Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1893-07-06
THE SILVER SLUMP.

How It Affects the Colorado Miners and
Smelters-A Decision Reached nt n Meet.
ing OF Mfne Owners In Denver to Cease
operations In Mining, Milling and smelt
ins-From $4,000 to 10000 Men win b1
; Thrown Out of Employment
DENVER, Col, June 30.-Silver min
ing and smelling in Colorado will cease
Ihis decision was reached at a meet.
ing OF all the leading mine owners and
managers of the state, held at the
Brown Palace hotel yesterday after.
noon. The mines cannot be operated
at the present prices, and to stop all
further loss all operations will come to
standstiI and 25,O 900 or $4,000 men be
thrown out of employment. There
was large attendance at the meeting.
Ex-Gov. j. b. Grant, of the Omaha and
Grant smelter, the largest concern OF
Its kind in the world, was made chair
man. On motion of David III. Moffatt,
the chair appointed committee of five
on resolutions, as follows: ]. ]. Hager-
man, chairman: d. III. Moffatt, z. C.
Brown, NJ. W. Thatcher and D. NJ.
Hyman.
The resolutions committee then re-
tired. and after a short absence re-
turned with the following resolutions,
which were read by the secretary:
WHEREAS. 1t appears from the continued ct
tacks on silver by the mono-metaliists of the
United States. England and other nations,
that there exists in their minds induced pT OBJ
aoiy ty the product Of an exceptional or
phenomenal mine). the ideasthat the metal is
so abundant and the cost Of production so lit
tie as to justify the depreciation OF its value.
and.
WHEREAS. From years of experience in min
Ing. milling and smelling we are in a POSITION
TO more thoroughly and correctly know the
actual cost of producing silver. and have. in the
hope thatfts market value would more nearly
its intrinsic value by its reha bill
tation on some equitable tasis. kept our men
employed in our mines. mills and smeiters.
though at a loss to ourselves in general, and.
WHEREAS From the present prices and con-
dition Of affairs and tendency of events it is
be it
ResoIred. That il Is the unanimous sense of
this meeting OF mine. milling and smelter own
ers. that we put a stop to our further losses by
an immediate and complete cessation OF all our
silver mining, milling and smelling oper atoms
in the state Of Colorado. in the full belief that
the mono-metalllst element will finally appreci-
ate three vital points:
1. That the world cannot transact its bust
ness without the use of silver.
2. That the actual cost and value Of the metal
far exceeds the incorrect views which they
have formed.
3. That the inevitable course of events will
quickly demonstrate that the enormous sums
OF money invested in our mines and other prop
erty will SO depreciate in value that the mono
netallists will become convinced that some &C
lion must be taken with silver to restore it to
is legitimate use which it has held from time
mmemorial; and. be it further
Tb <b~
Incorporate opinions and statements of unreal
,onable men. which have been telegraphed
20 the east. that Colorado has any intention of
'epudiating her obligations, public or private.
IN the contrary. we think ourselves IS well
sble as any other part of the world to meet
whatever may come in this emergency.
The resolutions were unanimously
adopted and the meeting at once ad
journed.
Herbert Gives His Views on the
Silver Question.
WASHINGTON, June 30.-Secretary
Herbert of the navy department. in
-eply to an inquiry as to the silver
situation and the policy of the demo-
,ratic party, expressed the following
7iews:
Il think the stoppage of the coinage
If silver in India is the greatest blow
hat has been given to the Sherman
aw and to the free coinage of silver.
The free coinage of silver in
india has been pointed to as an
object lesson by the advocates Of
rec coinage in this country. It
las been urged upon the farmers
hat India had an advantage over the
United States in a higher price for
wheat because the currency in India
vas all silver, ignoring the fact that,
while they might get more for their
wheat in their own currency, the price
n gold was no greater and the COM
nodities they bought with the money
hey got for their wheat had to be paid
or on a gold basis, and still further
the loss through high
exchange. 1t has further been
epeatedly said that the high rate of
Exchange between India and England
vas kept up by England for the ,bene-
it of English merchants, that they
night sap the very life out of India.
low the coinage Of silver there is
stopped. with the consent
# India. and it tumbles over both
ency was a benefit to the farmers OF
ndia, and that the exchange was on a
ystem for the benefit of England.
do you think the silver question
PRESENTS serious danger to the demo-
ratio party at this time?"
SIT is serious question, which the
onditions demand should be settled.
think we have reached crisis, and
hat the party in power will be judged
" the wisdom they show in giving the
lation a sound currency"
The secretary further said he believed
he populist party was losing ground,
md that the teachings of those engaged
n it would have no influence in shap-
ng the future policy of the democratic
,arty. He said: Those who advanced
he untenable doctrines of the popu-
lists on the money question have formed
themselves into a third party. They can
10 longer advocate their theories in the
councils, and as third
,arty they are not strong enough to
,e dangerous. That party organiza-
ion which determines the nomina-
ions of democrats to congress, and
axes part in the making of presidential
and presidents, will adhere
strictly to sound democratic principles
md will stand by a sound financial
policy"
Ex-President Harrison.
CHICAGO. June ga Record special
from Indianapolis says: Ex-President
Harrison left for New York yesterday.
He will spend few days il that city
md then go to his cottage at Cape May