The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1893-07-08
THE SILVER SLUMP.

How Il Affects IN. Colorado Miner. ana
ssncIter- 4 Decision Reached at Meet
Ing 81 Mine Owners In beaver To Cease
Operations In Mining. milling aud smeit-
Ing From $4,000 to 10000 Men win be
Thrown Ogt Of Employment.
DENVER, Col. June 80 Silver min
ing and smelling in Colorado will cease.
This decision was reached at "A meet
ing Of all the leading mine owners and
managers If the state, held at tho
Brown Palace hotel yesterday after
noon. The mines cannot he operated
at the present prices. and to stop all
further loss all operations will come To
a standstill and $4,000 or $4,000 men be
thrown out Of employment. There
was large attendance at the meeting.
Ex-Gov. j. Is. Grant, Of the Omaha and
Grant smelter. the largest concern II
its kind in the world. was made chair
man. On motion of David II. Moffatt.
the chair appointed a committee Of five
ON resolutions as follows: }. J. liager-
man. chairman; ID. II. Moffatt. r. c.
Brown, NJ. w. Thatcher and d. NJ.
Lyman.
The resolutions committee then re-
tired and after a short absence re-
turned with the following resolutions,
which were read by the secretary
WHEREAS. 1t appears from the continued at
tacks on silver BY the mono metallists Of tile
United States. England and other nations.
that there exists in their minds Induced prob
ably ~ the product OF exceptional or
phenomenal minel. the idea that the metal Is
SO abundant and the cost OF production so lit.
tie as to justify the depreciation OF its value.
and.
WHEREAS From years OF experience In min
I'M. milling and smelling we are in n position
to more thoroughly and correctly know the
actual cost of producing silver and have. In the
hope that its market value would more nearly
approximate its intrinsic value by its rchahih-
tation some equitable tasis, kept our men
employed in our mines mills and smcltcrs.
though at a loss TO ourselves In general. and.
WHEREAS. From the present prices and con-
dtion Of alars and tendency OF events Il is
evident this hope is cissipated for the present,
DC IL
Resoirtd. That IL Is the unanimous sense OF
this meeting OF mine milling and sfneltcr own
ers that We put stop 10 our further losses ~
an immediate and complete cessation OF all our
silver mining milling and smelling operations
In the state OF Colorado. ia the full belief that
the mono mc.alll>l element will finally appree.-
ate three vital points.
!. That the world cannot transact its bust
ness without the use OF silver.
2 That the actual cost and value 81 the metal
far exceeds the incorrect views which they
have formed
B. That the inevitable course Of events will
! quickly demonstrate that the enormous sums
o. money invested in our mines and other prop
erfy will 40 depreciate in value that the mono
metalists will become convinced that some ac-
tioa must be taken with silver 10 restore II 10
Its legitimate use which II has held from time
immemorial; and be II further
damn ~ =
incorporate opinions and statements of unrea.
Sonabe men. which have been teieyrapkf :
TO the east that Colorado has any intention Of
regulating her obligations public or private.
On the contrary. think ourselves as well
able as any other part OF the world to meet
whatever may come in this emergency
, The resolutions were unanimously
adopted and the meeting at once adj
journed-
Secretary Herbert Gives Ills Views on the
silver Question.
WASHINGTON. June 30.-Secretary
Herbert of the navy department. in
reply to an inquiry as to the silver
situation and the policy Of the demo
I cratic party. expressed the following
views:
Il think the stoppage Of the coinage
of silver i'm India is the greatest blow
that has been given to the Sherman
: law and TO the free coinage of silver.
The free coinage Of silver in
; India has been pointed to as an
. object lesson By the advocates OF
: free coinage in this country. II
, has been urged upon the farmers
that India had an advantage over the
United States in higher price for
!. wheat because the currency in India
:. was all silver. ignoring the fact that
a while they might get more for their
! wheat i'm their own currency. the price
|, in gold was no greater and the com
. modities they bought with the money
they got for their wheat had to be PAID
for on gold basis. and still furthei
}. overlooking the loss through high
exchange. IL has further beer
!" repeatedly said that the high rate 81
exchange between India and England
:, was kept M BY England for the bene
d fit OF English merchants. that the,
. might sap the very life out of India
Y Now the coinage of silver there y
!, voluntarily stopped. with the consent
}, Of India. and it tumbles over botf
t these arguments-that the silver cur
II reucy was a benefit to the farmers o
II India. and that the exchange was on
d system for the benefit of England
h DO You think the silver question
Q presents a serious danger to the demo
e cratic party at this time?'
g 1T is serious question. which tn
d conditions demand should be settled
E, I think we have reached a crisis, ant
y that the party in power will he judge
bv the wisdom they show in giving tn
nation sound currency
The secretary further said he believe.
!. the populist party was losing ground
' and that the teachings of those engage'
in IL would have no influence in shap
: ing the future policy of the dcmocrati
= party. lie said: Those who advance
= the untcnable doctrines Of the popu
/, lists on the money question have for'ne
= themselves intoa third party They ca
!. no longer advocate their theories IN IN
70 democratic councils and a. thir
x marty they are not strong enough =