The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-06-30
WILL CEASE MINING AND SMELLING.

Colorado silver Producers Decide to Throw
Over $4,000 Men Out of Work.
Special TO the Indianapolis Journal
DENVER. COL. June 29.-Silver mining
and smelling In Colorado Will cease. This
decision was reached at o meeting of all
the leading mine owners and managers of
the State, held at Brown Palace Hotel this
afternoon. The mines cannot be operated
at the present price, and to stop further
loss oil operations will come to a stand
still. and $4,000 to $4,000 men Will be thrown
out of employment. There was q large
attendance at the meeting. Ex-Governor
j. b. Grant, of the Omaha and Grant
smelter, the largest concern Of Its kind In
the world, was chairman. The following
resolutions were adopted:
Whereas, 1t appears from the continued at
tacks on silver by the monometallists of the
United states, England and other nations that
there exists in their minds induced probably by
the product of an exceptional and phenomenal
mine) that the metal is so abundant and The cost
OF production so little as TO justify the deprecia-
ti0n of Its value; and
Whereas. From years of experience in mining.
milling andNsmelting we are in position TO more
thoroughly and correctly know the actual cost
of producing silver. and have, in the hope that
It's market value would more nearly approximate
its intrinsic value by It's rehabilitation on some
equitable basis. kept our men employedTfn our
mines. mills and smelters. though at loss to
ourselves III general; and
Whereas. From the present prices and the con-
dtion of affairs and tendency of events it is evi
dent this hope is disspated for the present; now,
therefore, be it
Resolved That it is the unanimous sense of
this meeting of mine. mill and smelter owners,
that we put stop TO our further losses by an
immediate and complete cessation Of all our sill
YER mining, milling and smelling operations in
the state OF Colorado. In the full belief that the
mOnOmetallst element Will finally appreciate
these vital points: ~ that the world cannot
transact its business without the of silver
asa m0Is vas tina that afs the actual sSs
the incorrect views which they have formed;
90 that the inevitable course of events will
money invested In railways, loans and other
property will so depreciate in value that the
monOmetalists will also be convinced that some
action must be taken with silver to restore 1t to
it's legitimate use. which il has held from time
immemorial; and, be 1t further
Resolved, That We deprecate and condemn the
Incorporate opinions aud statements or un-
reasonable men, whlch have been telegraphed
to the East. that Colorado has any intention of
On the contrary. we think ourselves as we'll able
as any other part of the world to meet whatever
may come in this emergency.
The great drop in the price Of silver has
resulted In a depreciation In the prices of
mining stocks such as was never before
witnessed Mollle Gibson stock, which. q
couple of mont this ago. was selling ct 81. "a
per share and which closed yesterday at S3,
slumped to-day to 81. .55 and was selling al
that figure in the East this afternoon, with
prospects of sinking to 81 OF less. Business
on the Mining Exchange is practically at q
standstlll. only gold stocks being traded
in. There is absolutely no market for sill.
yer stocks at any price. nor will there be
until there is q change in the aspect of the
silver market.
Thinks Gold VIA Go To Premium.
HELENA, Mont, June 29.-Ex-Governor
Hauser. chief owner of the Helena smelter,
which Is turning out about e8O0.0 In
bullion every month. says it will not close
as there is enough gold and lead in
Montana to keep it running in spite of low
prices of silver. Hauser says the present
situation will cause reaction in favor of
silver. Every silver mine that closes down
reduces the production of gold from 25 to
40 per cent. The result will be contraction
of the gold product to less than S65. O00. 600
per annum. an amount which Is consumed
every year in the arts alone. Money will
become soarcer. gold 60 to q premium and
this scarcity will compel an increased use
of silver. Hauser thinks the next Congress
| will repeal the Sherman law and pass q la W
for the coinage of three or four millions oi
silver per month on increased ratio
| Hauser is one OF the largest mine owners il