New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-05-10
THE SIITER-MIN7YG INDUSTRY.

bids fair to Waddle out ike ulsCOudSeu hoh
from q ketteful of hot soup.
-
THE INNING DUSTRY.
Silver mining in the United States is steadily
working out of the reckless, speculative phase
which marked the early stages Of its develop
ment, and is beginning to take rank as an i'm
portant national industry, contributing an
nually to the wealth of the country on amount
that can be calculated in advance with approx
MATE accuracy, and depended on with as much
confidence as the coal product or the yield OF
wheat. 1t is evidently destined to great but
not feverish expansion. The area OF silver
bearing deposits is being constantly extended
by the researches of prOspectOrs and the enter
prise of capitalists and with all the activity OF
the past two years there still remains so large
an expanse of unexplOred territory III which the
precious metal is likely to be found that no
| limit to the future prOductivcness OF this new
| industry can now be fixed. The fact that silver
mining requires heavy outlay of capital be-
| fore it yields any returns, tends TO make the
! business more and more conservative. Heavy
! losses have been suffered by investments In
partially explored lOdes and by attempts to
work mines without sufficient means, and the
result of such costly experiments has been to
make investors cautious about trying doubtful
stocks. and companies slow TO undertake ex-
pcnsive operations until the value Of their prop
critics has been fully ascertained by thorough
examination.
y All this is hcalthful for mining as perma-
mont and profitable industry The enormous
gains and losses Of the past will not be likely to
be- repeated in the future, but the business will
get upon Il sound, stable basis, where. its net
yield will bc amply rcmuneratye for the money
spent in carrying it on. Public sentiment about
mining stocks as an investment Will then I'M
dcrgo a great change. Indeed, the change be-
gins to be seen already. Men no longer put q
few hundreds or thousands "a a flyer " into
company they know nothing about, III the same
spirit that they might invest the money III lot
tery tickets or lay it down on roulette table.
| Careful inquiry is now made about the pros
meets of the company, the reports OF experts
| ON its property, and the character of the men
concerned in its management. People VINO
condemn mining as n ruinOus, demOralHlng,
| gambling sort of business are usually those who
| have lost money in it by Il reckless disregard
of the most ordinary principles OF business
| life. Among conservative capitalists the in
dustry grows in favor with increasing knowl-
cdpe of its CAPABILITIES and an intelligent COM
| prehcnsiOn of its future.
II is certain that in the high, arid watershed
Of the Continent, embracing tho States and
Territories of Colorado, Dakota, Montana,
Idaho. Utah, Nevada, Arizona and New
Mexico, there is vast store Of algentiferOus
ore; that the location of only n small part of
il has been determined and its development
barely begun that the mines which have been
Oucrcd and worked, when opened on we'll
tested veins and worked with reasonable
sagacity and economy, have yielded handsome
Droiits The business is therefore il Legitimate
one. inviting to investors Of surplus capital and
to men of enterprise. If people will exercise
the same prudence in buying mining shares
that they exercise in buying bank shares or
railroad shares, the gambling feature in 1t will
soon disappear, and the risks of loss will not be
more serious than in mercantile or manuiac-
turing ventures. Recent experience has shown
that the strong companies which are able to
make large expenditure for shafts and levels,
and for he purchase of machinery, so rs to be
prepared for thorough operations before ex-
Meeting any returns, succeed tho best. The
result is to throw the business more and more
into the hands of such companies, and to dis
courage the formation of weak concerns which
|
face of tho ground, and must break down II
they cannot speedily earn dividends. The
hazards of mining are thus diminished for the
strong companies backed 10y ample capital are
not likely to spend large sums on uncertainties
| The history of the mines Of precious metals In
r Europe is instructive i'll this regard, showing
, "a il does that such mines do not as rule, he
come profitable until thoroughly opened and
l eauipped. The royal Hungarian mines OF
, Tchcmnitz and Kremnitz, for example, opened
> in Maria Theresa's time, are worked by the AID
of o great drainage tunnel $4,000 feet long
l constructed at heavy expense. They have
| been operated for over hundred years, anC
their Weld does not vary much from G,OOC
2 hounds Of gold annually, worth abou
81. 44O,OOO. The network of veins is ap
, parently incxhaustibe, and such is the cast
with all true metalferOus districts.
| The importance of the role which silver min
| ing is destined to play among our natiOna
7 industries cannot now be estimated, but it il
certain to be very great. Here is a prOduc
D which all the world wants, and is ready at al
times to take of our hands at price that il
{; nearly stable, in exchange for its commodities
, mr. i'm Dayment of our debts. Its increased
) Weld must be q source of satisfaction to thu
; patriot and the political economist. All the
facts thus far ascertained lead to the belief tina
the output of our silver regions will DO steadily
t augmented for the next ten years. at least, BY
the discovery of new mines and the mOrt
D thorough working of old ones, and that whe n /
4 eliminates it will remain without seTiOu
q dminution for generations.
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