Arizona citizen., 1879-06-06
Production Of the Prec,ops Metais.

The falling off in the production of
 rold and silver in the United States in 1878. as compared with 1877, and the npinicn ot Wells, Fargo & Co. that an additional falling of, equal to $10,-
 OOO. GOO. is probable in 1879, are attract
 ing grra; attention. While the volume
 of metallic money k nOt the sole fac for in determining the metallic prices of commodities, il k certainly true
 that such prices depend wholly upon the volume of metallic money, when other things are equal. Of course the stock of the precious metals k a very
 different thing from the annual supply
 of them by new production, and k so
 large. as compared with the annual supply, that il k only slowly affected
 bv changes in ihe yield of the mines.
 Still. in the present depressed conGi-
 tion of metallic prices throughout the
 world. it is not wonderful that any cir
 cumstances tending still further 10 de
 press them k viewed with apprehen-
 sion and anxiety.
 During the years lSiJ, 1876 and 1877
 the production Of gold and silver in
 the COmstock lode was nearer one-tifth
 than one-siXth of the total production
 of those metals in the entire world.
 That fact made the situation some
 what critical, as the explorations of that lode had already attained great depths, and as its continuous yield
 depends upon successive discoveries of great ore bodies, or bonanzas Just now the yield is small, but il k the
 opinion of those who have the best means of knowing, as shown by the current prices Of the stocks which represent the mining properties on the lode, that is capacity of turning out the metals is still great.
 It k with some ditIidencc that we should presume to differ from am au- thority on this subject so well ap- proved as Wells, Fargo & Co.,, but we think there is reason Co hope that any falling off in the yield of the Com 1 stock lode in 1879. as compared with !. either of the previous years, will be ' made good elsewhere, and especially | by the new silver discoveries in Color l. ado, in the LeaGyillc region. The {. same circumstances which depreSs ! other industries tend to stimulate gold 1 and silver mining, and, in fact, it is ! being prosecuted with increased vigor in all the regions in which those met {. alS are found; and more and more of these regions are being constantly I opened by the construction Of new railroads. particularly in Arizona and | Colorado. The silver found in the Leadyille region, not in rocks, but in e2rthy carbOnateS, costing very little in the mining and in the extraction of the pure metal, is something new. It remains to be seen how extensive thi, | region may be and how permanent the | yield from it may be, but there is cer- !: tainly a mass of testimony from those who have the best means of knowing which lavors hOpefulness on both it those points
 In other countries than the United States the outlook is decidedly unfav- I' )rable for any such increase in the !; production of the precious metals as is !; by the increase in the popu- t ation, trade and industries of the world. The production of gold in Australia is steadily declining. and he recent strong hopes of a recovery rom that decline by the opening oft gold fields in New Guinea, have been $ iecisively dissipated by late explora- | ions The production of silver in ( h eXico k stationary, and SO also. so s ar as is known, is the production of|r gold in Russia. It haS been the opin- I on for some years of those most con q 'ersant with the general subject that l he best indications of a new and i'm ( }ortant gold field were found in the { African regions adjacent to the late rransvaal Republic. now absorbed in he African possessions of Great BrI- |, ain. The war with the Zulus post bones the realization of any expccta $ ion from that quarter- From an ar icle in the Bankers Magazine for \ pril IT