The Humbugs of the World by P.T. Barnum — Read

A California coal mine -- ​A Hartford coal mine -- ​Mysterious subterranean canal on the isthmus.

Some twelve years ago or so, in the early days of Californian immigration, a curious little business humbug came off about six miles from Monterey. A United States officer, about the year 1850, was on his way into the interior on a surveying expedition, with a party of men, a portable forge, a load of coal, and sundry other articles. At the place in question, six miles inland, the Lieutenant's coal wagon "stalled" in a "tule" swamp. With true military decision the greater part of the coal was thrown out to extricate the team, and not picked up again. The expedition went on and so did time, and the latter, in his progress, had some years afterward dried up the tule swamp. Some enterprising prospectors, with eyes wide open to the nature of things, now espied one fine morning the lumps of coal, sticking their black noses up out of the mud. It was a clear case -- there was a coal mine there! The happy discoverers rushed into town. A company was at once organized under the mining laws of the state of California. The corporators at first kept the whole matter totally secret except from a few particular friends who were as a very great favor allowed to buy stock for cash. A "compromise" was made with the owner of the land, largely to his advantage. When things had thus been set properly at work, specimens of coal were publicly exhibited at Monterey. There was a gigantic excitement; shares went up almost out of sight. Twelve hundred dollars in coin for one share (par $100) was laughed at. About this time a quiet honest Dutchman of the vicinity passing along by the "mine" one evening with his cart, innocently and unconsciously picked up the whole at one single load and carried it home. Prompt was the discovery of the "sell" by the stockholders, and voluble and intense, it is said, their profane expressions of dissatisfaction. But the original discoverers of the mine vigorously protested that they were "sold" themselves, and that it was only a case of common misfortune. It is however reported that a number of persons in Monterey, after the explosion of the speculation, remembered all about the coal-wagon part of the business, which they said, the excitement of the "company" had put entirely out of their heads.