, 1880-02-09

represents the normal relations of the
two metals"
"How do you account for the silver
dollars not being in circulation p
For the same reason that the gold
dollars are not in circulation. Paper is
the most convenient, and if Congress
were wise and would do what the Eng
lish, French and German governments
did, withdraw all small bills, you would
then soon see the silver dollars and
gold eagles and half eagles in circula-
ton. We ought to have nothing less
than twenty-doilar bills either in
national or bank notes, and it is too bad
that in the greatest bullion producing
country in the world our legislators
should be so bewitched that they
should discriminate against our own
productions and insist upon issuing
small bills"
"But have we not too many silver
dollars ?" asked the reporter.
"Oh, nonsense! We have only got
something like $45, 200, 900, yet the
Bank OF France holds over $3.50, ,OOO,-
600 in fve-franc pieces, while among
the people at large in the Latin Union
there are more than $3.50 ,0O0, 900 more ,
In other words, France and the coun-
tries which compose the Latin Union
have ten times the quantity OF silver
dollars that we have, only, as 1 said
before, they are smaller dollars they
contain less silver by three per cent"
How do you account for the oppo-
sition of our bankers to the use of
silver?"
"To me it is unaccountable. l Judge,
however, you will not find the same
active opposition to mOnetizirg silver
here East as you did pending the dis
cussion in 1878. could name to you
twenty bank presidents who signed
their names to the gold manifestoes vino
are to-day largely interested in silver
mines. You will be surprised to find
how many of the leading people con
nected with banks are officers in silver
mining corporations.
"You admit" asked the reporter,
"there are, or will be great many
mining schemes intended to swindle the
public? ?"
"Unquestionably," was the reply.
8" If you go to the leading hotels on
Broadway you will notice they are filed
with people from the Pacific coast and
the Rocky Mountains, and among them
are some of the most ivillanous-l looking
rascals I ever saw in my life. Unfortu
nately these fellows have scented the
prey afar off and are coming here to
try and swindle our Eastern investors.
So far don't think they have had very
good luck, but undoubtedly, if there is
"a furore, fan excitement seizes the pub
lie for mining investments, the green
horns will be pretty certainly taken in.
We have altogether too many California
operators already at work in placing
mines here at the East. People with
very unsavory regulations on the Pacific
coast are CONSPICUOUS in number OF
new mining enterprises that are about
to be put upon the New York market.
I. for one, want it distinctly understood
that while believe this business has
got to come to New York and think it
ought to be encouraged, I wash my
hands in advance of any possible abuse
of legitimate business. Probably one
half of the active operators of California
are now in this city, and among them
are some very scaly fellows"
Have not our Eastern investors in
times past had experience Of mining in
Colorado and further west?"
That is very true, but you must re-
member that mining was then new
business and the loss fifteen or twenty
years since was 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 the plains was
appalling. A box of candles cost $40,
and for machinery incalculable sums
were spent. But the very mines which
failed to pay then, are productive to-
day. Then, during all these years, we
have learned how to treat ores, and
there has grown up body of expert
enced miners and experts whose judg-
ment is generally very safe guide to
those who wish to put their money in
to mining ventures. We have the ad-
vantage, too, of the experience of the
Pacific coast mining. We know all
about the business and hence there will
be fewer losses in the future than there
have been in the past"
Zone other point, MIR. Croly. Do
you believe in the extravagant stories
which are told about the ore bodies in
certain we'll known mines q
do honestly believe that there are
certain mines in this country which
will more than repeat the history of
the famous bonanzas on the Comstock
lode. I think I know several such
but, at the same time, it must be re-
membered that all mines are not bo-
nanzas, and capitalists must bear in
mind that mining, like every other
legitimate industry, after all only pay