Scandal and Silver in Leadville, Colorado

Stories of fortunes made and lost still echo through its historic district. When the boom ended, with a thud, there was no reason to tear down and rebuild the town. The result is a National Historic Landmark of Victorian architecture that surprises and delights visitors.

Economic History of Leadville Mirrors the Country

It was the Sherman Silver Purchase Act that fueled its prosperity, and its repeal in 1893, less than 15 years later, that ended that prosperity and started the death march of the town.

Authored by Senator John Sherman, The Act required the government the purchase an increased amount of silver. According to Wikipedia: Farmers had immense debts that could not be paid off due to deflation caused by overproduction, and they urged the government to pass the Sherman Silver Purchase Act in order to boost the economy and cause inflation, allowing them to pay their debts with cheaper dollars.[2] Mining companies, meanwhile, had extracted vast quantities of silver from western mines; the resulting oversupply drove down the price of their product, often to below the point where it was profitable to mine it. They hoped to enlist the government to artificially increase demand for, and thus the price of, silver.

Such a drain on the currency and gold reserves of the government couldn't continue, and in 1893 President Grover Cleveland repealed the act, citing its adverse effect on the financial stability of the country.

However, it seemed that the destruction of the burgeoning the silver industry did nothing to halt the growing financial depression. Mining collapsed and so did the railroad industry that had also undergone a major expansion - driven by the needs of the mines and the newly created towns. Banks failed, railways failed, towns withered and the country entered into a deep depression. Read more about the Panic of 1893

Exploring Leadville's Lively History

Although mining continued, these were only temporary recoveries. But the legacy of scandal, riches, and mining provided Leadville with some notoriety, and tourism. Start with Horace Tabor, and his paramour turned wife Baby Doe Tabor. Horace made his millions by investing in silver mining, left his wife, and married Elizabeth "Baby" Doe Tabor. With the financial devastation, Horace left for Denver (dying in 1899) but Baby Doe hung on to the mine that had once provided riches, the Matchless Mine, eventually dying there in 1935.

To walk through that piece of scandal-filled history, visit the Tabor home where Horace lived with his first wife, Augusta, until 1881. There's also the Matchless Mine, where his fortune was made, and where "Baby" Doe Tabor died. Finally, stop at the Tabor Opera House, his shining achievement.

Tabor Opera House

Opening the eponymously named Tabor Opera House in 1879 Tabor drew Harry Houdini, John Philip Sousa, Oscar Wilde and Sarah Bernhardt, who all made the trek to Leadville to perform. Margaret Tobin came in the early 1880s, married JJ Brown and became the famous Unsinkable Molly Brown.

Although it is an echo of its former elegance, visit anyway, and take the tour, attend one of their performances, and provide some additional income to help revive this once legendary theater.

Other town sites include the Healy House Museum and Dexter Cabin depicting life as it was lived in Leadville, the Heritage Museum providing an overview of the history of the town, and the National Mining Hall of Fame and Museum

Of course, stroll down State Street (later rename Second Street) the former bar and bordello district.

After exploring the town, follow the Route of the Silver Kings -- a 20 square mile driving tour of the mining district surrounding Leadville. You won't be able to explore the mines (which are on private property but you can follow along with the history when you pick up a copy of the self-guided tour at the visitors center in Leadville.