The weekly Mississippian. [volume] (Jackson, Miss.) 1859-1864, 1860-04-18
American Product Of Gold and Silver


While the pioneers hodirested their foot
steps to the region now under the dominion Of
the United States were less imbaed with an
expectation of acquiring wealth b. the discov
cry of gold or silver mines than the original
emlgrants to any other portion ofthe Western
World, our country now bids far to excel all
other nations in her production of gold and
silver, and other metals as well as in many
other important respects. The liberal policy
adopted by our Government towards miners
when valuable mineral treasures are discover
ed upon the unoccupied terHtory Of the Re-
public has done so much to simulate mining
enterprise that districts which, under the rule
of Spain, Or of any other monopolizing nation,
or under the control of Mexico. with its con-
slant disorders and its plundering rulers,
would have produced but trifing yield, now
make contributions of many millions annual
ly to the available stock Of the precious
metals.
California continues to pour forth her mighty
stream of wealth with uninterrupted regulari-
ty, and even the Pixies Peak mines, notwith-
standing the many disappointments of last
year, promise rich reward, during the COM
ing season, to those who have been fortunate
enough to obtain good claims.
Since the discovery of the now famous
Washoe silver mines in Western Utah, the
probability that they will be worked with cha
racterstlc American energy renders it by no
means unlikely that our product of silver will
equal the California product of gold, and that
We will thus become the greatest silver-pro-
ducing nation in the world. The New York
journal of Commerce has some interesting
remarks upon the probable financial effect Of
the success Of the new silver mines, as fol-
lows:
"Fsw, wig harenos s.fsf thsssubieet,
have any just idea of the increased produc-
ton OF the precious metals since 1913, when
gold was first discovered in California. The
estimated available annual production in 1917,
amounted to $27, $4,000 Of silver, and SIS,
$4,000 in gold, making total yield of S43,-
$4,000 per annum to supply the use and loss
OF these precious metals. After 1913 the
production rapidly increased up to the begin
ming OF this year, when the annual yield was
estimated in round numbers at S50OO0,OOG in
silver, and S250,OOO,0OO in gold, making to-
tai product of $3OO,OOO0OO, against less than
S5O,OOOOOO only about ten years ago. These
comparative figures show how senseless is the
panic of those who look with dread upon the
increased movement of the precious metals as
shown IN our foreign commerce. But new
phase is about to appear in connection with
this production. Heretofore, it will be seen,
the most important gain has been in gold; for
while the production of silver has only in
creased so per cent, the production of gold
has increased l,5OO per cent, change so vast
that Its ultimate effect upon commerce is be-
yond computation. just as this startling
truth has become fixed in the minds of those
who have studied the subject, all the theories
they have evolved from it are agqin upset by
an announcement of an equal probable in
crease in the yield of silver. We see no rea-
son for doubling the assertion that in two
years the production of silver in our Pacific
possessions will amount to fifty millions per
annum. The effect of such a production is
not to be considered solely as settling the
question of supply for India. 1t has much
more important bearing upon the commercial
prosperity of this city
For many years the silver currency in
in Eastern Asia consisted altogether of Span
ish pillar dollars. After these became scarce
Mexican dollars were admitted, and lately a
few American dollars have been received. All
that would be necessary to make the latter as
current as the former would he their shipment
in large quantities of uniform value. This
could readily be done the moment the supply
of silver bullion was sufficient for the purpose
Now, we pay for our tea, spices, drugs, silk
and other Eastern products, chiefly in drafts
on London. We meet our exchanges on Lon
don by shipping gold, and the English banker
pays his correspondent in India by remit
lance Of silver. The moment we can coin
our silver at San Francisco, and ship it to Indis
direct, we shall turn the whole tide Of ex-
changes, at least for our own purchases, in
this direction. Instead of a flow of gold
through New York to England to buy silver
for India, California will pay our debt to oul
antipodes by remittance of silver, and the
oyerplus may be used to give the London
banker a credit on New York The silver
will be paid for in San Francisco by draft or
the Atlantic States whence supplies will still
be needed to feed and clothe the miners. The
moment that rate of exchange upon this
city is once established in Europe and Asia
that moment London ceases to be our finan.
cial centre. Our buyers wiz s1sisstGE ~,
for Their MaRchestcr Pischasessz5y a sterling
draft under letter of credit which costs q
commission, hut by bill payable in this city
and New York will become the financial cen.
tire of America, and to certain extent of the
world