Federal Leasing: The Need For Perspective

FOREWOHD-Americans have been able to create wealth from the nation's natural resources to an extent unprecedented in recorded history, thanks largely to the existence of a free market and of a rational body of laws. The General Mining Law of 1872, for instance, by establishing the rules of the game, was quite effective in channeling the ability of Americans to discover and develop mineral deposits. Another example was the Mineral Leasing Act of 1920 which made available the more easily discovered mineral deposits by spelling out the conditions and rules under which miners could obtain leases on federal lands.