The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-10-23
COLORADO GOLD MINES.
THEIR PRODUCTIVENEss Is IN
CREASING GREATLY EVERY
YEAR.

The Condition of the Gold Mines in
the West-The Southern Gold Ores
Beginning to Attract Attention.
The silver Craze Dying ont in Colo
radO-AII the Attention Being Cen
tered on Gold.
Washington, oct. 22.-'I am not aston
ished at the excitement now prevailing
! in London in consequence of the specula-
tion in South African gold mining stock"
remarked Mr.. r. f. Preston, director of
the mint. as he sat at his desk in the
treasury department, carefully inspecting
| several samples of gold ore he obtained
from the mines at Cripple Creek Colorado.
Il read the London cable relative to the
declining in gold mining stock in South
Africa, but 1 am not surprised for 1 I'M
derstand that that there has been an
unhealthy and purely speculative boom
going on in Europe over that stock, and
sooner or later a decline had to come.
In this country the growth in the produc-
tion of gold has been almost phenomenal
within the past year or two, and unless
am very much mistaken look for a gen
uine flood of American gold from the
mines of the west during the next eight
or ten years.
Mr.. Preston then proceeded to relate
some of the instances of his recent visit
to the gold-mining regions of the west to
show the basis of his prediction that the
gold product of the United States is un-
dergoing a steady and healthy increase.
Said he: while 1 was out in Colorado
| recently / went into the mining regions
at Cripple Creek and Leadville and there
1 received practical demonstration that
the gold producing capacity of the United
States is destined to astonish the world.
| Here are a few samples from one of the
| Cripple Creek mines, which run $500 10 the
| ton" said Mr.. Preston, taking from
drawer in his desk three or four fine
specimens of ore and handing them to the
writer for inspection. You cannot find
any traces Of gold in that piece, with the
aid Of a microscope" continued Mr. Pres
ton, yet it will assay $500 to the ton"
How do you account for the revival
of interest in the gold producing regions
of the United States? Is it another perodi-
cal gold craze, or is it a legitimate growth?
mere IS nothing fictitious about the
activity IN the gold producing sections or
the country l visited. On the contrary,
! the Improvement is substantial and infiu-
enced by the wonderful improvements
made in the facilities for mining IL is
much more profitable to mine gold now
than 1t is to mine silver, and with the inn
proved appliances ore that was heretofore
TeSdldtu as 100 poor to work, is now be-
ing mined at far profit Another import
ant discovery L made is that nearly all of
the mines in Colorado are being worked
with American capital. Some time ago
there were numerous foreign investors
but they became frightened sold out
their stock and left the Americans II,
full control of the mines. Localities con-
sidered too rough and Improbable to be
mined are now swarming with miners
| and there is work for all that want IT,
Il may be too enthusiastic on this sub
ject" continued Mr.. Preston, but / made
every effort to get at the true condition
of affairs there, and | am convinced that
we will have Hood of American gold pro-
duced within the next eight or ten years
| Why, the aggregate production of Ameri-
can gold for the present year is SAC, OOO,-
600, against $S9,O1O,OO0 last year. The ag-
gregate production of the world for this
year, | estimate, will be 100000, 600, as
against $780, 100000 last year,
How will this increase in the production
of gold benefit or stimulate the financial
and commercial situation?"
1T must necessarily work an improve
ment in business, for soon as it Is
know American gold mines are panning
out well the foreign investors will come
back to this country with their sllrpIus
capital Gold has a fixed value ali the
world over and the miners know and in
vestors know what they can get for il
whenever they present it al the minis
This improved condition in the gold pro-
duct WILL in my judgment, materially as
s1St IN the settlement of the financial
question. Why, out in Colorado, the peo-
pie are quite Indifferent about silver now
that they are having so much success
with gold. 1t is not profitable to mine
silver, as compared with gold for the
value of the former metal fiuctuates while
the price of gold remains fixed and the
miners know just what they are going
to receive for the precious metal com
tanned in the ore. Then the great improve
ments that have been made in MINING
implements enable the labor to be car
ried on with reasonable profit even in
ores heretofore considered practically
worthless; They have appliances for us
ing the "tailings, from the mines, at a
small profit. A few years ago such a
as Impractical"
Then you believe that this healthy in
crease in the product of the American
erally?" SCH
1T viii certainly assist materially in
the prosperity that IS returning to us.
and If we can find a basis for our fnan,
cial transactions, and let the country
know just what our policy is to be we
will be all right. The United States will
stand second, instead of third or fourth
in the list Of gold producing countries
we nave greater resources in this cOun-
try and better facilities for mining. and
the outlook for all of our gold produce
ing states is brighter than 1t has been in
DO you look for any improvement in
the mining regions of the south?"
While there is some gold in South
ginia, Maryland, Alabama, and Tennes-
see, it IS not as free from other minerals
ores found in Colorado, California Art
ona, Montana and Idaho. There is con
siderable sulphur and other mineral sub
stance in the southern ores that have
heretofore initiated against them in the
market With the improvements that
have recently been made in mining pro-
cesses, / do not see why the southern
ores should not be mined more profitably
now than in the past. 1t is in the west
however, that / look for the greatest
production Of gold within the next ten
years"
Mr. Preston has seen nothing in the
recent Investigations he has made 10
change his opinion on the subject of the
gold standard. ne contends that il is i'm
practicable TO establish a complete and
satisfactory parity between gold and Sill