The only folks who dug 100 foot holes on the island were the scammers attempting to fleece investors for money.
This allegation comes up a lot from certain quarters, but does it really hold water? When you delve into the searcher histories, you notice a lot of familial connections. It would be a sorry example of humanity indeed who would conclude there was no treasure and yet allow/encourage a cousin, nephew, or son to invest their time and money on the endeavour anyway. Yet we see exactly such clan participation over and over again. It seems very unrealistic to think that the elders would be so heartless, across several families. The essay
here details some of the connecting genealogies in the 19th century searcher syndicates. The Archibalds, Lynds, Blairs, Chappells, Tuppers, Creelmans, etc. that peopled this era all found some reason to be involved over multiple syndicates and multiple generations.
Combined with the fact that on at least one or two occasions extra funding rounds were
voted down so as not to dilute the shares of existing investors, these facts tell me that no, this was not primarily a sophisticated grift. And as I've pointed out before, the scale and scope of the search works on the island defy any such pat notions. An investor scam does not need that level of theater, particularly in ages when there was no ready visual record of what went on. If they were merely out to profit from outsider investments they could have built a simple shack over the top of the Money Pit and claimed anything they wanted about what went on underneath. No, the folks leading the efforts on the ground were, on the whole, fully committed to a belief in the goal. Amongst the manual labor and seasonal help employed, yeah, I'd expect a wider variety of opinions, but the record shows the people making the decisions were, with few exceptions, all in. (Cf. Captain Welling, who began as a skeptic when he was first drafted for a supervisory job at the dig but became a firm believer.)
The claim that these were merely successive waves of perpetrators of a hoax out to bilk the public does not comport with the evidence and does not hold up to scrutiny. Note that this does not necessarily imply that they were
correct about what was down there ... it is perfectly possible for many people to have been earnest but mistaken, without concluding they were fraudsters.
--GT