The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1898-08-09

this republic for about 80 cents an ounce, in.
Guiding all expenses, it makes us take differ
ont view altogether of the matter. AZ the pres
ent price of silver this leaves handsome prof.
It. These facts can be demonstrated. Mexico
today offers every inducement for capital to
enter into the silver mining industry.
The journal in which this statement
is made is itself favorable to the free
coinage of silver in Mexico, and doubt
less In the United States as well, as it
urges that the cheap labor thus insured
invites investment of foreign capital.
There is therefore no partisan purpose
in the statement which is therein made
that silver which is worth at this writ
ing 5438 cents per ounce in New York
and London is being produced in Mex
leo for 30 cents per ounce.
Mexican Mining Laws.
1t is reliably reported in the leading
daily paper of this city that a vein of
silver was struck near Guaynopa very
recently which runs s, 600 ounces of sill
yer and II ounces Of gold TO the ton,
and that during the past few months as
many as 20 prospectors each week have
fitted out in El Paso, Tex, and depart
ed for the Yaqui territory, the vicinity
of the above rich silver find from all Of
whom favorable reports are being re-
ceived
In the state of San Luis Potosi there
are veins of silver ore which can be re-
lied upon to yield annual profits, esti-
mated in gold value, of from 18 to 90
per cent and in the state of Chihuahua
greater activity in mining and prospect
ing is now being manifested than ever
before, and many valuable discoveries
are being made not only in the way of
hitherto unknown mines, but Of larger
and richer bodies Of ore in the older
mines. / have further been assured by
q conservative and well informed resi-
dent of this city that modern mining in
this country is today in its infancy and
that during the next few years Mexico
will surprise the mining world with the
wonderful increase of it's silver output.
The mining laws Of Mexico have been
made very favorable to investigation
and investment, insuring the prospector
full protection and enjoyment OF any
thing valuable he may find Under the
present law, with small expense for
announcement, three months are Civ
en- the prospector to ascertain the value
of his find and to acquire possession if
its development may so warrant. The
yearly taxes are go per claim Of "a
acres, and the property is held without
further obligation on the part of the
owners.
1 have referred TO the recent rapid
increase of silver mining operations in
Mexico and TO the extraordinary profits
this industry offers and is yielding here
in order that q practical, actual view
of the situation may be fully afforded.
Capital is eagerly seeking investment
i'll Mexican silver mining operations
with the expectation of selling the sill
yer product Of their mines for from 54
to 56 cents per ounce, and profits great
er than can be secured in almost any
other legitimate industry are being
made in mining here, and yet at this
time the self styled bimetallists of the
United States are declaring that the
market value of silver would be S1.29
per ounce if it were not for some al
legged conspiracy" against it and are
seeking to persuade tho voters Of our
country TO attempt TO make commodi-
ty worth $129 per ounce by legislative
enactment which can be and is being
profitably produced for from 30 to 40
cents per ounce.
A False Assumption.
Just here the question may be reason
ably inferred as to what warrant exists
in past experience for the declaration
that bimetallism, or tho equal and con-
current circulation of two metals as
money, can be secured or assisted by le-
gal enactment. Fortunately for the sake
of all the threatened interests Of our
country, absolute and complete denial
of this assumption can be quoted from
the pages Of our country's history
In the formation of the first mint law
of the United States in 1892 the proper
tion of silver and gold for the coins of
our country was determined by refer
ence to the market value of tho two
metals. Alexander Hamilton knew that
ltSlSldllNO tlltlCbllltlb WOulN uOb BlNGI
one-half of per cent value to either a
gold or silver coin, and he consulted the
market values to determine the quanti-
ties of metal each coin should contain. |
Thomas jefferson also thus expressed
himself at that time: "Just principles
will lead us TO disregard legal proper
tions altogether, TO inquire into the
market price of gold in the several
countries with which we shall be prin-
cipally connected in commerce and to
take an average from them" 1t hap
pened, however, that in the selection of
a ratio for the first coins gold was slight
ly undervalued, and tho result was that
it did not circulate. In 1884 an effort |
was made to secure the parity of our
gold and silver coins, not by legislative
enactment but by reducing the quanti-
ty of gold in the gold coins There was
but the difference of few cents be-
tween the market value of our gold and
silver dollars at that time, but tho law
which declared them equal did not re-