New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-03-04
SITTER PROHIBITION AND DEMAND.

The increase in production Of silver last year
as was predicted when the price advanced
WAS material in this and III other countries
Mr.. Valentines annual report, II Is true. est
mated the product nj SG2 930,s3l hgne
somewhat lower than he had Gycn for the
previous wear But the Mint report. which has
Of late years been very carefully prepared anu
regarded by the trade aS more reliable Tor nose
wears than any other, makes the product oi
American mines for the calendar year lNoo
$500 900 ounces. against 5O.OOo'oOo ounces
in the previous veal an increase oil per cent.
As the Mint statement is based upon official and
exact returns Of the silver received n the Vaii-
ouS minis - well Is other information ana IL
il appears that the actual product oil NmeltefS
and rciineiieS was G4.920,927 fine ounces. It
may be presumed that tho official statement VIII
be accented as substantially correct.
The gain was probably almost all during the
last half of the year when the price had been
advanced by the act passed last summer rs
early as the middle of August the plicc had
reached It's highest point. ana 1t was alIeadE
understood nj that time that numerous mines
had gone into operation which for some years
preyiOuS had not been worked, because the ore
was of too low grade TO make working pfoht-
able AT the price of silver then current. Al
thoupb the price has been sinking ever since
the middle Of August. il is even now consider
ably higher than it had been for a long time
before the act OF last summer was passed. ana
testimony before the House Committee on Coin
ape showed that there had been continued work
nj many of the low grade mines during the
latter part OF last year. But an increase OF .
per cent in the producti0n.in single year is.
when rightly considered, most unfavomblc
symptom respecting the effect Of any legislation
whatever to advance the price Of silver bullion
permanently, and especially warning which
should not be diSregaldcd against the opening
Of the minis TO unlimited silver coinage.
The act now in force provides Tor the pnr-
chase Of 81 100000 ounces Of silver by the
Government in year which i "a little less
than the quantity officially reported as produced
bv American mnes alCnc. NJ the same time
il appears that the output OF all reiincncS was
about lO5OO0O0 ounces more. showing some
increase also in the quantity produced from i'm
ported foreign ore. The legislation Of last sum
mer did in fact operate disadvantaGeously to
some extent for the owners OF mines in Mexico,
but it does not appear from the report that their
shipments into this country have been dimn-
ished. Apparently the only effect thus far has
been TO restrict an increase which might have
been very considerable. II was suggested by
TIFF. TRIBUNE. when the act now in force was
pending. that the supply of silver thus obtained
nv importation Of ores would fully equal the
quantity required in this country for consump-
ton in the arts The official report by Director
Leach Of the Mint states the value of silver
used during the last year AZ S9.23l, lis, OF
which il is said S1,143,G 35 was in new bull
ion Upon any basis of reckoning the consump-
ton was therefore somewhat less than the sill
yer brought in from foreign lands.
II remains a question whether further in
crease in production il to be expected under the
operation of the present law. A. the price has
been declining and is now below ~ per ounce it
seems not improbable that mining will be dis
continued at part at least OF the low grade
mines in which working was resumed last year,