The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1864-10-20

| most 0putent, pfonpotoue, Hiu PV"oth" enos
has evor existed In tho tide Of time. Il Is
already known that our beds Of coal and iron
are of enormous extent, and not capable Of
exhaustion for thousands OF years. There are
moreover, other minerals and metals hidden
In the bowels Of the earth, ye. not suspected,
but which accident or scientific exploration,
win, In due season, bring to light.
What idea had our colonial progenltors of
the Dorado on the shores OF the PsciacS IL
is only a few years ago that the golden trea-
sures Of California were opened TO our vision; {;
and since that period out daring aud enter
prising people have not only added millions
upon millions of auriferous wealth to the
treasury OF the world, but redeemed to settle
ment and civilization region which, though
only little while ago bowling wilderness,
promises TO become tho richest and most
thriving section Of territory on the globe. In
respect TO the gold and silver mines Of this
country, few of our people have any adequate
conception. Our ability to produce money,
says an intelligent writer on the subject, Is
guaged to 1860 by the following tacts:-
In q product Of $210, ,434,3j5 of gold, we
produce S93,434,355, or very nearly one-halC
This, too, was North American and not con-
tinental the crop from South America being
so small as TO hardly enter the estimate. 1t
was also a product of the United States, as
neither Mexico nor Canada contributed what
is deserving Of mention as a respectable frac-
ton. In total silver product Of S53O00,000,
America yielded S40,OO0,0O0, or very nearly
four-nfths. OF this the larger share came
from South America and Mexico, the yield of
the Union at that time being very trifing. It
has attained somewhat more prominence
since. The grand aggregate, 64,43i355,
ascertains our share to be S133, 3,434,355, or
more than half
But these facts are not large enough to
measure the present. In 1850. Nevada was
unknown, Arizona unworlSed, Idaho un-
Colorado unexplored, Montana a
wild, and Utah wilderness. They are now
organized territories, and about emerging
from their chrysalis condition as sovereign
States. The change is worked solely by their
wealth. So wondrous is it that even California
contributes to their population, while the
world continues to flow to California.
But here in the East there is a later dis
covery of natural wealth, quite as marvellous
and profitable as the gold discoveries on the
Pacific. 1t is only the other day, compara-
lively speaking, that in the northwest corner
of Pennsylvania a new source Of wealth was
detected and uncovered, which has caused
a sensation even greater than that occasioned
by the first revelations of the golden sands of
the Sacramento, and promises to prove of far
greater utility and value to the commerce and
industry of all nations.
The wells of coal oil in Venango county
are literally flowing forth continuous streams
of precious liquid, and those who originally
owned the lands, or have since purchased in
fee or leased them for the purpose of develop
ment have suddenly realized fortunes of
almost incredible magnitude. The excite
ment on the subject is unprecedented, and is
increasing daily. They who have fancied that
it was visionary and short-live6 fever have
been and are destined still to be greatly de-
ceived in that conceit. Investigation and
experiment have shown that the deposits of
oil are not limited to any single district, but
run probably with little interruption in a
certain line from northeast to southwest as
far down as Kentucky, if not beyond that.
Recent discoveries in Greene county, in
this State, Justify the belief that the oil Of that
region is not only of quality superior to any
yet found elsewhere, but that the yield will
also be more abundant and lasting. Develop
ments of similar character are making in
Western Virginia and in certain portions o.
Kentucky and Ohio land the reasonable expec
tation is that the oil business, both in produc
ton and consumption, is now but in its incep
ton, and that it will go forward, from thi,
time forth, growing and expanding in impor.
ance and influence to an incalculable extent
We are fully warranted in this expectation b.
the past developments of the trade.
Up to 1868, the progress of the petroleum
trade astonished everybody, but that of tn
past year has exceeded all expectation. 1t
| evident that the wells have no bottom. Wha
the product for the year has been we cannc
say. 1t may be that in the excitement Of
highly prosperous business, no accurate az
count has been kept; but the custom-hous
figures give some indication. Petroleum
| exported 10 every county III IhS hOIlu' L
1861 we shipped / ,112,476 gallons; in 1852
rose to 1O,Ss7701 gallons; and in 1883
reached the extraordinary quantity
2s,OCO,OO0.
In addition to this foreign export, the hon
demand is enormous. Though the who
business is strictly a new one, yet it h
already assumed shape and stability. Shil
for conveying it to England are eOnstructt
oil-tight, and the barrels emptied direct
into the hold, thus carrying it in bulk. II
export last year employed what was equal
252 600 ships of 1000 tons each, and was wor
, near S15,OO0,OO0 if Pefined, or $4,000
if crude. The export for this year is estimat
at 100000 gallons.
y Such facts seem almost fabulous, and Y
they are severely true and substantial. Th
:, certainly warrant all the interest yet taken
coal oil lands and stocks, and justify, MOI
II over, the prediction that petroleum is destin
, to become greater than cotton or gold us
~ element In our wealth and commerce.
~
3' WE INVITE attention to the statement
al our city news report Of the yigor and ener
e. with which the supporters Of the Cover