The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1895-12-02
Mr.. LETTERS VIEWS
What BE has to Say About III
African Gold Fields. H
sILvER'S TIME is COMING
The Financ'er Believes That, BE-
fore the Close OF the Century the
White Metal Will Be Placed
Where II Belongs.

A recent interview by L. z. Letter.
the famous millionaire and business
man. In an eastern paper, is attract
ing a good deal of attention and will
be read with interest by the friends
OF silver In Butte Mr.. Letter has dur
Ing the past few years become an ex-
tensive operator in mines, and while
his views will not satisfy strong adj
vocates OF silver they viii be read with
interest as being the expression of
giant In financial circles. and he gives
friends OF silver some comfort. The
interview Is as follows: --....,.
There is very little talk abroad
about silver. but everybody Is perfect
~ daft on the subject of South African
gold mines. People In the humber
walks OF life are putting their savings
into all sorts Of enterprises which
promise to give them big returns. 1t
is perfect mania with poor people to
become the possessors of shares of
stock In some of the mines which the
promoters say will yield enormous
profits for a comparatively trifing out
law .-.... 80
I'm all cando. 1t must be said, too,
that the reports from South Africa are
need pricl1ing to be exploded, but they
have solid gold foundation. Already
5000 stamps are in operation reducing
the ore. and the demand is so great
that this number will be trebled In TIE
course OF a few years. Within The
next five years 1t is the expectation
that f10o 100000 sterling Will be taken
from these South African mines.
Under such circumstances all that
NJ "a n ~ ell
mines will be to go ahead and develop
their properties so that when the in
evita'ble demand comes for silver they
Will be able to supply 1t 81
zone of the best evidences to my
mind that in the natural course of
things silver is bound to appreciate
arises from the fact thatI have re-
ceived no offers of property OF this
kind within a year. Everybody is look
ing for gold, and, judging from the fig
ures coming from India, Australia and
Africa, they are finding 1t, too. This
Is bound to result in a reaction and
by the close OF this century silver will
be brought much nearer to its proper
ratio than could ever be accomplished
by legislation In 'this or any other coun-
try.
There is almost az absolute guar
antee that during the next two years
at least nothing will be attemp. ed by
the congress of the United States in
regard TO the enactment of silver legis-
la,tion. and there could not be a Let-
ter condition OF affairs for Ghe white
metal. Oriental countries must have
1t. and just as sure as l am talking
about II. within five years silver will
be at 20 cents an ounce. i see u quot
ed now at IS. and all because agitation /
of 1t has become quieted in consequence
of the gold fever.
by the way. our own country Is not
at all backward in producing gold, and
especially in view OF the new and inn
proved processes for treating hitherto
refractory ores. Out in the Black HlIls
country only a short time ago met
one of the shrewdest operators in the
world who was giving his personal
supervision to his property. When I
inquired what he was doing so far
away from New York, where he makes
his headquarters, his reply was that
he was going TO sell his gold mines
Further inquiry elected the state
ment that he expected to realize up
ward OF s2.00O.00 from his holdings.
which a few years ago did not seem TO
be worth anything at all.
But the most curious part of this
transaction occurred during my So
journ in New York for a few hours
yesterday. While there I was brought
In contact with gentleman who ham
dies large sums of money Cor foreign
investors and we began discussing |
mining properties in the West Incl |
dentally IL was developed that he rad |
from an Bnglish syndicate |
to offer $500. 900 for the very mine 1 |
had seen in the Black Hills country |
this summer. o-
This is only an incident Of the gold |
craze which pervades England a I this |
time. and the people engaged in pro- |
noting South African schemes are |
money so fast they don't krow |
what to do with 1t. At a fashionable |
place on the continent I met |
a prominent business man whom I |
know to he very actively engaged dnthis |
sort of trade in London. When l |
asked him how he could afford to leave
his business at such a time he de-
clared that he was tired of making
money out OF South African specuia- |
tors. OF course. there are swindles
with this craze and some CT |
the poorer classes of investors will SUI
Ter. but in the main It Is a healthy and |
profitable investment for money by /
people who like TO take big chances."