The National tribune., 1903-11-12

Prior to 1900 tho world had been Jog
ging along steadily, producing about $780,
OO0 OOOof 1t coming from Mexico and none
from the United States. As we opened up
copper and lead mines, we began to get
quite little silver as by-product, but
big as the find seemed the total amount
for years did not exceed $4,000 per an
mum. In 1894 we began to get little Sill
yer, and our production rose to something
like $1OO,00O year. The astonishing dis
coveries of gold in California and Arizona
led the world to believe that there was
going to be a glut Of gold, and silver be-
came the preferred metal As late as1S59 it
brought 1856 cents an ounce in gold, and
only 1919 ounces of it would be given for
an ounce Of gold. In 1850 the famous
Comstock Lode was discovered, though its
riches were not at first appreciated. The
production of silver that year in the
United States rose to value of S1OO,000
Other silver discoveries were made in Ne
vada, Wyoming, Montana, Colorado and
elsewhere, but Comstock became easily
the leader. In 1861 we produced $1,000
coo worth of silver. Then the production
went up by leaps and bounds. In 1864
it had reached $11 100000; in 1874, $685.
100000. OF this the Comstock led by far.
In 1874 it produced in gold and silver $685.
100000. which was incomparably greater
than the production of any mine in the
wOrld-even those of Potosi-had ever
been. Virginia City rose like an exhala-
tion," to use Daniel Webster's word.
On n bald hight Of 6,205 feet-over n
mile and quarter above the level of the
sen, was. in an incredibly short time, built
beautiful little city Of 10000 people, with
its streets lighted with gas and supplied
with spring water, conveyed through the
streets in pipes, with court house, a
church, two theaters, several assay Off
ces. and printing offices issuing three daily
and two weekly newspapers. The streets
were cut down level through solid rocks
and consequently were among the finest
in the world. On either side We're sub
stantial stone and brick buildings, some
of them FIVE or six stories in hight, and in
the suburbs were many superb private
residences.
Mackey. O'Brien, Flood, Fair, and other
fortunate holders Of Comstock and of the
''Big Bonanza" the Consolidated Vir-
ginia," rose to wealth which Overshadowed
that of the Rothschilds. Most of them
were shrewd enough to see that such
extraordinary imitation could not last, and
invested their money in property Of more
enduring value and Mackey's heirs, par
ticularly, retained the fortune which had
been given them, as did some of the others,
but the majority held on too long and
went down. The world could not stand
such glut of silver. What it cost to
produce the metal in some of the mines
will never be known, but it has been put
as low as Az cents an ounce, while the
selling price for a long time was main
tanned at 81 %. In spite of all the assist
ance that Congress could give in the way
of legislation, by reviving the dollar of
the Daddies;" by buying $3,000,0O0 worth
every month for the Treasury, and other
devices, the price persisted in falling. In
1892 there were 63 100000 ounces pro-
duced. which had n commercial value Of
but $55 1868, 900, while its coinage value
would have been So, ,1O1 900. The coun-
try could not long stand the drain Of this
payment of about $27,0OO,0O0 bounty to
the silver producers, and they should have
understood this. Some of them did close
down, so that in 1900 the production of
silver was only 55.214 600 ounces, and the
commercial value had sunk so that all it
was worth was about $33,00O,0OO, while
it's coinage value would have been ST.
100000. An ounce of silver was worth
in the market about 46 cents. Since then
it has taken little rise, and last montl,
the Treasury paid as high as GO cents an
ounce, which is much less than half what
it would have commanded at the time the
extraordinary output Of the Comstock
Lode began.
AN OLD STORY IN POLITICAL ECONOMY.
1t was the old, old story-old as the
history Of commerce. In modern times
the iron-makers, the cotton-raisers, the
wheat-growers, the wool and cattlegrow-
ers have had to learn it in bitterness of
hon rt and the r1iiu Of hank <runtcy
The world is, after all, only one big
community, and can only consume limit
ed quantity of any product. Any sudden
and enormous production spells ruin to
the over-sanguine producers. This was
never better illustrated than in the case
of the cotton-growers. Everybody has his
own theory as to what caused the war of
the rebellion, and I am entitled to mine.
Succinctiy stated, it was going into debt
81 600 for a negro to raise 10cent cotton.
Prior to 1900 pound of Cleaned" cotton