Middletown transcript., 1898-07-23

1nf1GeS 1uNesGlleuG OI IOrelSn capital.
There is therefore no partisan purpose
in the statement which is therein made
that silver which is worth at this writ.
ing 543s cents per ounce in New York
and London is being produced in Mex.
leo for 80 cents per ounce.
Mexican Mining Laws.
It is reliably reported in the leading
daily paper of this city that vein Of
silver was struck near Guaynopa very
recently which runs s, 900 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 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
q conservative and we'll informed resi-
dent of this city that modern mining in
fbic 1fTrxr fsyf fTflaxr +c inf or6
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 az
acres, and the property is held without
further obligation on the part of the
owners.
I 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 a 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 81
to 56 cents per ounce, and profits great
er than can be secured i'll 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 $1.29
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 colnmodi-
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 Fdib0 kAsSuAlplIOu
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
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 1872 the proper
ton of silver and gold for the coins of
our country was determined by refer
ence to the market value of the two
metals. Alexander Hamilton knew that
legislative enactment would not give
0ne-half of per cent value to either a
gold or silver coin, and he consulted the
market values to determine the quanti-
les of metal each coin should contain.
Thomas jefferson also thus expressed
himself at that time: "Just principles
will lead US to disregard legal proper
ions altogether, to inquire into the
market price of gold in the several
countries with which we shall be prin-
,ipally connected in commerce and to
AXE an average from Them" 1t hap
1ened, however, that in the selection of
/ ratio for the first coins gold was slight
y undervalued, and the result was that
t did not circulate. In 1884 an effort
vas made to secure the parity of our
,old and silver coins, not by legislative
nactment, but by reducing the quanti-
y of gold in the gold coins. There was
nut the difference of few cents be-
ween the market value of our gold and
liver dollars at that time, but the law
which declared them equal did not re-
move or in the least affect that differ |
nee. Silver was slightly undervalued |
y the coinage provision of 1884, and it
emained out of circulation until anoth-
r change in coinage was made in 1858, |
which gave US the use of silver as we |
ave it today, exchanging coneurrently
With gold by reason of government coin
ge and the government policy to SO up
old it through practically giving choice
f exchange to the holder.
And yet with these historical facts in
lew we are at the present time urged
o believe that free coinage would make
piece of silver worth 45 cents equal to
/ in gold, when the same free coinage
ould not and did not make 98 cents
7orth of silver equal to 81 in gold from
792 to 1885. The free coinage of silver
oes not affect its market value in Mex
20, just as it did not affect it in our
wn country in the experience of the
asst, and silver monometallism, with
IS necessary accompaniment of loss to
lbor and all who may be compelled to
ccept it at its assumed value, will be
ne result of the adoption of the deplor-
BILE policy in the United States which
; in existence here in Mexico today.
PERRY f. POWERS.
City of Mexico.