In the Spring of 1871, promoters Senator William M. Stewart of Nevada, and James E. Lyon from Wisconsin, attempted to sell the "worked-out" Emma Silver Mine at Alta, Utah to British investors.
Stewart had been sending bogus ore samples from other deposits to get people in England excited about buying out the Emma mine.
[1][2][3] To get the people of England to invest, Stewart and Park got U.S. ambassador, Robert C. Schenck, a Grant appointee, to be named on the director’s list.
Secretary of State Hamilton Fish and Grant discovered the indiscretion and advised Schenck on November 21, 1871 to drop his name from the mine.
Schenck did so on December 6, however he delayed severing his name with the mine until January 12, 1872, time enough for himself and other investors to sell their shares at a profit.