New-York tribune., 1878-01-21
SILVER IN PERU,
AN IMMENSE WEALTH OF METAL IN MINES. But
LITTLE IL OBSERVATION-DISCLOSURES MONEY.
GENERAL PREss DIsPATCH.J

AN IMMENSE WEALTH OF METAL IN MINES, But
LITTLE IL CIRcULATIoN-PAPER MONEY.
GENERAL PRESS DIsPATCH.l
WASHINGTON, JAN 20.-Tlierc is on file IN the
Department of State an interesting dispatch from
Mr.. Gibbs, the United States Minister in Peru, in
relation to the production and circulation of silver
in that country. 1t is wrltteni in reply 10 the inter
IogatoreS of the Monetary Commission aud con-
ta;ns few facts not alluded to in THE TRlBUNk's
recent article regard to the Cerro del Plsco mines.
Mr. Gibbs says:
had up last year, regular code OF mining
laws the only Xisence there, being tie modified
colonial laws of Charles III. and Fernando Ni under
which, any person could establish claim plot 200
varas square by publicly posting description Of The
claim, and if the mine new discovery to three
additional plots of size adjoining the first.
Each province has its special mining tribunal subject
the Chief Court OF Mines Lima. The Peruvian Con
gress has, however, passed mining law aiming To
cOunieIact the evils Of the Old system. under which
mines could De held indefinitely although under merely
nominal working. There $1,000 mines IN Peru,
Of which than 600 actually worked.
The legal rate between gold and silver formerly
10 1jl2 but gold demonetzci and silver is no
longer circulation owing to the suspension oi specie
payments. In $50 gold ranged at 90 per premium.
and silver about Sc pcT cent. Whle SILVER LEGAL
debts could he paid in either silver gold, and
by decision Of the debts contracted previous to
not specially contracted 20 be paid III god or silver
could be DISCHARGED in bank notes. There hut tle
silver in Poru at present although much platc.
pgisnc even common bedroom utensils Is sill owned by
families IN tite interior and III the large towns
The subsidiary copper coinage amounts TO S3OooOO,
and is i,dcndeT - inc amount % cents. The cir
cudtion OF the associated hanks is $4,000 ODO
against winch 81, ,S00O9O is hcld mostly silver.
TneIr bank notes legtendcr ior all debts, taxes
aud imposts. During the past ten years E36OoOOOO
coinage assaJ, tho amount coined being over 3l7
100000. Cod was dcmOuetized by law Of December
90. 1IlN nor Hqp tayn mort
duty ee1pOria0no national SILVER coin Is prohibited
but silver bars pay per cent export duty and coin II
accordingly melted into bars TO evade the prohibition
There Il siglt production OF goa, Dut sVeI Is largely
produced and exported metal OF ores. Gold import
e for mercantile purposes aud having TO he pad for IN
silver, the 1858 OF Time, ireghi Insurance etc., enhances
The relative premium on gold. Prices III PcIu have
nearly doubled with the premium gold Coinage is
unlimited gratis tae mint receiving buOn ana return
ing It's yalue IN com, even supplying the copper alloy at
its own expense. Silver found IN I'll parts OF thc West
range Of the Andes from Latitude 80 10 p south
The most important district Cerfo del ascO. produced
between the years 1880 and 1S49, S475,OOO,OO0 Mr.
Henry MeigGs offered 70 complete the Railroad 10 the
CerIO del PiscO mines The existing road runs
Anahi eighty five miles reaching height of = 40 feet
above the and is graded forty miles further psssing
The summit altitude Of ,64j feet hundreds
OF feet higher Mount Blanc. tunnel, The plan
of famous Tunnel, projected CeirO del
PaScO $50 feet below the present workings, anj cal
cnlaed 10 open up 100000 square yards oi surface and
$JOO,OnOOOo worth OF fresh Ths Is but OF the
many inins districts others of equal greater value
exist III the Province OF Puno, with better railroad
facilities.
The difficulties in the way of smelling svc. under the
Old system were Incredible, the being transported
great distances on Inues over rugged mountain paths
the animals aud their loads often lost through
msstcp; yet in thirty years from 1890 to 1890, lOl,-
7sli7d ounces of silver werD smeltcd ~ Ihe several
Government Railroad facilities aud modern pro-
ecsscS of Extracting the precious metal viii give
greater production larger area than any other III
the world rncrs is an immense and fiuctuatng export
trade and bullion Peru to England: the
exported amounting IN 1872 to aJOs l0l: N 1873 to
ai5O27 ~ 1874 to 9l75927 Besides 81 COO.O03 ia
coin IN 1870 coin 10 tae valuo OF " 7 900 ex-
ported and IN August September and October of 1876,
s1,u25,g2O