The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1893-06-30
70 STOP PRODUCTION.
Colorado Silver Miners Decide to
Suspend Operations.
TWENTY-FIVE THOUSAND MEN IDLE
Senator Teller Sees No Cause for Alarm
I'm the Action of India ia Domonetizine
siiver-Gold Miners Urge Resumption
of Hydraulic Mining.


in the Action of India in Dcmonetizins
siiver-Gold Miners Urge Resumption
of Hydraulic Mining.
DENVER, June 30.-Silyer mining and
nmelting in Colorado will cease. This dc.
tision was reached at a nesting of all the
leading mine owners and managers of the
state held at the Brown Palace hotel yes
ferday afternoon. The mines cannot be
operated at the present price, and to stop
further loss all operations will come to a
standstill and %, 900 or 30, 600 men be thrown
out Of employment. There was a large
attendance at the meeting. Ex-Governor
j. b. Grant, of the Omaha and Grant
smelter, and the largest concern of its kind
in the world, was made chairman.
On motion Of David H. Moffat, the chair
appointed committee of five on resolu-
tions as follows: J. J. Hagerman, chair.
man; d. H. Moffat, r. G. Brown, W.
Thatcher and ID. M. Hyman. The resolu-
tion committee then retired and after
short absence returned with set of reso.
lutions setting forth the futility of work
ing the mines at the present price, and
that we put stop to our further losses
by an immediate and complete cessation
OF all our silver mining, milling and
smelling operations in the state of Colo
RADIO in the full belief that the mono-metal-
list element will finally appreciate three
vital points;
'"fhat the world cannot transact its
business without the use of silver as
money, that the actual cost and value OF
the metal far exceeds the incorrect yiewa
which they have formed, that the inevit-
able course of events will quickly demon
strate that the enormous sums of money
invested in railroads. loans and other
property will so depreciate in value that
the mono-metalists will also be convinced
that some action must be taken with sill
yer to restore 1t to its legitimate use,
which it has held from time eimmemorial."
The great drop in the price of silver has
resulted in depreciation in the price of
mining stock such as never before wit
messed. Nellie Gibson stock, which a
couple of months ago was selling at 81 rs
per share, and which closed on Wednesday
at 81, slumped yesterday to S1.55, with
prospect Of sinking to 81 or less There is
absolutely no market for silver stocks at
any price, nor will there be until there is
change in the aspect of the silver market.
Senator Henry NJ. Teller said in an in
terview: "The action of the government of
India ought not to have depressed silver to
the extent that 1t seems to have done, and
l think that the fall in silver has resulted
iulBtiy lloiu u misrepresentation OIl tIG
part of the people of the east as to what
action the Indian government will take 1
notice in the papers that Mr.. Lcech and
Mr.. Cannon are reported as saying that In
dia will cease to take silver.
"The fact is, if the mints are closed to
to private coinage, it is the intention of
the Indian government to purchase silver
and coin it on account of the government,
in the same manner, practically, as we
coined under the Bland act, and this is no
reason to suppose that India will not take
as much silver in the next year as it took
in the last Many friends of silver believe
that that will enable the India council to
sell its council bills at stipulated and
fixed price, and thus prevent the fluctua.
tion of silver.
"There is no possibility of the Indian
government giving gold standard, with
gold as the circulating medium. 1t is i'm
possible for them to do that. The British
government twice tried that, and ii has
failed. The statement made In the public
press that they propose to give u gold
standard without gold currency means
that they propose to take tho rupees on
gold basis as to its value considered as
bullion. In othar words, they would take
the rupee. instead of at AZ cents, its mint
value, at 80 cents. which would be about
its gold value. | don't consider the action
OF the Indian Povernment as alarming as
the alarmist people seem to think it is, nor
do believe that 1t will aid in the repeal Of
the Sherman billn
SAN FRANCISCO June 3o-The redemp-
tion of hydraulic mining as a means of
relieving the financial stringency in gold
has received the unqualified Endorsement
of Thomas Brown, cashier of the Bank of
California, and admittedly the best local
at,thnpity y ap financial ttprs Mr. RPntvr
says when the work OF the hydraulic mines
was stopped twelve years ago the mines
produced about sl0,G00,oo0 annually. He
says one-third of the gold yield of the
United States is produced in California,
and adds that it is to be hoped that every
encouragement possible, within reasonable
limitations, will be given to hydraulic
miners, SO rs to materially increase the
gold product.