The main idea of the mineral act is to give
legitimate miners the timber they need for legitimate mining. Baker does
not pretend, except officially, that he ever intends to do anything with
his claims. He certainly has done a great work for the country. I'll
agree to everything you say there. But he came into California worth
nothing, and he is now reputed to be worth ten millions and to control
vast properties. That would seem to be reward enough for almost anybody.
He does not need this Basin property for any of his power projects,
except that its possession would let him off from paying a very
reasonable tax on the waterpower he has been accustomed to getting free.
Cutting that timber will not develop the country any further. I don't
see the value of your argument in the present case."
"Mr. Baker has invested in this project a great many millions of
dollars," said Oldham. "He must be adequately safeguarded. To further
develop and even to maintain the efficiency of what he has, he must
operate to a large extent on borrowed capital. Borrowing depends on
credit; and credit depends on confidence.
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