The evening herald. [volume] (Shenandoah, Pa.) 1891-1966, 1893-06-30
TO STOP PRODUCTION.
Colorado Silver Miners Decide to
Suspend Operations,
TWENTY-FIvB THOUsAND MEN DLE

Senator Teller Sees No Cause for Alarm
in the Action Of India IN Domonetizing
silver-Gold Miners Urge Resumption
OF Hydraulic Mining.
DENVER, June 8O.-Sflver mining and |
smelling in Colorado will cease. This de |
Dision was reached at a meeting Of all the |
leading mine owners and managers Of the |
state held at the Brown Palace hotel yes |
terdav afternoon. The mines cannot be |
operated at the present price, and TO stop |
further loss all operations viii come TO |
standstill and %, ,0OOor 80 0O0men be thrown |
out OF employment. There was a large |
attendance at the meeting. Ex-Governor |
j. B. Grant, Of the Omaha and Grant |
Bmelter, and the largest concern of its kind !
in the world, was made chairman.
On motion of David II. Moifat, the chair |
appointed a committee Of five on resolu-
tions rs follows; J. j. Hagerman, chair
man; ID. II. Monat, r. Q. Brown, W.
Thatcher and ID. NJ. Hyman. The resolu-
tiOn committee then retired and after a
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 q 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;
"That 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 views
which they have formed, that the newt
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-metalsts will also be convinced
that some action must be taken with sill
yer 80 restore it to its legitimate use,
which it has held from timeimmemorial.
The great drop in the price of silver has
resulted in a depreciation in the price of
mining stock such as never before wit
/ messed. Mollie Gibson stock, which a
/ couple Of months ago was selling at S7.75
/ per share, and which closed on Wednesday
at 50, 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 a
| change in the aspect of the silver market.
! Senator Henry M. Teller said in an in
| terview: "The action of the governmental
| India ought not to have depressed silver to
the extent that it seems to have done, and
! / think that the fall in silver has resulted
| largely from a misapprehension on the
part Of the people of the east as to what
action the Indian government will take ]
notice in the papers that Mr.. Leech 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 It's council bills at a stipulated and
fixed price, and thus prevent the huotua
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 it has
| failed. The statement made in the public
press that they propose to give a gold
! standard without gold currency means
| that they propose to take the rupees on a
| gold basis as to its value considered as
! bullion. In other 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 government as alarming as
the alarmist people seem to think it is, nor
do believe that it will aid in the repeal of
the Sherman bill"
SAN Francisco, June 90.-The redemp-
tion of hydraSlic 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
authority on financial matters Mr.. Brown
says when thework of the hydraulic mines
was stopped twelve years ago the mines
produced about s1O,0OO,0OO 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, win be given to hydraulic
miners, so as to materially increase the
gold product.