New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-02-14


I The accounts from California show the
| impulse which the silver discoveries have
already given to business, on that coast. A
| hundred millions of nominal value have
been added to tho apparent wealth of the
Pacific States IN few weeks. The effect on
| the fortunes of individuals can be imagined.
A mining speculator had. year after year,
thrown his savings into one of those engulf-
ing mines, when suddenly the news arrives
that they have ''struck rock or hit upon
the long expected chimney" and in day
he becomes millionaire. But the bonanza,
or blessing. descends on the poor as we'll as
the rich. The working people and servants
OF the Pacific coast always have considers.
bic amounts in the savings banks, owing to
the high wages they receive. These have
at once been transferred to mining stocks.
and as a success of q few mines on the Com
STOCK lode promises success to all, they
have found their Investments immedi-
ately rising greatly in value. Many q
poor laborer and domestic has won
fortune. The advance OF 500, 000,O 900 has
been more or less distributed through not
very large community. The fortunate
holders OF Virginia Consolidated and other
lucky mines have begun already to buy city
lots and to prepare to build houses in har-
mony with their improved fortunes Others
bid tor the luxuries which are ALWAYS offered
for sale in the market of San Francisco.
Jewelry, costly silks, furniture, pictures,
carriages and whatever popularity expresses
wealth are at once in demand. Business is
stirred in every direction. The capital of
California is in the condition of city which
has suddenly acquired $l00, 900, 900 of new
wealth and expects to SPEND it. But this
is only the beginning. Thus far the sales
and purchases must be mainly with local
capital, but soon the news Of this remark
able discovery and of the sudden success in
the Nevada silver mines and at the San
Francisco Mining Board will reach our
States and foreign countries. Capital will
pour in; adventures and labOrers and ira
ders will migrate to this fortunate coast.
The stocks will be commended for by
larger public, until at length the final crash
comes, and the confding stockholders will
discover that they bought too late.
But in this remarkable discovery how
much is real wealth? As to this, it is
almost impossible even for the most honest
experts to assert anything trustworthy. A
vein OF silver ore is always an inscrutable
thing. It may suddenly stop; it may
spread; it may peter OUT" it may turn into
the purest OF suiphurets. No mortal can
say beforehand what will be it's future
Developments. Then, after the nature of
the vein Is known, the next questions are
as to the hosting and crushing power of
the mine. Those who have worked the
mines in this now "chimney" have sue
ceeded in convincing the public that vast
amount of new silver can be taken out.
But careful writer in the San Francisco
Bulletin proves that one of the best f
these mines, whose annual yield would
equal those of all the mines Of Mexico, or
about S2O,00O,000, will be only worth at the
present prices one per cent per month to tho
Stockholders. This estimate, however, is
based on the yield last year of one of the
best mines-the Belcher-which was $50
per ton, while the amount claimed for the
chimney mines is from $3.50 to $500 per ton.
But all experience shows that such large
percentage of silver can not be expected to
last very long, while the expenses of mining
will always be ut least Onethird of the
yield-Nev York Times.