St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1898-08-24
Mexican Mining Laws.

silver was struck near Guaynopa very
recently which runs 5000 ounces OF sill
yer and ii ounces of gold to the ton,
and that during the past few months as
many as 30 prospectors each week have
fitted out in Ell 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 Gre which can be re-
lied upon to yield annual profits, esti-
mated in gold value, of from Is to 20
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
a 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 its 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 a 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 $40 per claim Of tx
acres, and the property is held without
further obligation on the part OF the
owners.
| 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 practical, actual view
Of the situation may be fully afforded.
Capital is eagerly seeking investment
in Mexican silver mining operations
with the expectation of selling the sill
yer product of their mines for from %
to 90 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 tie
United States are declaring that the
market value of silver would be 81. 80
per ounce if it were not for. some al
legged conspiracy against it and are
seeking to persuade the voters of our
country to attempt to make commOdi-
ty worth $1.29 per ounce by legislative
enactment which can be and is being
proftably produced for from 80 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 the 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 oul
country, absolute and complete denia.
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
ton Of silver and gold for the coins o.
our country was determined by refer
ence to the market value Of the two
metals Alexander Hamilton knew tha
legislative enactment would not give
one-half of per cent value to either {
gold or silver coin, and he consulted tn
market values to determine the quaint
ties of metal each coin should contain
Thomas Jefferson also thus expressed
himself at that time: "Just principle
will lead us to disregard legal proper
tions altogether, to inquire into tn,
market price Of gold in the severa
countries with which we shall be prin
cipally connected in commerce and t,
take an average from them" 1t hap
pened however, that in the selection O
ratio for the first coins gold was slight
ly undervalued, and the result was tina
it did not circulate In 1884 an effor
was made to secure the parity of GU
gold and silver coins, not by Legislative
enactment, but by reducing the quaint
ty of gold in the gold coins There wa
but the difference of few cents be
tween the market value Of our gold ant
silver dollars at that time, but the Law
which declared them equal did not re
move or in the least affect that differ
ence. Silver was slightly undervaluet
by the coinage provision Of 1884, and i
remained out of circulation until anoth
er change in coinage was made in 1853
which gave us the use of silver as w
have it today. exchanging concurrent,
with gold by reason of government coin
age and the government policy to so up
hold it through practically giving choic
of exchange to the holder.
And yet with these historical facts il
view we are at the present time urgec
to believe that free coinage would maxi
piece of silver worth 45 cents equal t,
81 in gold, when the same free coinag
could not and did not make 90 cents
worth of silver equal to 81 in gold from
1892 to 1885. The free coinage of silve
does not affect its market value in Mex
leo, just as it did not affect it in ou
own country in the experience of thu
past, and silver monometallism Will
its necessary accompaniment of boss t,
labor and all who may be compelled t.
accept it at its assumed value, will b.