The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1867-02-01


From ls4s to 1865, he estimates the gross pro-
duction q, sos, Francs, equal to 81, ILL.,
500, 600, viz:
.srancs SOL oo00 900
Gold 01s 900 600
II will be seen that the product Of Gold and
Silver in the United States largely exceeds that Of
all other countries combined: Australia stands
second on the list The fact that the United
States furnishes 80 per cent Of the worlds
supply of precious metals, is an important argu-
ment in favor of early return to epecie pay
ments. There is refreshing unsnimity this
point in all the official documents lately laid be-
fore Congress. and in the utteranecs Of our most
eminent fnanciers, and il is to be hoped than the
imitation of the volume of paper money has, 1T
least, reached its limit.
Probably not less than three hundred millions
of dollars in gold and silver have been taken from
the wild mountains and valleys of the Far West
within the last FIVE six years, and added to the
worlds available stock Of precious metals, an
amount which has not only served TO meet the
drafts Of the old world for balances of trade &C.
cruipg gainst us, but has left us stronger in
metallic wealth to-day than We were before the
commencement Of the late rebellion. But for the
prolific yield Of our immensely rich mines Of gold
and silver. the financial position Of the Govern
ment would not have been anything like so strong
as it now is, for should have been compelled to
sell far greater amount of our National Bonds,
and the public debt would not only have been
mnch larger, hut more OF II would have been held
abroad. A. this munifcent yield Of material
wealth mainly occurred while our industries were
fetierred by gigantic war, it is fair to presume
that, now, with more abundant and cheaper labor
We shall witness still more Astonishing develop
ment, particularly IS quartz mining has been
broughtto q much higher state Of perfection than
ever before. l. has been abundantly demonstrated
that no, alone California but Nevada, Idaho,
Montana, Colorado. Utah and Arizona contain
mines OF untold wealth--the problem being how to
work them to profit. Thousands of quartz veins
known 10 be rich beyond doubt 10 gold and
silver-sre utterly neglected. owing to the great
expense attending the reduction of ores, and the
high cost Of transportation, which, on both sides 81
the Sierra Nevada, reaches fabulous figures. Rail-
roads would bring the rates Of freight within
reasonable limits, and cause thousands of mines TO
be worked TO a profit, which must now be worked
at loss. If worked at all. The great Importance
OF our mines Of precious metals alike to industry
to commerce and 10 national credit IL SUFFICIENT I'd
hasten the Pacific railroad to an early completion.
The organization last year Of an american
bureau 81 Mines" was an suspicious circumstance
in this connection. The field of operations for
such al association Of experts in mneraiogy, il
almost unlimited in this country, and, by such aid
our mining interests will be so fostered and enl
eouraged that much Of the speculative charactef
heretofore deemed inseperable from mining OPERA
tons, v III doubtless be done away with, and the
business placed on = sound and enduring basis.