The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-11-14

The future Of silver mining = not half
30 black as Il vas painted By the senators
frem tke silver states. Ths action in India
created fairy in the market that thrcx
silver down 80 that il bagrly touched 90
eents an ounce. but the price settled down.
after this unexpected shock. ~ abont T5is
esnts an osncs- When the repeal biz
passed the house silver fell 20 Gsls cents an
ounce. L. has risen 10 about - csass, and
ths; woa.d seeFn 20 be the price essae-
lsshsd By the Ian Of supply and demand.
Al mines that caa produce silver wiih
protss AZ 20 cents an Ouace sre prosperous.
There i mine IN Colorado (.he Last
Chaneeb where the cost Of production 10
not over 2Ss< cents an ounce, and there
are tao or three other mines IN the same
state in which the cost Of production IL not
much over that figure Between that and
the present selling price there are large
number Of mines that can be worked At
profit The union miners in Colorado are
standing out for their old wages and re-
fuse 70 acespt an offer OF 81 IS for eight
hours work. The Grant Smelling Works
Al Denver are running 10 full capacity.
The siivsrisss predicted that under the
Sherman purehase set the price Of silver
would rise 70 81 . per ounce. and this pre-
dietion was based upon the irrational idea
thai an enlarged and artificial demand
would no; lead TO increased production.
The latest prediction Of the silverites that
the withdrawal Of the artificial demand
would lead to grea, decline in price has
not been fuihIled. The non-paying mines
are closed. bat the paying ones that have
hitherto been operated at too high a cost
can reduce expenses. The silver miners
have been receiving, through the miners
union, twice the wages ruling in other EN-.
Payments. The stoppags OF government
purchases viii reduce the pay roll of min
Ing companies 10 tbs general level. The
necessity for reduction IN the cost OF pro-
ductson will stimulate invention in the
mechanical handling Of ores. and il Is
quite certain that silver mining in the
failure is likely TO be quite as profitable as
the mining Of iron ore or OF gold. After
the closing OF the India minis silver fell
10 O. cents per ounce. but the demand
from Asia sent the price up to IS: then Il
fell slowly TO %. November 1 the price
was 6sI< cents. and it now stands about 20.
II is clear that there exists and al ways will
exis. demand for silver bullion. which
the American mines can easily aud profit
ably supply. Colorado will not lose her
mining industry, nor the people dependent
upon IL their business. Colorado has suf.
fsred far more from the collapse of credit
that the threat OF ultimate free silver coin
age forced than she has from any tempo
rary or forced stoppsge OF silver mining.
The owners OF silver mines and es
smelsers are now on the same footing as
the miners and smelieFs OF iron. copper.
zinc and other metals; are ON the same
footing as alI other industries: and they
are helped by this fact, because the artl-
fetal demand for silver exposed them 10
haetuations in the past of most disastrous
natarc. The New York Etsniag Past. a
newspaper Of very sound financial judg.
meni. bottoned on very high intelligence
and learning. believes tha, the repeal of
the purchasing clause of the Sherman act
will work no real harm 70 silver mining.
bat rather will in the end benefit It.