Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1879-12-28
SILVER MINES.
Their Prospects in the United
States,

p Sunless
The Boston Economist SAYS the statis-
ticians set the amount Of silver now in ex-
~istence, and either circulating or hoard
ed, at seven milliards Of dollars. OF these
t~hree-fourths, or So, 250, 900, are to be
found in Asia, either in rupees and other
silver coins, or in ornaments in the shape
of rings and armlets or anklets; and these
ornaments are the family treasures on
which the natives rely in time OF famine.
There is no, gold coinage in India, except
a few ancient pagodas, and the paper cur
rency does not exceed three per cent. of
the coin in circulation.
Since Great Britain came into power in
British India the population has increased
from 1875, 900, 900 to $50, 900, 900, and gains
about 5000, 900 yearly. The importation
Of the precious metals, chiefly silver, in
the last twenty years has been at the rate
of fifty to sixty millions a year. The
coinage has been 500, 900, 900 a year. The
conversion Of specie into ornaments has
reached 5000, 000, 900. Since 1886, when the
monopoly of the East India Company end
ed, the expectation Of goods has increased
ive-fold and the importation four-fold.
Notwithstanding a loss of 5000, 900 900 in
cotton, the expectations now exceed $685.
600, 900 annually. The annual revenue is
above that of the United States and reaches
50, 000, 900 yearly.
In 1877 British India sent 800, 900 tons
of wheat to England from the sources Of
the Indus and the Ganges, and will send
more this year. Most of this goes. through
the Suez Canal.
In July, 1876, silver fell in England a
shilling per ounce, or 20 per cent. in con-
sequence of false reports as to the bonanzas
and the characterization of silver in North
ern Europe and the United States. 1t has
since recovered IL per cent. In q previous
number we have shown the cause of the
fall and the question arises, to what may
we ascribe its partial recovery.
II is doubtless due to the legitimate de-
mands of India and China for silver. India,
in aver e years, coins S35. 000, 900 of sill
YER in rupees and converts S25 .000. 900 more
into ornaments for her females. When
she cannot get silver she uses gold to some
extent for this purpose, and is now melting
down her golden ornaments and exchang-
ing the bar gold for silver.
China, Japan and the islands of the
Straits require S25 900, 900 more every year,
chiefly in payment for tea, coffee, silks
aud spices. We nave thus an aggregate
for Asia Of SIS, 00O, 900, which goes in part
to Asia by the steam packets running to
japan and China from San Francisco.
Europe needs at least $50, 900 900 more
for plate, abrasion of coin and subsidiary
coinage, more than one-third Of which is
absorbed by England. For the present
France uses her stock in hand for such
purposes, but the other Latin nations
must have new supplies and will require
more as they return to specie payments.
In the United States our treasury alb
serbs at least S25, 900, 900. Ten millions
more go into plate and watches, OF which
we make more than England does. Al
least SIS, 000, 900 more are sent into Canada
and other adjacent territories. The aggre'
gate required by our country and adjacent
States is at least $40, 900, 900, and we may
add 81, 000, 900 more for South Ameii lea
and Africa. :,
The yearly requirements OF the world
are now more than $3.50 900 1000.
The mines of the world cannot for the
current year furnish more than SS5, 900,
600, of which we supply but one-half IL
consequence Of the reduced yields OF thu
bonanzas; and the world must look for the
remaining $50, 000, 900 to the old silver
which Northern Europe is d~iscarding,
O to be exhausted, or to the deposits IL
France which she may part with in a veal
of deficiency in her harvest, or to sucf
new mines as we may discover or open II
Colorado or Arizona the coming year.
Already the enterprising miners are
busted in finding substitutes for the veins
exhausted in the Comstock lode. During
the past year we may have taken from |
fifteen millions in silver less than we drew
from it last year. But we have found mort
than half Of this amount at Leadville ane
other camps in Colorado and opened a
least a dozen mines in Arizona, some o
which are already productive.
In the coming year we shall doubtless
make up in Utah, Colorado and Arizona
the deficiency in the Comstock.
Already the rise of II per cent in silvel
gives a new stimulus to the miner, and i
the dual system is adopted, with the concur,
renee of European nations and the United
States, we may expect a full recovery IL
the price of silver and great activity in on
mines. Even without this the supply o
silver is quite inadequate to meet the de
mand. With a few improvements in oul
revenue system, not by an increase, but b.
a reduction of duties on spirits, cigars
silks. gloves and other articles, which
sbould be taxed for revenue only, our ma
tion will have ample gold in its sub-treas
nry to meet the interest on Its bonds AM
may easily ~extinguish its debts before tn
| close Of the century.