The herald and mail. [volume] (Columbia, Tenn.) 1873-188?, 1874-07-03
GOLD AND SILVER.
Sixteen Hundred Millions Dug Out on
the Pacific Coast.

San Francisco Chronicle, June s.
A quarter of century has elapsed
since the magic cry of gold gold
from the Pacific coast excited the ma.
tions, and still the metallic tide con-
tinues to pour forth in a flood which
gathers strength and force as it rolls on.
True, the yield from particular locali-
ties seems at times to become exhausted,
but new fields are continually being
discovered, newer and mightier placers
of gold, newer and broader seams of
silver, while new modes of working
again make the old places fruitful. The
enormous extent of those that still lie
undeveloped can hardly be conceived
by even the most extravaganza imagina-
ton. The volume of gold and silver
already poured into the Golfers of the
world taken from beneath the alluviaI
soil of this coast and torn from the
bowels of its mountains is hardly any
better appreciated. Abroad there ez-
lists kind of vague idea that one has
but to come to California and stay a
dozen years to go forth a millionaire !;
but as the total yield since the first
miner struck the first pick in the soil of
the valley of the Sacramento, as to the
annual yield, whether it is increasing or
decreasing; as to what becomes of it
when mined, where it goes to and the
part that it afterward plays in gov
eminent and commerce, comparatively
few are aware. Therefore it is that the
Chronicle proposes in a short article to
give a summary of all that is interest,"
ing or important on these points to its
readers. And notwithstanding the ex-
banded ideas of California wealth that
exist abroad and at home, it will sur
prise not few to learn that one third
of all the gold and silver coined and IN
coined in circulation in the world, and
a half of that used in America, Europe
and Australia, has been the product of
the Pacific coast from 1S48 to 1874.
The precious metal product of the
coast nearly equaled value of 81, $780,
900, 900, the exact figures being 81, 5S3, :
GA, 934, of which 81, 347, 500, SOB was
gold and 1896, 1876, 431 silver. But for
the immense product poured into the
Golfers of commerce, it is difficult to
imagine how the latter could have been
carried on, enormous as its increase has
been, without general and correspond
ing depreciation in prices, or a vast ex-
pansion of the system of credits and pa
per money. To the United States, in
particular, it has supplied nearly $780,
600, 600 of all the precious metals used
in coinage and the arts since the foun-
datiOn of the government. The total
amount coined up to the end of 1873
was nearly 1850, 600, 900, of which $780,
600, 900 has been from California gold
and silver. What would have been
done without this, and how commerce
could have been carried on with foreign
nations, are questions that are puzzling.
1t seems, indeed, that the general plo-
gress of not only the Pacific coast, but
of the whole nation, would have been
very sensibly retarded. England, since
1913, has loaned eight thousand million
dollars to the nations, and this she has
been enabled to do by means of the
gold and silver product of America and
Australia mainly the former. At least
five Thousand millions of this sum,
bringing yearly interest of two hun
bred and fifty millions of dollars has
been derived from the Pacific coast.
Nearly all that we have sent east, and
$3.50, 600. 900 more, has gone thither and
has been loaned some half a dozen
times. England lends gold and silver
obtained from the United States. in ex-
change for goods, to France. France
pays it back again for merchandise.
Then it is borrowed by Germany, and
by that nation paid back for manufac-
lures, when it is again loaned to Russia,
and so on. By this system one dollar
in coin is sometimes made to perform
the work of a dozen, and hence it is
that the capitalists of England grow
rich on the handling of the product of
our lodes and placers.
OF the whole yield California has
produced three-fourths, or 81 ,O94, 919,
09S, nearly all gold, with a small
sprinkling of silver. 1t is thought that
there exist mammoth silver lodes in va
rious parts of the state, but they all
pale their Intellectual fires before the
wondrous ores of Nevada. This state
comes next, having produced since 1860
upward OF $221, 402, 412 in gold and
silver, three-fourths having come out of
the wonderful mines of the Comstock.
The greater portion of this has been
silver, although in many mines the gold
forms at least one-third of the precious
metals yielded in the assay. Utah,
though long known as a country rich in
the precious metals, has only lately
been a producer of them. The terrific
nv has produced $1S, 527, 537, principally
silver, and is increasing in production
at a great rate. In fact, its resources
in this way are simply inexhaastible.
Montana first became known in 1862,
ann for two or three years its placers
gave great promise, but they have lately
ceased to yield much, and quartz min
ing is not being pushed with sufficient
vigor to make amends for the failure of
the placers. 1t has produced altogether
up TO the present time S119, 30S, lat.
The same may be said of Idaho, which
has produced S57, 1877. Colorado,
as a mining field, is just about being
developed, and will make for itself, by
and bv, as great a name as Nevada or
California. 1t has produced about $780,
0O0,O 900. Oregon and Washington have
a history very similar to that of Idaho.
They have produced $25, 5O1, $50. Brit
ish Columbia has added about 50, 000,-
600 to the riches of the coast, and Ari-
iona a small sum; but that territory is
capable of being made to support a
large mining population. Its being
named at present as a mining territory
is a seeming misnomer, as its yield is
very small, but it has great and unde-
veloped capacities.
For the last seven years the yield of
the precious metals on this coast has
beenincreasing steadily, last year having
increased about IA per cent, being
$50. 2ST, 1876 against SO, 239, 6l4 in 1872.
This was principally due to NevaC a,
the increase of which last year, was un-
precedentedly great. But the yield of
Idaho and Montana has been for some
years decreasing, on account of their
placers being worked out and their
quartz lOdes not being sufficiently de-
veloped. With the modes of working
placers, hydraulic diggings and quartz
mines, it is presumed that most of the
readers of the Chronicle have more or
less acquaintance.
When the gold and silver belongs to
any of the great mining companies it
is usually made up in bars and forward
ed by express. Most of these compa-
MES have particular banks, either here
or in New York, to which they sell all
they have. But there are many small
companies and many companies of white
and Chinese miners who sell their dust
to the storekeeper with whom they deal,
or to small country banks and brokers,
who make q bu mess of it, and who
sell it to the big banks. Nearly all the
banks have agents for purchasing in
4his WOW Tho hank of California