The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-01-21
MINING IN PERU.
FLATTERINa PROSPECTS FOR THE FUTURE.


PECULIAR CONDITION OF THE YINANcEs-
FLArTERINo PROSPECTS FOR THE FUTURE.
WAsnISGToS, Jan. 20 1873.
There Is nlc In the Department of state tho fol.
loving interesting despatch from Mr. Gibbs, tue
United States Minister in Peru. IN relation TO the
production and circulation Of silver that county,
written In reply to tho iuterrogaorcs OF the Monetary
Commsson:--
Peru had up to last year regular codo of mining
laws the only ones la existence there beng the
fed Colonial laws OF Charles III and Fernando VII,
under which any person could establish his Claim To
plot 200 varas square by publicly posting descrip-
tiop OF tho claim, and if the NINE IA discoy-
cry, TO three additional plots OF the ad ON
ng the hrst. Each province has It's special intng
tribunal. subject 10 the Chief Court Mines at Lima.
The Peruvian Congress has however passed u new
mining law aiming 10 conntcract tho evils OF tho
old ~ STEM under WHICH mines could be held indeu-
niley. although under merely nominal working. There
are 1900 mines IN Peru, or which not more
tnan 600 arc actually worked
GOLD DENoskTIzKD
the legal ratio between gold aud silver was formerly
TO 10 -, gold has been ctZed aud silver s
iouger IN crcula on, owing TO the suspcns vi
specie payments. la 1876 gold ranged ninety per
cent premium and SILVER al about nlty-sx pcr cent.
While SILVER legal tonder deDts could DO PAID IN
either silver gOu, and by decision VI The courts
contracted previous 10 the gu pension oi specie
pay nents ny the banks wnen not specially contracted
10 paid IN gold or silver, could be ulsch, rped IN
bank notes. Tnerc Is but little silver coin ia Peru at
present, although much plato, comprising even COM
bedroom utensils, Is sun owned by iamos IN tho
interior and The large towns. The subsidiary cop
Der coinage anouns 10 $500 600 and Is legal sender
10 tho amount oi nve cents The circulation oi the
four associatod banks rs Sl 600 QUO, nguinst whch
ST. 500 O0U hcId, mostly silver. rueIr Uauk no.es
urc a legal tender Tor all debts taxes aud lm posts.
during teu years $50 900 worm OF silver
have passed through the Lima Mint lor coinage or
say, the amount coined being over I'll. OOOOOO.
EXPORT Duty on GOLD AND SILVER.
Gold was aemonetized by law OF December 80, 1872
National gold com pays thrco cent export duty
Tue cxporlalion OF national silver coin 10 prohibited
but silver bars pay three per cent export duty, and
accordingly melted iuto bars TO evsdc the pro-
nib,ion. here Is slight production o gold, Dut sill
yer largely produced aud exported notal or ores
Gold Is imported Tor meicantc purposes, and having
TO DO pau Tor III sIvef, The oss ol Tine, freight IN
surancc, &c, enhances the relative premium gold.
Prlccs Peru have nearly doubled win The premium
GU gold. Coinage Is uniimilcd, yruis, tie Mint re-
ceiviog bullion aud returning ,,s value IN com c,ei
supplying the copper alloy at It's own expense. silver
from atitaoe To ~ ueg. south.
SILVER PRODUCTION
Tho most important district. Cerro del Pasco pro.
AT siicnry hcig<s offered TO comUletc sho rafoa To
the Cciro DEL pnsco miDcs. NJ exstns road
n ADdhi, cigbty-uve miles, reaching holght Of
H. go ieot above the sca. aud Is graded iorly miles
further, PASSING tho summit at an altitude Ol l5.UlJ
feet, some hundreds OF feet higher than Mount Blanc
tunnel, OH tLe plan oI tue famous Iunn mol IL
projected at Crrro del fasco, 100 ieot boow tho
present workings, aud ~ Calculated TO open up 100
SQUARE yards VI surface ana 5000 900 900 worth OF
frcs ore This ~ but one OF tnc many minins dis.
trlcts others OF equal or greater value exist
the proylnce OF Puuo, with better railroad iaclutios
rne uiiculucs IN the way OF smelling SILVER uudor
the old system were Incredible. the ores bel OK trans
ported great distances on mules over rugscl noun.
tam paths, where tbe animals ana Their loads were
often lost through msstep, yet IA thirty years, iron
1900 to 1890 lOi 1S447t ounces OF silver seted
the seven government worka Railroad iacilitIcs
and modern Processes OF extracting tho precious
metal viii soon give greater production IRON q
larger area than any othor IN the world
EXPORT TRADE IN oRR AND nrLLiox.
There Is an immense and nuctuatIng export trade
In ore ana bullion from Peru to England, the cx-
ported amounting IN 1917 TO G59s, sOl In 1873 10
i4JO21; IN 1874 to Gi,5g25, bcridos 81, 600 90 IN
COLI Ia 1870 coin TO the value OF 81 735 900 was
portcd and la August, September anu October, 1870,
S1.0H. go.