Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1896-10-10

Damm's rapid rise to the distinction of
the Croesus of Durango is the story of
the Promontorio mine. That is q proper
~ OF which the mining market never
heard. 1t Is known to Durango people
because they see the OK carts and mule
wagons cone creaking in with 500 tons
of ore monthly. The mine is 100 miles
north of the city, and the ore must be
hauled that distance in carts and wagons.
The ore is quartz, and all that il thus
transported is of a grade which yields
$50 ounces TO the ton. The monthly ship
ment from the Promontorio is 10000
ounces of silver. In a year this amounts
to 100000 ounces. 1t is worth in
Mexican money 81 10000, and in Amer
lean money $G50.000. But this shipment
of ore at the rate of GOO tons is not all
of Mr.. Damm's product. From his own
works ut the mine he makes every day
a bar of silver weighing 1000 ounces. "A
bar Of silver worth 1920 in Mexican
money and half of that in American mon
ey is not very formidable in appearance.
1t is only Is inches long by 4 inches in
breadth and thickness. Every day one
of these bars is turned out at the mine,
brought down TO Durango and added to
the stack of treasure i'm Maximiliano
Damm's warehouse. The mint officials of
the United States will have an opportuni-
~ to handle a collection of these bars if
freq coinage becomes the law.
Tfle present product of the Promontorio
is l,3OO,OO0 ounces n year, worth 81. 49,
400 in Mexican money, and to be worth
that in American money If IL to / pre-
walls. This is one mans mine. That is,
perhaps, the reason so little has been
heard of it.
About ten years ago, when silver be-
gan 10 go down, the PromontoriO began
to uncover it's richness. With his rep
u~tation established as the richest man
in Durango, Mr.. Damn does not admit
that he has done any mining. He has
simply been developing what there is in
the PrOmontorio, blocking out the masses
of ore to be removed when he gets down
to be real business of mining. But
while doing development work Mr.. Damn
is taking out incidentally ore which
yields him 100000 ounces of silver
yearly. "A fissure vein which gives him
this ore carrying $50 ounces of silver
TO the ton is from Is inches to 3 feet
wide. While developing his property,
Mr.. Damn has taken out a third-class
of ore which has not been shipped to the
smelter or treated at the mine. He now
has n dump containing $4,000 o of
such ore which, he says, will average 60
ounces to the ton. That means 5000
900 ounces more, to be worth $3.50
900 when the United States declares
for unlimited silver.
MaXimiliano Damn can furnish all
of the silver the minis of the United
States will be able to coin into
dollars during five weeks of opera
ton at their present full capacity.
Open Mints Cheaper silver.
"Why is it that in n silver country,
with unlimited coinage, bullion does not
go to the Mexican minis to be coined
into dollars, but is shipped out to be
sold in another country where il has n
: t~iuctuating value and where so much of
it ms would make n dollar in your minis
is worth now only half a dollar?"
This was submitted, during the rest in
the saddle of Las Mitras. to the owner
of the mines below, from which the Mex
leans were ~trotting forth in n~ever-ending
file with their sacks Of ore. The mine
owner chucked a pebble over the preci-
pice, and shook his head, as if the ques-
ton was too much for him.
Well, why do you send your w
bullion to the United States to be sold
at bullion value under the gold standard
instead of having il minted into dollars
which are worth 100 cents on the silver
basis?"
The mine owner got out his pencil and
figured. He took the exchange, the cost
of transportation, the 377 grains Of fine
silver in the Mexican dollar, the 81
| grains in the American dollar, the ounce
value, and made elaborate calculations.
At length his face frightened.
SILVER" he said, yields today 4 cents
an ounce more when sold in the states
as bullion, after paying freight charges
and brokerage commissions, than il
would If taken to the Mexican mints and
coined into dollars"