Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-08-24
FRIDAY. AUGUST "a, 1874
Gold In Abundance.

what n stir there would be In the
financial world II somewhere on the globe
lhere should be found gold-mines yielding
as abundantly as the silver-mines nave
hitherto yielded. How would the goa
monometaliists accommodate themselves
md their business interests TO the new
order OF things? Mr.. Sprague, or Nhoae
island. once said there was nothing 80
timid as a million of dollars except two
millions OF dollars. 50 1t may be said
that money is so tirnid that II cannot be
forced TO leap without looking-so con-
seryatiye that II can neither be persuaded
nor coerced into doing things In hurry
Ia be repented Of at &isure. IT. therefore,
gold has been found n such quantities
rs the papers report to have been dis
covered IN some places in New Mexico,
The nnanciers will nevertheless not lose
their heads. but will find along with the
gold the means OF preventing slump
N that valuable commodity"
But to the facts Since silver has so
greatly declined In price, its production
has fallen off, and naturally the rise in
has stimulated the production Of the for
mer metal. We suppose a good many
miners have abandoned the silver-mines
and turned their attention 10 the gold
mines. The success of these new gold
miners has been wonderful. The reports
from New Mexico are almost Incredible.
We quote a Georgia paper:
"The gold is in collaborating rock on the
mountains skirting the Rio Grande river
for over forty miles. The exact locality
Is about thirty miles from Santa Fe
west. and thirty-five miles from Albu-
auerque south.
professor Dugln. who had charge Of
the Worlds Fair mineral exhibit, has
made an examination Of the new mines
ma reports that there are hundreds OF
millions of gold ore In sight. In fact. he
is credited with saying that he saw
enough gold-ore to pay the national debt
ten times over.
1.-THE ore, II is said. runs from $50 to
$500 a ton, and will average $50 n ton
II is estimated that there are already
1000 men in the new gold district. and
other thousands are on their way there.
ss~~vsT-uI-is- navt -pss-n cSIapIIsIieu, anu
six pOst-ofiices have been created
End are exaggerated, but they must have
pretty solid basis OF truth. The dele
gate In Congress from New Mexico re-
REEVES reports from the district almost
daily and they. In a large measure. con-
firm the reports. He says he has no
doubt that the find will be one Of the
wonders of the age.
Assuming that there is n tenth as much
gold In the new fields as Professor Dugin
thinks there Is. Secretary Carlisle has no
reason 10 be In the least alarmed about
the withdrawal of gold from the Treasury
Tor shipment 10 Europe. lie could spare
u good deal more without causing uneasi-
hess in financial circles. Even the silver
craze. under the influence Of such a
wealth Of gold. would quickly cease to
snnoy the country. because with such an
abundance Of gold and the decline in
the production of silver. the market price
Of silver would not be long in getting
close to the is TO / ratio
These may be travellers stories. We
have no way of verifying the reports.
But let the facts be exaggerated as they
may. there must stu be gold enough
In New Mexico TO create a sensation that
Will stir the financial world to its greatest
depths. without. however as we have said.
causing the financiers to lose their heads
III Professor Dugin said that he had
seen "gold-ore enough TO pay the national
debt ten times over" we must believe
that he saw one tenth of that quantity.
or enough TO pay the national debt once:
and II he has seen even this quantity
n gold-ore. then we may flatter ourselves
hat the flush times of California will
iwindle into insigniflcance when con-
lrasted with the flush times which will
Boon come to New Mexico and the whole
United States.