Fisherman & farmer. [volume] (Edenton, N.C.) 1887-19??, 1893-07-14
THE SILVER SITUATION.
EFFECTS OF midas ESTOP-
PEI OF FREE COINAGE.
1he fr1ce OF the White Metal Takes
Big Drop-Many Mines In Col
Noraoo, Montana and Utah Shut
DoWn-The Cost of Silver Produce
Ilon-Ihe Opinion of Experts


me decentralization in the price Of silver
0cllIon, owing to the action Of the Indian
council in closing the Indian minis TO the
Tree coinage Of silver, continued in Wall
street, New York. until ret only was the
prlce Tor silver bullion itself depressed, but
tnere was heavy selling OF other securities
~hIch were supposed to be affected by the
u7chhe IN the white metal. The stocks Of
1noSe railroads whose earnings are depen-
Heht upon the carrying Of ores from tho
mines to the smeters, and supplies, timber
and machinery to the mines, fell away
SHARPLY On the New York Stock Exchange
81 yer bullion certificates were quoted first at
II, then they wero offered ut 700693/ with
out receiving 4 bid. the dealing in mining
Shares on the Stock Exchange of late
amounts TO very little. At 50 cents for
bar silver. the standard silver dollar is worth
tntr.nsicalIy So 40 cents.
The fall in silver caused disroavto the mine
owners III the Salt Lake (Utah) region. The
Daly-West mine at Park CITY was ordered
closed down. The Diamond mine at Eureka,
New, and the old Jordan and GaIena at
bingham, Utah, were also ordered closed.
Inc owners Of mines as follows also decided
20 close: Sampson ut Bingham; Bullion
Brock and Champion at Tint Caroline at
Eureka yosemite at Bingham Crescent at
Park City. and Anchor at Park City. These
nave all been steady and strong producers
Inc drop Of silver caused CONSERVATION in
Butte, Montana, among the mine owners and
miners. The sudden and radical Jump was
totally unexpected, and therefore those most
Interested were nOnpluSsed. The principal
silver producers arc the Alec, Moulton, Lex
lnSIOn and GagnOE, and the managers Of
each, on being interviewed said that unless
there was an Immediate change for the better
work would be suspended With silver at
eighty the mines were operated at a small
loss, but this was sustained as it was thought
ma TO 10 han TO fail a
greater expense Of shutdown, the pre-
sumption being that the price would before
long go up.
The following interviews bear upon the
subject Of the low prices of silver:
State Inspector Hutchinson, OF Colorado
says Every ounce of silver taken out of
the ground in Colorado has cost S155. tax
ing into account the sums spent in prospect
ing and development work. There are in
the State perhaps half dozen bonanza prop
critics which can produce silver at fifty cents
per ounce. The best informed men at AS
pen, Col, figure that it costs from eighty
three to ei5hty-tive cents per ounce to pro-
duce silver in that camp.
President Hagerman, OF tho MOliie Gibson
Company says II do not know Of mine in
the Aspen belt, except the MOllie Gibson,
winch could produce silver at sixty cents per
ounce. Silver at sixty cents to seventy cents
will close every mine in Aspen. which means
the closing OF every other mining camp in
the State, with the possible exception of
Creole. The stOppage of silver mining in
the United States will materially reduce the
gold production. as so large portion of
gold is obtained in connection with silver"
That the action Of the Indian Government
in suspending the coinage Of silver will have
depressing influence in the United States
is the general opinion in banking circles.
Many consider that TIE only method of relief
lies in the immediate repeal of the Sherman
Silver law. This, it is thought, will not only
restore confidence in this country but will
have good effect abroad in showing that this
Government is willing to follow in the we'll
tried lines of Old World financial experts.
The newspapers in India generally approve
Of the action taken on the silver question,
but express the hope that the Government
will compensate the banks. the holdings Of
which are largely in silver