The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-08-29

note that they differ somewhat from
1897.
In that year. according to Director
Roberts report on the production of
the precious metals, the United States
produced 53,s60,OO0 ounces and Mexico
53,s03000 ounces, our southern neigh
Dor thus taking the lead for the first
time. Whichever set of figures is the
most accurate the fact is that Mex
leo has gained largely upon the United
States as q silver producer, for If we
go back to 1896 we find the United
States producing 55.726,945 ounces.
| against Mexico's 45,646, 424, and we do
not have to go back many years to
reach time when the product of the
United States was about double that
of Mexico.
Following the mint reports back a
little farther we find that silver produc-
ton reached its maximum in the Unit
ed States in 1892 with $780, 900 ounces;
that in 1893 it was 60,OOO,O00, while in
1894. the year following the repeal Of
Indian mint, it dropped sharply to
AZ, 500 900 ounces, a falling off of %
J per cent. in two years.
During the calendar year 1892 the
average price of silver was approx
| mately IS cents an ounce, while dur
ing 1894 it was only IS cents. No rea-
son can be given for the tremendous
hri n l. in, he fol
in the price, which immediately fol-
lowed the suspension of coinage in
India, and the repeal of our own silver
purchase law. When we consider TIA.
very large proportion of the silver
product of the United States s as
by-product of gold, copper and lead,
or at least that it occurs in conjunction
with those metals, it is apparent that
the legislation of 1898 must have closed
a very large percentage of the distinct
lively silver mines of the country. The
ground thus lost has never been re
gained.
Meanwhile, Mexico has moved for
ward by leaps and bounds until she IS
now practically abreast of the United
States. And in this connection it must
be remembered that in Mexico silver
occurs to a far less extent as a by
product than in this country. 1t may
be affirmed with safety that the fall
of silver never closed a mine of that
metal in Mexico. The question then
States suffered so disastrously, while
Mexico not only stood unscathed, but
prospered amazingly?
The answer is simple. Mexico is
silver-standard country. Silver is the
money upon which she does all of her
business. No matter how much it fell
in relation to gold, for every purpose
of internal business it remained as
good as ever. 1t would pay for as
much labor, and the workman who re-
ceived his silver dollar could buy as
much with it as he ever could, in all
the necessaries and comforts of his
life. The change made no difference to
him nor to the mine owner, except pos
sibly. as in some instances, the silver
had to be used in making payments in
| some gold-standard country.
! In this country, however, the silver
| product was not money--it was a mere
| commodity. Our money was adjusted
to the gold basis, and when silver fell
it was just the same as a tremendous
drop in iron or any other product. The
| income of the mine was cut down
| nearly one-fourth, while the expenses
remained the same, or at any rate
adjusted themselves to the change very
| slowly. Hence in many cases where
the mines were running upon a close
margin, they were forced to suspend.