New-York tribune., 1897-07-30
SILVER As 4 BT-PRODTCT.


The fact that silver has dropped below all
past records, both here and at London mas huch
more than a sentimental or statistical interest.
1t ,s a fact of intense practical importance 10
vast numbers of people-to business men OF
Mexico as recent dispatches have shown. ana
to the entire population of silver-using coun-
fries Prior 10 This week the lowest pom, ever
Touched was on March 1G. 1894 namely 2Iod
pence for the British bars at London and =?
cents for American bars at New-Yorl. ON Mon-
day This record was exactly reached asaih Oh
both sides Of the ocean, and on Tuesday and
Wednesday surpassed. the British price falllng
10 2G37 pence on Wednesday and the American
10 J7.31 cents. the one eeVen-slX'''n'hs oi II
rennv below the record of 1894 and the other
oa, cents. The average for this month may not
fall as low as that for March. 1894. which was
20 pence AZ London and 1921 cents at New
York. or that for January. 1895. which was 2I+
renee at London and 1919 cents at New-lork,
lI,,i there is IL strong probability that the New
York average for the month may fall below
either record. The British may not, as the price
NJ London was stubbornly held by manipulation
rnin the 20th. Apparently the increasing pres
>rre of American offers at falling prices has
colnpallcd unloading Of large quantities carried
by British spectators.
Immediate explanations and excuses for this
fall are "a plenty as blackberries or Signal
Service showers" China cannot buy. India IS
suffering from extreme pauperiSm. Operations
fl japan and Austria TO place the monetary sys-
I'm on a cold basis have affected the market.
Enormous new supplies Of gold. instead or
chcapcnng gold with reference to silver as
many theorists have calculated. promises so
great an increase Of the gold supply that the
need or desire Of silver TO use as money may
be permanently diminished. The latest decara-
ton of The President for nnwavering mainten-
ancr Of The gold standard has killed some fool
l>h hopos The adjournment Of Congress has
put an enc for some months to the possibility
of another monetary wrangle in the Senate and
scare in this country But the one explanation
which explains is that the quantity of American
silver offered is large. much larger than for
e.ancrs have expected who looked for a material
decrease IN output here. and larger than the
worlds markets are prepared 10 buy.
1t seems hard for free-coinage theorists 10
comprehend that the conditions under which
silver j. now produced have permanently
changed its value In the extensive list OF
mines given by 'rhe Engineering and Mining
Journal and IN Mineral Resources" there ap-
pear forty-one mines producing silver only. Of
which bnt three have paid dividends in 1897
or 1895. while there are thirty-three producing
silver and lead, Of which nine are paying divi-
dcrds: twenty-four producing gold and silver,
of which nine are paying dividends: seven pro-
ducing silver and copper. OF which four very
heavy producers are paying dividends and six
Others producing silver in connection with
Two or three OF the other metals of which
five are paying dividends While 1t is not
supposed that the list embraces all mines
that have paid in recent years and does not
purport to include all mines in operation. II
nevertheless gives clear idea Of the conditions
under which great proportion Of the silver is
now produced. The mines operated for silver
only or mainly are few, and fewer still are
profitable The mines operated mainly for gold.
copper or lead. or two or all Of these metals,
which also produce silver, are numerous. and
turn ont a vast quantity OF the white metal, and
a good proportion Of these are profitable. They
include such neavy producers as the Boston and
Montana, and the Copper Queen, operated chiefly
for copper the great majority of paying lead