The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-12-23

times, fact which appeals strongly TO the cupidlty
OF men who like to take chances. The same impulse
which makes man take a share in lottery. where
he has chance in ten thousand. induces the
people California to deal heavily in stocks the
Comstock lode. But it is serious matter to hold
stocks the Pacific coast. for they assessable,
and If bonanzas not found the shareholder
is treated to what known as Irish
dividends those on. which he pays an assess
people of California have been paying
Sla 200 900 per annum to- companies this Com
stock lode. and so far they have developed no
one some time, but hope deferred makes the heart
sick. and then the active competition Of New York
taking away many dividend paying mines il in
Turing California. Another setback is the develop
ment OF other districts. For instance, tho Bodie
region. which is on the borders Of Nevada. 1t has
suddenly doomed up as q great gold producing
and viii give :, ~, great acc, account Of itself
the gold mines of the Black Hills. in Dakota They
attracting deserved attention account of ther
mines. which of an enormous extent, though tho
grade of is very low; SO much that people
beginning to be afraid to handle properties in
that region, as the machinery required is very ex-
pensive and the profits very small. Ex-senator
Spencer told mo that he did not believe that the
in the Black Hills would average more than 81 a
of the mines.
COLORADO MINES.
''How about Colorado Z" asked the reporter
"Wel that is the favoritc region for New
Workers. Indeed, one distinguished Senator from
the Pacific coast told me tho other day that he be-
be discovered III Colorado and that it would entirely
outstrip tho mines of the Pacific coast. The noun
tains higher there volcanic action has evidently
been more intense, and there seems to be a
greater variety of deposits of the precious metals
there is a new region in Arkansas which is very
promising hear tho most glowing accounts from
there and yet that field is entirely virgin The new
mines are located near tho Hot Springs. and by the
way. all the great mineral fields are near hot
springs But this new region is to-day in the stu
alton that Lcadvillo was two years ago--full OF
promise, but undcveioped, and prices as yet very
low
"a wonderful region, but as yet too far off. When
the Southern Pacific road is built and when tho
of the thirtyfth parallel we will then Arizona
Southern Utah. New Mexico and the regions adjacent
developed. Undoubtedly the mineral wealth of the
country these roads will traverse Is something
enormous. There has been in times past great
deal OF prejudice against mining enterprises
People regarded them dangerous and uncertain
but really it is as legitimate business other
We are to-day the greatest producers of gold and
% Of e UM or has
attention to this important matter. An industry
has come to us to give employment to our capital
from our newspapers"
..will the demonetzing of silver hurt the mining
interests Of tho country, Mr.. Croly?" s a
eyes. II it was possible to demonetize silver and
use only gold 1t would put stop to about two
thore Is no danger of that The great bulk of man
kind use silver and will continue to use it. AS Pro-
lessor Newberry said in his lecture before the Bull
lion Club, more than half OF tho world use silver
exclusively while less than 200 900 people on the
globe use gold exclusively. Even in gold countries
the popular coinage for retail trade is always silver
is OUR DOLLAR TOO SMALL? .at 4,
"But is not the silver dollar too small? Is IT an
honest dolarY'
.'Well" said Mr.. Croly. "our complaint is that It
is TOO large. The scientific ratio between the two
metals is l5}s to one but our American dollar makes
1t sixteen to one The Latin Union. which
than six hundred million of fve-franc pieces puts
three per less silver in the vefranc than do
our dollar. It was great mistake when we were re.
coming silver that We did not make it conform to
the ratio established by France and the Latin Union
resents the normal relations Of the two metals"
being in circulation I'm ~
'.Eor the same that the gold dollars are not
in circulation. Paper is the most convenient, and If
Congress were wise and would do what the English,
French and German governments did. Withdraw all
small bills. you would thou soon the silver
dollars and gold eagles and half eagles in circula-
dollar bills either in national bank notes, It
is too bad that in the greatest bullion producing
country In the world our legislators shona be SO
:. ~. ap'. ,.,,... =. . sn.l,
,.oh. nonscnsel We have only got something like
$25oOOo.0Oo ia fve-franc pieces. while among tho
people ut large III the Latin Union there are moro
than 0,oo0 900 more In other words. France and
the countries which compose the Latin Union have
ten times the quantity OF silver dollars that we
have, only as said before they are smaller dollars;
they contain less silver by three per cent
chow do you account tor the opposition Of our
bankers TO the use OF silverY'
ITO me it is unaccountable. judge. however.
you will not find the same active opposition to
moneizing silver here East as you did pending the
discussion in 1873. could name to you twenty
bank presidents who signed their names to the gold
manfestoes who are to-day largely interested in
silver mines. You will DO surprised to and how
many of the leading people connected with banks
officers i'll silver mining corporations"
MINING swINDLEs.
You admit, asked the reporter, "there are or
will be great many mining schemes intended to
swindle the public?
che leading hotels Broadway you will notice they
iled with people from the Pacific coast and the
. Rocky Mountains, and among them are some OF the
most vianous looking rascals ever in my lite.
Unfortunately these fellows have scented the prey
atar Off and are coming here to try and swindle our
Eastern investors So far dom think they have had
very good luck but undoubtedly II there is furore
il an excitement seizes tho public for mining in
vcstments the greenhorns will be pretty certainly
taken in. We have altogether too many California
operators already at work in placing mines mere at
tho East. People with very unsavory regulations
on the Pacific coast are conspicuous in number OF
mining enterprises that about to be put
upon the Now York market for one, want il dis
ness has sot to eems to New york; and think It
ought to be encouraged wash my hands in I'D
vance OF any possible abuse of legitimate business.
Probably onehalf of the active operators of Cafor-
MIA are now IN this city. and among them arc some
very scaly fellows
..Have not our Eastern investors In times past had
bitter experience OF mining in Colorado and further
WestY' lai .t. ,els
..That is very true, but you must remember that
teen or twenty years since the price we had to
pay for learning how to mine. mill and market gold
and silver ores. During the Pixies Peak excitement
the cost for transportation across tho Plains was
appalling. A box of candles cost $40. and
for machinery incalcuablo were spent.
But the very mines which failed to pay
then productive to-day. Then. during all these
years We have learned how to treat ores, and there
has grown up q body OF experienced miners aud cx.
perts whose judgment is generally very safe guide
TO those who wish to put their money into mining
ventures. We have tho advantage, too, Of tho ex-
pcrience of the Pacific coast mining. We know all
about the business and hence there will re fewer
losses In the future than there have been In tho
past"
'.Ono other point. Mr.. Croly. do you believe
in the extravaganza stories which told about the
ore bodies in certain well known mincsg
81 do honestly believe that there certain mines
In this country which Will more than repeat tho his
tory OF the famous bonanzas on the Comsock lode.
think know several such but, Mt tho same
timc 1t must DO remembered that all mines
are not bonanzas. and capitalists must boar
in mind that mining, like every other
legitimate industry. after all only pays fair In
tcrest upon money invested. doubt II. taking tho