Incentives for the Mining Industry

The fundamentals of human nature don't change much from generation to generation, or even from century to century. Except for the spur of necessity and the lure of reward and ad venture, few of us would bestir ourselves unduly. The general welfare has little appeal to the average individual. Its promotion comes about mainly as a by-product to individual efforts directed at more personal benefits and satisfactions. In discussing incentives for the mining industry, we really are talking about incentives for people who devote their energies and resources to mining. The vigorous and productive mining industry as we have known it was the product of the varied incentives we have known in the past: the lure of great financial reward if you struck it rich; the thrill of romance and adventure in the search for mineral wealth, usually along the frontiers 'of civilization; the satisfaction of developing a great, productive enterprise by the application of skill, courage, and determination in the face of obstacles. Back of the prospector and engineer were other venturesome persons willing to take a flyer with their savings in a grubstake, or in stock in a promising mining venture, hoping for large returns, but reconciled to take a loss and try again with the next opportunity. It is free enterprise-a chance for high profits, but a chance also of total loss-that created the great mining industry of this country and of the world. Free enterprise has given us, in the United States, the greatest productive system in the world, the highest standard of living, the most abundant life. The lure of gold-whether from the ground or merely incidental to the discovery and development of our mineral resources-pushed our frontiers westward across the country and northward into Canada and Alaska far in advance of the staid course of agriculture and commerce. No one guaranteed success to our forebears as they risked life and fortune in developing a new country. Self-reliance was the backbone of our economic and spiritual Progress and achievements. Our neighbors had little time to spare from their own problems. And though there was a willingness among the pioneers to help one another, they didn't lean too much on one another.