The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1893-07-12
THE SILVER SITUAI'iUu.
EFFECTS OF INDIA'S ESTOP-
PEI OF FREE COINAGE.

The Price OF the White Metal Takes
Big Drop Mines in Col
orado, Montana and Utah Shut
Down-Thc Cost of Silver Produc-
tion-Thc Opinion of Experts.
The decentralization in the price OF silver
rulion, owing TO the actica Of the Indian
Council in closing the Indian mints to the
free coinage OF silver. continued in Wall
street, New York. until cct only was the
price for silver bullion itself depressed, but
there was heavy selling OF other securities
which were supposed to be affected by the
decline in the white metal. The stocks Of
those railroads whose earnings are depen-
dent upon the carrying of ores from the
mines to the smelters. and supplies, timber
and machinery to the mines, fell away
sharply. On the New York Stock Exchange
silver bullion certificates were quoted first at
II, then they were offered ut 70@69M with
out receiving bid. The dealing in mining
shares on the Stock Exchange OF late
amounts to very little. At 60 cents for
bar silver. the standard silver dollar is worth
i2trinscally 50. 20 cents.
The fall in silvor caused dismay to the mine
owners in the Salt Lake (utah) region. The
Daiy-West minn at Park City was ordered
closed down. The Diamond mine at Eureka,
New, and tho old Jordan and Galena at
bingham, Utah, were also ordered closed.
The owners OF mines rs follows also decided
to close: Sampson at Bingham Bullion.
Brock and Champion at Tinti; Caroline. at
Eureka Yosemite ut Bingham Crescent at
Park City, and Anchor ut Park City. These
have oil been steady and strong producers.
The drop Of silver caTscd CONSERVATION in
Butte, Montana, among the mine owners and
miners. The sudden and radical jump was
totally unexpected, and therefore those most
interested were nonplussed. The principal
silver producers arc the Alice. Moulton, Lex
ington and Gagnon. and the managers OF
each, Oh being interviewed. said that unless
there was an immediate change for the better
work would be suspended. With silver at
eighty the mines were operated at q small
loss, but this was sustained, as 1t was thought
10 be cheaper to lose little than 10 entail the
greater expense Of shutdown, the pre-
sumption being that the price would before
long 60 up.
The following interviews beor apon the
subject Of the low prices OF silver:
State Inspector Hutchinson, Of Colorado,
says: EVERY ounce OF silver taken out OF
the ground in Colorado bas cost $1.55. TAX
Ing Iuto accOuut LILO SuHlS spent III pTospcct-
ing and development work. There are in
the State perhaps half dozen bonanza prop
critics which can produce silver at fifty cents
per ounce" The best informed men at AS
pen, COL, figure that it costs from eighty
three to cighty-ive cents per ounce to pro-
duce silver in that camp.
President Hagerman, Of tho Mollie Gibson
Company says II do not know Of mine in
the Aspen belt, except tho Mollie Gibson,
which could produce silver ut sixty cents per
ounce. Silver at sixty cents to seventy cents
will close every mine in Aspen, which means
the closing OF every other mining camp in
the State. with the possible exception OF
Creede. The stoppage OF silver mining in
the United States will materially reduce the
gold production. IS 80 large q portion OF
gold is obtained in connection with silver. "
That the action Of tho Indian Government
in suspending the coinage Of silver will have
depressing influence in the United States
is the general opinion in banking circles.
Many consider that tire only method of relief
lies in the immediate repeal OF the Sherman
Silver law. This. it is thought, will not only
restore confidence in this country but will
have good effect abroad in showing that this
Government is willing to follow IN the well
tried lines OF Old World financial experts.
The newspapers in India generally approve
Of the action taken ol the silver question,
Tut express the hopc that the Government
will compensate the banks. the holdings ol
which are largely in silver.