver Mine
Encyclopedia
The Emma Silver Mine is a currently inactive silver mine near Alta, Utah
, in the United States. The mine is most famous for an attempt in 1871 by two American
business promoters, including Senator William M. Stewart
and James E. Lyon, to make a profit by promoting the depleted silver mine to British
investors.
of Nevada, and James E. Lyon from Wisconsin, attempted to sell the "worked-out" Emma Silver Mine at Alta
, Utah
to British investors. Lyon owned the mine along with Trenor W. Park
and Henry H. Baxter at an estimated $1.5 million worth. Stewart had been sending bogus ore samples from other deposits to get people in England excited about buying out the Emma mine. Stewart claimed that the mine could be sold for $5 to 8 million in England. As a reward for Stewart's effort he was to receive a percentage of the profits from the sale of the depleted silver mine.
, a Grant appointee, to be named on the director’s list. Schenck gave his name and reputation to get English people to invest in the phony mine in exchange for shares in the company. Many British speculators invested millions of pounds in the exhausted mine.
Secretary of State Hamilton Fish
and Grant discovered the indiscretion and advised Schenck on November 21, 1871 to drop his name from the mine. Schenck did so on December 6, however he delayed severing his name with the mine until January 12, 1872, time enough for himself and other investors to sell their shares at a profit. The mine was sold to English investors for a sum of $5 million. The scandal was exposed by a U.S. Congressional investigation in 1876 led by the Democratic Party
. Schenck was reprimanded by the House investigation committee, but not charged with any crimes.
Alta, Utah
Alta is a town in Salt Lake County, Utah, United States. It is part of the Salt Lake City, Utah Metropolitan Statistical Area. The population was 370 at the 2000 census, a slight decrease from the 1990 figure of 397....
, in the United States. The mine is most famous for an attempt in 1871 by two American
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
business promoters, including Senator William M. Stewart
William M. Stewart
William Morris Stewart was an American lawyer and politician.-Biography:Stewart was born in Wayne County, New York. As a child he moved with his parents to Trumbull County, Ohio. As a young man he was a mathematics teacher in Ohio. In 1849 he began attending Yale University but left in 1850 to...
and James E. Lyon, to make a profit by promoting the depleted silver mine to British
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
investors.
Origins
In the Spring of 1871, promoters Senator William M. StewartWilliam M. Stewart
William Morris Stewart was an American lawyer and politician.-Biography:Stewart was born in Wayne County, New York. As a child he moved with his parents to Trumbull County, Ohio. As a young man he was a mathematics teacher in Ohio. In 1849 he began attending Yale University but left in 1850 to...
of Nevada, and James E. Lyon from Wisconsin, attempted to sell the "worked-out" Emma Silver Mine at Alta
Alta, Utah
Alta is a town in Salt Lake County, Utah, United States. It is part of the Salt Lake City, Utah Metropolitan Statistical Area. The population was 370 at the 2000 census, a slight decrease from the 1990 figure of 397....
, Utah
Utah
Utah is a state in the Western United States. It was the 45th state to join the Union, on January 4, 1896. Approximately 80% of Utah's 2,763,885 people live along the Wasatch Front, centering on Salt Lake City. This leaves vast expanses of the state nearly uninhabited, making the population the...
to British investors. Lyon owned the mine along with Trenor W. Park
Trenor W. Park
Trenor William Park was an American lawyer, political figure, businessman, and philanthropist.-Life:Trenor William Park was born in Woodford, Bennington County, Vermont on December 8th, 1823...
and Henry H. Baxter at an estimated $1.5 million worth. Stewart had been sending bogus ore samples from other deposits to get people in England excited about buying out the Emma mine. Stewart claimed that the mine could be sold for $5 to 8 million in England. As a reward for Stewart's effort he was to receive a percentage of the profits from the sale of the depleted silver mine.
British investment
To get the people of England to invest, Stewart and Park got U.S. ambassador, Robert C. SchenckRobert C. Schenck
Robert Cumming Schenck was a Union Army general in the American Civil War, and American diplomatic representative to Brazil and the United Kingdom. He was at both battles of Bull Run and took part in the Shenandoah Valley Campaign of 1862, and the Battle of Cross Keys...
, a Grant appointee, to be named on the director’s list. Schenck gave his name and reputation to get English people to invest in the phony mine in exchange for shares in the company. Many British speculators invested millions of pounds in the exhausted mine.
Secretary of State Hamilton Fish
Hamilton Fish
Hamilton Fish was an American statesman and politician who served as the 16th Governor of New York, United States Senator and United States Secretary of State. Fish has been considered one of the best Secretary of States in the United States history; known for his judiciousness and reform efforts...
and Grant discovered the indiscretion and advised Schenck on November 21, 1871 to drop his name from the mine. Schenck did so on December 6, however he delayed severing his name with the mine until January 12, 1872, time enough for himself and other investors to sell their shares at a profit. The mine was sold to English investors for a sum of $5 million. The scandal was exposed by a U.S. Congressional investigation in 1876 led by the Democratic Party
Democratic Party (United States)
The Democratic Party is one of two major contemporary political parties in the United States, along with the Republican Party. The party's socially liberal and progressive platform is largely considered center-left in the U.S. political spectrum. The party has the lengthiest record of continuous...
. Schenck was reprimanded by the House investigation committee, but not charged with any crimes.