Highland recorder. (Monterey, Highland County, Va.) 1877-1972, 1893-07-07
MINES TO Be SHUT down
Startling Action Of Silver Magnates
at Denver, Col.
Serious Situation All Through tn, Min
in Regions of the West,

Mines mills ana SinelteIS Ol NOIOI"uo at"
10 shut down Immediately. This is the edict
that went forth from Denver TO the mining
camps Of the State, car yin5 CONSERVATION 10
the humble homes Of thousands Of miners in
100 camps and to the many avenues OF trade
dependent upol their work. Never III the
history OF the State has such fearful blow
been struck to her prosperity. In all from
Is 900 to sc. 600 men will be be affected by
the shut down.
The meeting was the result of muture de-
liberation. For months, in fact, for years,
the mine owners have been continuing WORK
with the hope of brighter days, but wnen
silver dropped 20 cents within four days ana
got to po,nt where It was unmarketaple
there was nothing to be done but suspend.
From all the leading silver camps OF the
stote the mine owners and managers came
to discuss the matter fully and carefully. In
tho meeting there were the great silver mn
lionaires the heavy smelter owners uhu 'lo
Leading bankers. There were no speecIeo,
~ ,roste of words. The sslon did noi la-t
ten minutes. M uo,,,.ol tiroes
over. who holds large share OF Moi'Ie uau
son stock. the richest silver nine III A1lei,on a.,
and who is building the great feCo' noa1 -
| Now Mexico. called the meeting 10 o,uel
lanes 4. Grant. of Omaha Grant smeie[s'
was selected as chairman, and Johh W.
Grahan. of Leadyil lie. was made secretary;
mo sneech j. necessary for me upon tno M
cccasion. said Mr. Grant, as he look Ino
chair You all know for what purpose VIC
have assembled here. We are ready " pio-
! c,ed TO business" H. ohoir
On mo ion Of David II Moffat, the chalr
appointed committee OF fiye on rcso'u'i"I9' I,
&c follows: J. J. HagermaD. chairman ~;
11 M Motfot r G. Brown, NJ. W. Thatcher and
A. NJ. Hynan.
THE RESOLUTIONS PASSED.
The Resolutions Committee then retired
ond after n short absence returned with the
following solutions, which were reaa ny
the secretary
"Whereas. It appears from the continued
attack on silver ty the mOno-metaiis's VI 'no
limited States. England and other natiohs
tbot there exists in tteir minds Onduceu
nrobably by the product OF an exceP'ionli VI
nhenomenal mine) he idea that tue me'o, iS
SO abundant and the cost OF prouuction ~
little as TO Justify the depreciation oil It's value,
and .-;oooo In
"Vhereas. From years OF experience Ih
mining milling and smelling, we are III u
nosition to more thoroughly and correctly
know the actual cost of producing SILVER ana
have. in the hope that its market value wCuIu
more nearly approximate its intrinsic VaIue
nv its rehabilitation on some equitaoie pasio,
kent our men employed i'll our mines, MI D
and smelters, though at a loss to ourselves lh
genera, and -;.o and tho
condition OF affairs and tendency ot events IL
is evident this hope is dissipated ior Tue
present. now. therefore, be It. o.
Resolved that il is the unanimous sense
of tbis meeting OF mine, mill and smeIter
owners that we must put stop 10 our
further losses by an immediate and compete
cessation OF all our silver mining, miiIing
and smeting operations in the stare ol Co,-
orado. in the full belief that the mohohetair
list element will finally appreciate tnree 'i'"'
points - .xonoot ne hus-
;ress without the use of silver as money.
. That the actual cost and value OF tne
metal far exceeds the incorrect views WHICH
they have formed - o,,orts
3. That the inevitable course Vi ,so eNen.o
will ouicklv demonsti ate that the emo nous
suros of money Invested in railroads, loans
and other property will so depreclatc ~ ~
| value that the mCnOmetalSlS WIZ "DN ~
convinced that some action must be TAKEN
with silver to restore ii to its legitimate use,
which It has held from time immemorlal: da0
be it further
"Reso,ved That we deprecate and con-
demn the incorporate opinions and state
ments of unreasonable men which have been
telegi aphed to the East that Colorado has
any intention OF repudiating her obligations,
public or private. On the contrary, we
ihiAx ourselves as we'll able as any other
part of the world to meet whatever may
come in this emergency"
The resolutions were unanimously adopted
and ths meeting at once adjourned.
MINING ST OK FALLS
The great drop in the price Of silver has
resulted in depreciation in the price OF
mining stock, such as was never before wit
nessel. Molie Gibson stock, which a
couple Of months ago was selling at $40 per
share, slumped to S1.55, and was selling at
that figure in the East with prospect OF sink
Ing to T100 or less.
Business in the mining exchange is prac-
tically at a standstill, only gold stocks being
traded in. There is absolutely no market
for silver stocks at any rice, nor will there
be until there is change in the aspect OF
the silver market