The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1882-03-04
FINANCE AND COMM ERCE.
FINANCIAL.

TuR excitement and turn oil caused by
the panic in France has, in great measure,
subsidized, and, although the loss of conf
dence in that country will necessarily make
recuperstion slow, there is reason to believe
that the worst is over, even there, and that
general business will in the future be all the
more prosperous because Of the publication
which must follow the breaking up of wild
speculation oil the Paris Bourse In Great
Britain there are evidences OF return of
COl-idenCe, which was somewhat shaken by
the agitation in Paris.
With the return of confidence in Europe
there will be less probability that our Sc
Curities will be- sent home and our gold
drawn from us to pay for them. There is
still danger that speculation will put prices
of commodities, Of which We have surplus,
above their export value but in the light Of
recent experience this is not likely to be
carried to extremes, nor to last very long.
We have had II wholesome lesson, and il
has cost numerous operators pretty dearly,
but it has not crippled the resources of the
country and if We learn wisdom by eX-
perience we will now be willing TO sell our
cotton, wheat and provisions ut prices
which, although perhaps not az high as
as might have been realized earlier in the
season, are high enough to give reinunera-
tive returns to producers.
We do not expect speculation to stop, for
although "a man rarely attends his own
funeral twice, there are plenty of other
men vino attend it,and then goand do rs he
did, hoping for success where he made "a
failure; but they are naturally made more
cautious when lirst-class funerals are fire.
Quent. There is even now new deal" in
wheat IN progress in Chicago and Milwau-
To-, L., a
be expected as the legitimate outcome.
THE New York Indicator gives quite, an
interesting account of the rapid growth of
the mining industry In this country. In
July, 1913, small nugget of gold was
found on the American river in California
The news of TINS discovery did not reach
the eastern states until the December fol-
lowing. But in the incredible short
space of one year from its announcement
in The east 100000 in
gold had been extracted by the
crude materials of rocker, pan and crevice
knife and at the c lose of 1919, $l0,OO000O
had been taken out. The product steadily
increased up to 1858, when it reached its
maXimum--viE SO 900. The first
quartz mill was erected in California in 1851
at Grass Valley, and tho results in the
that, while the yield from ,alluyial deposits
had declined, the true fssure veins that
were locked up in the depths can yield n
greater amount to the modern and inn
proved appliances necessary for the reduC-
ton Of ores. Mining fairly began in Ore
gon in 1892, in Arizona in 1893, in Colorado
in 1870, and in Idaho and Montana In 1850.
The first location of mining claim in Ne
yada was made upon Gold HILL in that ter
rltory, in April, 1888. Up to 1861 the min
ing for silver ore was in its infancy, and its
output did not amount to more than few
thousand dollars annually; but in that
year the Comstocas aione produced nearly
5000, 600 in silver and an equal amount in
gold. In 1896 and 1867 roCk-ribbcd Nevada
turned ont $4,000, 20 wholly from the
Comstocks, and during the past twenty
years this lode alone has sent out $500, GOO $50
rs its contribution to the riches OF the
world. In shert time the Consolidated
Virginia and the California Yielded d, 100,
100000, and paid dividends to the amount
of $9,0OO,OOO. The production of Amcri-
can gold and silver III 1881 was SIS, 600 900.
In recent years the amount has not gone
below S70,OrOUO, and has ranged rs high
rs S97 500 600. According to the statement
of Mr.. John j. Valentine, the general SUI
perintendent of Wells, Fargo Il Co., in his
statement of the yield of precious metals
west of the Mississippi, the yield of gold
was S3l ,S69,6S6; of silver, $i5,077, $50; of
lead, 81, Bl ,M2; Of copper, 81, 10000 total,
SSi,j0i Az. The year 1881 marks the ap.
pcaranCe of our western mines MS producers
of copper, there being total of Il 800, 900
pounds during the year. The excess of
foreign exports over imports was about
1,O0J,0o0 pounds, the consumption being
about Gito0,000 pounds, Arizona, which
has SO long been in the background, is fast
stepping to the front, and may, at some day
not lar distant, become II rival of Michigan
in the production of copper, she alone hay.
ing produced 100000 Of pounds The
deposits of iron and copper on the
north shore OF Lake Superior, Mchi-
gan, since their opening, have
yielded over 100000, eco in value in ingot
copper, pig.iron and iron ore, and in 1851
the value Of SlS,O0OOO IN iron and SlO,-
100000 in copper ore, respectively. There
are three copper claims in the Lake SupS.
riOr region that are disbursing dividends
| the present month to the amount of $780,
geo, The dividend declared by Calumet
and Hecla this month amounts to SSOO, 900;
total dividends to date, so, $50, 900, Central
mine, $4,000; total TO date, 81 10000; the
Atlantic mine, $4,000; total to date, $40.
| 600, total dividends for February, SG20 600
to date, S22,OCO,OOO. We might sneak Of
the Cinnabar mines of California, which pro.
duccd IL, 400 TASKS of quicksilver between
January and October |, 1881: an increase
over the product of 1850 The four source,
of this mineral are spain, Italy, Austria
and America California has for some time
been producing an average of copper cent. OF
| the total product OF the whole world, and /.
the prominent factor in fixing the value o.
the article,
FoB the last two months petitions huy,
been pouring into Congress from all sec
tons oi the country asking for the repeal d
the tax ON deposits and bank circulation
/ These have come In ut the rate of from q
dozen to thirty u day. The indications ar,
that the banking interests are unitet
ON this thing and working IN,
scheme systematically Mr.. John l.
Gould, a prominent New Iorl
banker and broker, Is in this city, conduct
Ing the campaign for the banking interests
Mr.. Gould, in an interview, says that III,
banking institutions which come under sec
tons 3,407 and SPA, revised statutes, sucl
rs savings banks, trust companies, private
national and state banks, are taxed alike.
per cent per annum, payable semi-annually
while the national banks pay per cent ol
circulation and per cent ON capital stool
collected hlfyearly. "This,n he says
comes out Of the laboring classes rs mucl
as anybody else, the banks deduc,ing III,
amount Of the tax from interest due on say
ings of dopositors. When checks and draft
are deposited they pay the same tax
The bank mails the check or draf