Comstock Lode - Big Bonanzas

Big Bonanzas

The total product of ore extracted and milled in the Comstock District, 1860 to June 30, 1880, was 6,971,641 tons, 640 pounds. Peak production from the Comstock occurred in 1877, with the mines producing over $14,000,000 of gold and $21,000,000 of silver that year (about $270 million and $400 million adjusted for inflation, as of 2007, respectively). Production decreased rapidly thereafter, and, by 1880, the Comstock was considered to be played out. The deepest depth was struck, in 1884, in the Mexican winze at 3,300 ft (1,000 m) below the surface. Underground mining continued sporadically until 1922, when the last of the pumps was shut off causing the mines to flood. Re-processing of mill tailings continued through the 1920s, and exploration in the area continued through the 1950s.

Comstock's silver mines were criticized for the way that their share prices were manipulated on the San Francisco stock exchanges, and for the way that insiders skimmed the profits to the detriment of the common shareholders. Insiders used rumors or assessments to drive share prices down, buy up the cheap shares, then spread rumors of large new silver finds to increase prices once more so that they could sell their shares at a profit. Mining company managers also issued contracts to themselves for timber, and water. Ore from the mines was commonly processed by ore mills owned by the company insiders, who were accused of keeping part of the silver they extracted for themselves, and refusing to make an accounting.

Nevada is commonly called the "Silver State" because of the silver produced from the Comstock Lode. However, since 1878, Nevada has been a relatively minor silver producer, with most subsequent bonanzas consisting of more gold than silver.