Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1874-07-02
GOLD AND SILVER

GOLD AND SILVER
sixteen Hundred Millions Dug tI", on the |
Pacific C0nst-ilO,v the Precious Metals |
are Mnnipulntrd. Stored, and EiuuIly |
Scattered Over the " OrId.
From the San Francisco ChronirIr, june T.
Notwithstanding tho expanded ideas
of California wealth that exists abroad
and ut home, it will surprise not few
to learn that onc-third of MI the cold
and silver coined and uncoiuel in tho
world, and u half of TINT used in Amer
ica, Europe, and Australia, has been
the product of the Pacific coast from
1848 to 1874.
THE PRECIOUS METAL PRODUCT OF THE
COAST
has nearly eQunlcd II value of 81. GOO.-
00O, 600, tho exact figures being 81, $50,
63i. 93i, Of which $1,247, sos, 5O} was
gold, md $685., 1875, l3l silver. But for
the immense product poured into tho
Golfers of commerce, it is difficult to
imagine how tho latter could have been
carried on, enormous as tsincrc:,sc has
been without u corresponding drprccia-
ton III prices, or vast expansion Df tho
system Of credits AMI paper money. TO
the United States, in particular, it has
supplied nearly $500, ODO, 900 Of ull the
precious metals used in coinage and the
arts since the foundation of the Govern
mcnt. The total amount coined up to
the end Of 1873 was nearly $500, OOO,-
600, Of which $S50,000. 900, had beo IL
from California gold and silver.
What would have been done without
this, and how commerce could have
been carried on with foreign nations,
arc questions that arc puzzling. Ii
seems indeed, that the general progress
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 Amer
lea and Australia mainly the former.
At least five thousand millions of this
sum, bringing y yearly interest Of two
hundred and fifty millions of dollars,
has been derived from tho Pacific coast.
Nearly all that We have sent East, and
$3.50, 900, 900 more, has gone thithcr and
has been loaned some half a dozen times.
England lends gold and silver obtained
from the United States, in exchange for
goods to France. France pays it back
again for merchandise. Then it il Dor
rowed by Germany, and by that nation
paid back for manufactures, when it is
again loaned to Russia, and 50 on. BY
this system one dollar in coin is some
times made to perform the work of
dozen, and hence it is that the capital
lists of England grow rich on the hand
ling of the product of our lotles and
placers,
TIE PRODUCT OF EACH SECTION OF THE
SLOPE.
OF the whole yield California has pro-
duced threefourths, or 81, 084, 9l9, O98,
nearly, all gold with small sprinkling
of silver. 1t is thought that there exists
silver lodes in various parts
Of the state, but they all pale their ef-
fectual fires before the wondrous ores Of
Nevada. This state comes next, having
produced since 1860 upwards of $22i,
4O2, l12 in gold and silver, threc-fourths
having come out of the wonderful
mines of Comstock. The greater por-
ton of this has been silver, although in
many mines the gold forms at least one
third of the precious metal yielded in
the assay. Utah, though long known
US country rich in the precious metals,
has only lately been producer of them.
The territory has produced SIS, 527, 527,
principally silver, and is increasing in
production at great rate. In fact, its
resources in this way are simply mex
Montana first became known
in 1862, and for two or three years its
placers gave great promise, but they
have lately ceased to yield much, tho
quartz mining is not being pushed with
sufficient vigor to make amends for the
failures of the placers. Ithas produced
all ogethcr up to the present time $119,
3O8, 147. The same may be sud of Idaho,
which has produced $57, 249, LOG. Colo
RADIO, as IL mining field, is Just about
being developed, and will make for it.
sell, by and by, us great Il name as Nc
vada or California. 1t has produced
about $50, 100000. Oregon aud Wash
ington have history very similar to
that Of Idaho, they have produced 1925,
sol $50. British Columbia has added
about 50, 600, 900 to the riches Of the
coast, and Arizona Il small sum but
the territory is capable ofbcing made to
support large mining population.
Its being named at present as q mining
territory is IL seeming missioner, as its
yield is very small, but it has great and
nndcvelopcd mining capacities.
For the last seven years the yield of
tho precious metals on this coast has
been increasing steadily, last year l,av-
ing increased about IA per cent, being
$50, 2S7, 43G, against $50, 2N, Oh in 1872.
This WAS principally due to Nevada, the
Of which was nnprccedentedly
great. But the yield OF Idaho and Mon
tana has been forsomc years decreasing.
Oh account Of their laccrs being worked
out and their quartz lodes not being
sufficiently developed.
HOW THE PRECIOUS METALS ARE PREPARED
FOR SHIPMENT.
When gold and silver belongs to any
Of tho great mining companies it is us,l-
ally made up in bars and forwarded
by express. Most of these companies
have particular banks, either here or in
New York, to which they sell all they
have. But there are many small COM
panies and many companies of white
and Chinese miners who sell their dust
to the storekeepers with whom they
deal, or to small country banks or bro
kers, who make business of it, and who
sell it to the big banks. Nearly all the
banks havengentsfo for purchasing in this
way. The Bank of California claims to
receive two-thirds of the bullion COM
ing to the market. A comparatively
small proportion of dust and nuggets is
now received, rs most of the country
banks convert their receipts into bnrs.
Gold was formerly sent along in itsorig-
inal state by nearly all these banks,
but it is seldom done now, as there is !
IN assay office in nearly all the mining
towns, where it is melted into bars.
The average silver bars weigh from2, 400 |
TO 1900 ounces, and the gold bars arc
worth from $500 toj,0 900. A few months |
ago the Anglo California Bank received
me of the latter value. The bars range |
II tineness from 500 to 900. the aver
,gc being about $50. A great proper
ion of fine bars come from Victoria,
British Columbia. Silver comes in
>ars of all sizes. The Bank of Cali
ornia has had one bar of 1901 ounces,
n 1874 pounds, semitic it. The gold anil
liver from the banks are sent to the
'efincry to be refined. Formerly IL
good deal Of gold and silver used to ac-
70 a. A., 1,.,,l,. l..A