davidaulloa/AmericanStories huggingface dataset:
The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-12-19

was supplemented by a general and
systematic stoppage of loans by those
banks, for the pretended reason that
they could not safely lend their money
while the Sherman law stood upon the
statute books. Then it was that six
hundred banks went under for want of
accommodation, and many thousand
business houses were ruined in the
same way.
Unquestionably there was an honest
lear IN the minds of many persons
purposely created as described-but
that the masses of the people were
not distrustful of the law, and that
the banks themselves We're making
false pre5ense, are conclusively proved
by the circumstance that during :he
very worst of the panic the Sherman
notes were just as good as gold. The
specious character of the plea is fur
Their shown by the fact that the re-
peal of the law in question did not re-
store confidence" as it was claimed
that it would, but so far from it the
depression became more and more in
tense until the latter part Of 1897.
All Of this time our ears We're greet
ed with the want of confidence cry.
But why was there a want of conf
dence? Simply because business men
! could see no way of making money
| upon steadily falling market. In
| that sense there had been a want of
confidence" ever since 1S73-intensified
| Of course in seasons of panic. And why
was the market falling? Because the
conditions were such that money and
money obligations We're the most de-
| sirable forms in which wealth could
be held. This came from the circum-
stance that when the coinage of one
of the metals was discontinued both
in Europe and America, the money
supply failed to keep pace with the
supply of other things, and Of neces-
sity prices began to fall.
Therefore the want of confidence
rested upon proper foundation. And
there was no revival of confidence I'M
til the price level had actually fallen
below the point of adjustment to the
money supply, and then prices began
| to rise again. AS soon as this took
place it became apparent that there
was once more a chance for profit in
business. Money which had been
boarded began to come out again. This
| led to an expansion of credit and both
together sent prices still higher.
| And the confidence" will continue
| until business once more outruns the
supply of money and then it will be-
gin to weaken. There may not be an
other panic--unless the banks force
one in order to secure legislation which
they want-but there will be a sagging
of prices, a consequent withdrawal of
money from active business, a seeking
for loan investments on gilt-edged Sc
curities, and something in the way of
hard times"
Thus we see that while confidence Is
an element always to be reckoned with
in business, it is not a substantial and
basic thing in itself. 1t Is merely an
adjunct. 1t may be shaken or unduly
inspired by Misrepresentation thus be-
coming a strong agency for good or i'll
as the case may be. But the conf
dence which brings genuine and lasting
| prosperity must rest upon a proper
| foundation. In short there must be a
| good reason for it.
The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-12-19

That Confidence" is an important
factor in business is admitted by all
intelligent persons. At the same time
it is not easy to imagine anything con-
rected with business affairs that has
been more crudely and unintelligently
discussed.
All through the long period of de-
preston from which we have just, in
"a measure, emerged, nothing was more
common than to hear a certain class
of thinkers" declare that the whole
trouble came from want of conf
dence." They seemed to imagine that
confidence was a substantial and who'll
Iy independent thing, capable in itself,
of creating and sustaining business.
The fact is that confidence" which
Is mispla ced, which has no solid basis
to sustain it, is the most dangerous
element that was ever injected into
business. Blind, optimistic confidence
makes boom towns which spring up
in a day and wither in a night: it
sends stocksscavorting skyWard, away
above their real value. only to come
down again with crash that carries
ruin 10 d illullltiue OIL uI1OI lull1 LcS ,
1t made possible the South Sea bub-
BILE" and the mississippi scheme" and
has been at the bottom of every wild
and senseless financial craze that has
swept over the business world.
On the other hand it is undeniable
that there can be no great commercial
activity without confidence, and it is
equally true that confidence is some
times unnecessarily, and inten-
tionaIly impaired. Thus, there can
be no doubt that the panic of 1888 was,
mainly, the result of a wilful and de-
iiberate destruction of confidence.
There was a general monetary strin-
gency throughout the greater part Of
the commercial world; but there was
nothing in this country which gave the
faintest suggestion of an actual and
severe panic until the cry was raised
by the great New York banks that the
sherman law was threatening the
stability of our monetary system. Even
this failed to create panic until it
The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-12-19

whereby there ores can be cheaply
milled, there is fortune in sight for
the operators.
With this end in view Mr.. Bush is
arranging for his immense water pow
er, and he expects to overcome the
difficulty which has always attended
the working of the Crevasse mines.
The people who formerly operated in
this district We're not able to carry
on their operations over two or three
months in the year. and at best they
could only work the high grade ore.
This is just what Mr.. Bush purposes
to overcome, and when the Revenue
mill is made a 100-stamp affair the
w-grade ore of Crevasse mountain
can be worked on a scalet which will
guarantee good profits.
The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-12-19
The Islands of Lower California.

From the Mining and Scientific Press.
Along the coast line of Lower Galifor-
MIA, both on the Pacific and gulf sides,
are numerous groups of islands. Some of
these are large, others are small. Many
Of them are valuable for their mineral
and other resources. On Cedros island are
mines of gold, silver and copper. San Jose
island, 40 miles northwest of La PaZ, is
q miles long ard 10 miles wide. The in
habltants are engaged in cattle raising
and salt manufacture. There are also
large deposits of marble and gypsum on
this island, but they are undeveloped. In
1881 vein of gold and silver ore was
discovered which was prof1tably worked
for five years.
On Catalina island, 80 miles northwest
of La Paz, there are undeveloped silver
veins. There are on this island. as on
number of others along the coast, valua-
bic pearl fisheries. r@ PER
Carmen island is 1875 miles northwest of
La Paz 1t is 1870 miles long and eight
miles wide. On this island are large de-
posts of salt, which are worked through
out the year, giving employment to a
large number of men. There are said to
be rich deposits of gold and copper on
this island also. but they, like the others,
are undeveloped.
The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-12-19

The Mining Reporter of Denver ex-
presses the opinion that Breckenridge,
Summit county, Col, will soon develop
into a Leadville. The district has here
tofore been noted chiefly as a produc-
err of beautiful specimens, although a
total output of thirty millions in gold,
mainly from placers, is in itself, rec
ord worth considering For a long time
the source of this placer gold was in
doubt, but late Discoveries indicate
that it came from a great blanket for
nation, contract with which is now said
to have been made. Great things are
expected from this. Work on the plac-
ers is progressing steadily, some fine
dredge boats of the New Zealand type
having been put into operation in the
Swan river The placers are not be-
lieved TO be anywhere near exhausted,
and if they can be supplemented by
some good quartz propositions the Re-
porter's prediction may easily be YER
flied.
The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-12-19

Coal mining in the vicinity of Col
orado Springs is rapidly assuming the
proportions of great industry. The
Telegraph of that city states that in
the immediate vicinity there are per-
haps more than fifty thousand acres
underlald with good quality of lig-
mite coal, and that more than half of
the coal used in the city is from the
local mines. 1t is said to be almost
the exclusive fuel in the great office
buildings, and to be of excellent quail
ity, containing about forty nine per
cent. of fixed carbon. The immediate
advantage Of local character is that
Colorado Springs is getting coal for
home consumption at cheaper rates
than obtain anywhere else in the state
The future benefits lie in the strong
probability Of the presence of this fuel
making Colorado Springs a great man.
ufacturing center in the near future.
The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-12-19
About Diamonds.

The seige of Kimberly and the practi-
cal suspension for a time of the output
Of dia-onds. seems to have given a
fresh stimulus to the discussion of their
probable origin.
It is we'll known that diamond IS
pure carbon. So is charcoal, and vet
the difference between a diamond and
a piece of charcoal is about as great
as that between any two solid sub
stances. The diamond, though, is
crystalized, while the charcoal Is not.
While the chemical composition of a
diamond is understood well enough, it
has never been possible to crystalize
carbon into diamonds by any artificial
process except in the smallest expert
mental way.
The diamond, however. is not the
only thing in nature the composition
of which is understood, but which can
not be made artificially. The same is
true of all ores, and notably SO of coal.
Imagine man attempting to artificially
manufacture anthracite or bituminous
coal
The reason is that nature operates by
means of forces which it is impossible
for man to duplicate. The coal meas
ures were formed by the submerging
of great forests which sustained a pres
sure not only vastly greater than man
could possibly apply, but it continued
through periods compared with which
the lifetime of human being is but as
the "twinIljnp of an eve
So with diamonds The belief
quite generally prevails that they
originally reached the surface in the
course of volcanic eruptions. But in
doing so they were subjected to both
heat and pressure that man can scarce
ly imagine much less produce
Thus we see that while the human
race has made wonderful progress, and
has accomplished many things which
only few years ago seemed to be
impossible, there are nevertheless limits
which in all reasonable probability can
never be passed. But we need not
worry about these things. The welfare
of man depends upon the utilization
of the minerals rather than their Gre
alton.
The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-12-19

Among the attractive holiday publ
cations that have reached our desk
may properly be mentioned the Christ
mas special number of the British Co
lumbia Mining Record. This is an ex-
ira, the regular monthly number hav-
ing already appeared. The regular is
sue of the Record is in quarto FORM
but the special number is a large oc-
tavo, being very nearly the usual mag
a2ine size. 1t contains a hundred and
one pages and is printed on beautiful
sized and superintendent paper 1t is
not devoted to ordinary mining, but is
filled with interesting articles on top
les relating to the history of British
Columbia, including very instructive
one on the prehistoric Indians of that
region, together with stories and
poems of more than usual attractive
ness. The publication is in fact a high
class magazine in character, and it re-
fleets great credit upon the publish
ers.
The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-12-19
THE FALL IN COPPER.
1t Involves Heavy Loss. but Leaves a
Good Profit Still.

1t Involves Heavy Loss. but Leaves a
Good Profit Still.
From the Mining and Metallurgical Jour
nal.
The recent drop of IL cents a pound in
the selling price Of lake copper means
a lessenng of the annual profits of the
Calumet & Hecla mine to the amount OF
about 81, $50, 600 The loss is not serious
one. for the Calumet & Hecla, even with
its profits thus grievously curtailed, will
remain the most profitable mine in the
world earning profits each year seven
times as great as the total amout OF
money required in developing the mine.
The best mines in the lake district are
making copper around 7 to cents
pound, which. with copper selling at II
cents, means a profit Of more than 100 per
cent. Copper at Is cents is high, and
there seems. every reason to believe that
that price will be obtained for several
years to come. The high price of the
past u months has been caused by de-
mand and not through cornering of pro-
duction.
Pig iron. steel tin and zinc are selling
at approximately twice the price of last
year. and there is no talk of corner
in any of those metals. 1t is possible to
greatly increase the tonnage of pig iron
of this country. as well as of most other
iron producing nations, on short notice,
for there are many idle or abandoned
mines which can be reopened in few
weeks or months, but the finding of new
sources of copper supply is matter of
years. The development of a copper mine
from grass roots requires two to five
years. The Arcadian, which had the adj
vantage of a group of old mines already
opened upon a small scale. succeeded in
making copper in is months after work
was resumed, while the Baltic opened
from grass roots. there being merely a
a0-foot exploration shaft on the property
when the present management took hold
two years ago, got to stamping in is
months. but it will require five to ten
years thereafter for the mine to get its
full growth.
The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-12-19
Throwing Away Gold.
From the Mining and Scientific Press.
Tho following interestine 81 a m ent a

T IUIH IIlE INIIIIIIB anu SCItIIIlIIC ITtSS.
The following interesting statement APP
pears in a technical paper on the mining
regions of Peru, by Senior Manuel Elgue-
ra, The method employed is wholly novel
and either the results or the wants of
operators are unusual:
In the north Of Perus about two years
ago. I crossed the Maranon, the Chnchipe
and other rivers, and gold is found in
every one. In many of these the Indians
have what they call a farm, which is
made by paving the river banks with
stones, and chen leaving it till the next
rainy season is over, when they return
to these farms and remove the stones
washing the earth which has deposited
itself in the crevices between the stones.
and by the ala of mercury, they collect
the gold they need, and many of them
throw the gold they do not need back into
the river.
The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-12-19
WHOLE MARKET BREAKS
Strong Efforts to Sustain Prices Fall
Monetary Stringency the Cause.
Failures-The Mines Are
All Right.
The METAL MARKET.

The week has been a bad one in stocks.
The fluctuations have taken a wide range,
rising and falling. indicating that strong
efforts were made to sustain them. New
ertheless the week showed heavy av-
erage decline, which, as it extended to
stocks other than coppers, represented
tremendous losses.
If the break had been confined to the
coppers it might be ascribed to manipu-
lation, but as 1t extends to almost ey-
erything on the market we must seek
for more general cause, which is un-
doubtedly monetary stringency in Eu-
rope and America.
Such stringency always affects stocks
before it does commodities in general, be-
cause the stocks are more largely this
subject of speculation. which is conducted
in great measure upon borrowed money.
When stringency comes the lenders at
once put up rates, while the brokers call
for mud The result is that many who
have bought on margins have to let go,
thus breaking the market.
Conditions in Wall street are reported
this evening as decidedly panicky. Two
failures of some Importance occurred, and
there was wild scramble to sell, even
at ruinous rates, and nothing but the
concerted action of the clearing house
banks prevented a serious crash. 1t is to
be hoped that the breathing spell which
the night will afford will bring about a
better state of things for to-day. 1t
makes one feel blue to see Boston & Mon
tana gyrating around the 260 mark, with
Parrot at SO and Utah 231a It is consol-
ing, though, to know that regardless of
what occurs in Wall street. our mines are
all right. The following table shows the
The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-12-19
PARROT.
UTAH CONSOLIDATED.
A Quarantine Against Cows

A curious contest is going~on in
Tampa, Fla. Residents of certain sec
lions of the city want an exemption
made of their part of the city SO that
COWS may Craze in the streets Other
residents do not want this, and the
fight is a lively one, the city admins
tration being the sufferer. So many
depredations have been made recently
by cows running at large in the streets
that the irate residents and owners of
lawns and flower gardens have organ
lied a shotgun quarantine against the
COWS and declare that they are going
to murder some of them if they are not
kept locked w.
The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-12-19
IN THE VESTS MINERAL REALM
News About Mining in Montana and
the Northwest.

inc
give the public
Standard the
in print
intended for the mining the Standard will
Department Anaconda Montana
muniaon the Standard will
this departing
The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1899-11-28
PowER-OF-ATToRNEY CLAIMS.
Needed Amendments and Limita-
tfons to the Mining Laws.
Walla Waila. Wash. \

Naiia Waita, Wash. Nov. y. lSis
To the Editor: The article bv r l.. Trout
In the Post fnteIIigencer of November D.
concerning the location OF mining claims In
Alaska by power OF attorney, VIII COM
ciaiiy interested In monopolizing mining
ground. but he does not go far enough. IL
the right OF location by attorney (which
do not think was the original intent OF the
iawe were annuilea II would not mend
matters. Az under the ruling OF the land
office. man may not only locate one
claim on n lode. vein, creek fiat or river.
but just as many as he can measure OF
and stake before coming in conflict with
other iocators.
do not think this was the intent of the
law. for II enables the discoverer OF new
mines 10 locate an entire lode gulch bench,
creek or river. IL he In able 10 get In his
work before other parties can learn the
fact and reach The Spot n Interfere with
his wholesale monopoly. The only condi-
lions are that he comply with the law In
other respects as to representation
A location by power of attorney is value
less. unless the power OF attorney Is made
matter OF record. and II would cost no
more 10 locate under enc name, and deed
the claims 10 a company or syndicate than
II does hy power cf attorney. II Ia a well
known fact that II, nearly every Instance
and any considerable number OF miners
were present. claims were cut down or limit
al In extent TO about 800 feet But as the
country came more closely IN contact with
done. and the wholesale monopoly Of min
ing ground hegar. Even the laws of some
~ the states. proposing To limit the NUN
her OF claims ore person may locate. have
been construed as void under the land of
flee Interpretation ~ the Federal law
THESE questions have not been carried un
to the supreme court for the reason tina,
lawyers have generally agreed as I, the
proper construction ~ the law Having
been In Alaska myself ard having seen ths
ease with which few men could r,onona-
itzs an entire locality and lay Il over for
nearly two years without working them
selves or permitting others TO do 80
think that as we'll IA this country is en-
titled TO relief from TIE incubus ~ fY,cn,-
poly conferred hv said construction Of our
United States mining sta tutes
The locator ~ AGRICULTURAL land f. limited
ans the locator ~ mining ground should
also be limited. have beard thu express
sion OF tout Hercang Herod" h,,t the
jackson decision giving tide lands TO own
efs or shore locations ~ mining ground
takes the cake" The law distinctly savs
that man shall stake rio ground ana m
location shall exceed Ssfxsea fact psnsr
Ian rights certainly could not hold HOW.
ever ~ man wants ~ nscn0pnIf~e ths
earth he must 10 Il hy force or under ina
sanction % law sustained hv the ro,irfs
whether Justly or not; this latter method Ne
ing ;ha moro pepuiar and successful In mi /.
age OF Christian civilization
ADDISON SMITH
The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1899-11-28
SLIGHT HOPE OF Low RATES.
Eastern War VIII Probably Not At
feet Western Schedules.

1t is not believed that the railroad rate
war now On between 81. Paul and New
York will have any effect on easthound
business from Seattle or other parts of
the Pacific coast. 1t viii not be noticed
here unless the trouble. should develop on
unexpected peruaanencN, in which case a
new rate for Atlantic business On the
basis of the lowest cut rates In vogue be-
tween the two Eastern cities. will prob
ably be issued. II there should be a pros
pect OF the war lasting long enough to af-
fec: The travel Of people going East from
here. say for week or more, new sup
Elemental schedules will be given cut, and
people travelling from here to points be-
You'd st. Paul will get the benefit OF the
cut
The second-class fare from Seattle 10 New
York Is S63. which is 81 90 less than tick
cts could be obtained separately at regu-
lar rates: but II the cut to SIT between St.
Paul and New York should remain long
enough for persons travelling eastward
from here 10 get the benefit or it when
they arrived in st. Paul. they would save
Sc. IN doing this travellers would, however,
run the risk Of finding the rates restored
by the time they got to the Twin cities.
in which case they would be forced to nav
$3.50 from st. Paul 10 New York, in adj
dition TO the regular $40 from here to st
Paul
So. unless there should be more OF a tum-
bic ana the outlook be fer a war lasting
SOME time. as was the case In the recent
trouble Just ended between the lines con-
Meeting ST Paul and Chicago. there will
be 10 CT ange In the price of tickets at this
point