The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1921-02-03

sion of the greatest coal field of Eu-
rope and for the ownership of inn
portant deposits of lead and zinc
With Silesia under her flag. Poland
can eventually equal Germany in inn
. portance and wealth. II is fortunate
OF course. that the mineral deposits
of the United states are so vast and
so rich in value. but it is to be re-
GREETED that because of our bounteous
supply of the essential metals Ameri-
cans have found it unnecessary to in
vest their money in foreign fields as
the Europeans have done.
Just now we are much disturbed by
the slump that has taken place in our
metal mining industries. As is the
case in all times of depression, the
majority of the expressions of opinion
have anything but roseate hue In
Denver Colo. at the recent meeting
of the American Mining Congress. the
representatives of the metal mining
interests there present were very
much exercised over the dark outlook
for the immediate future of mining
and devoted hours and days to dis
GUESSING causes and remedies for the
trouble.
From a time of unusual prosperity
caused by the war, the metal mining
industry has settled down to a period
/ of dullness and REIMBURSEMENT which
/ is in marked contrast to the busy,
profitable days of only a year ago.
/ Cold mining is waiting on the add
vance Of the period of deflation and
the return of prewar purchasing pow
ei to the American dollar. Silver min
i'm in those properties where that
metal is the primary product is in
good shape, and continues to he a pro-
fitable business because of the relief
afforded the silver producers through
the working of the Pittman act, which
law practically fixes the price of sill
Yer in the immediate future at the
level of a dollar an ounce
When it comes to the question of
copper mining, there the atmosphere is
of dark blue. Copper next to iron,
is the worlds most important basic
metal The United States controls 60
per cent of the worlds copper output.
Next to the United States as a copper
producer comes Japan and after the
latter come Chile. Mexico, Canada,
Africa, Peru, Australia and Spain.
Practically all the copper production
of Chile is controlled by the United
States capital While the United
States produces more iron than any
other nation in the world it produces
more copper than all the other ma
tons combined. 1t is easy to under
stand, therefore that with an indus
try built to supply a world market
the prosperity of the business de- |
ponds upon the maintenance of a
substantial foreign demand Euro
pean nations. especially Germany, are
Just now unable to finance large pur-
chases of copper as in former times, |
and the result is that the mines must
curtai production until the foreign
demand again becomes normal.
Large deposits of copper have been
pretty generally identified throughout
most parts of the earth. Other ma
tons have gone into the business eX- !
tensively and in recent years have
largely increased their production of
the metal But Notwithstanding this
competition in recent times, the
United states has managed to main |
tain its position of prominence as !
COPPER producer. In addition to pro-
ducing go per cent of the worlds cop (
per- the United States imports nearly |
one-half of the copper produced each /
year by foreign countries for final /
treatment in our big refining plants |
This means that if we include in our
estimat ethe foreign copper that is
refined here in the United States we
may state in truth that American cap
ital actually controls nearly so per
cent of the worlds production of the
metal
The red metal as copper is COM
monty called, possesses certain physi-
cal qualities and characteristics which
insure it's continuance as the chief
metal of industry after iron. Only
gold and silver surpass copper in mall
liability. and silver alone in electrical
The whole future of
copper depends on the growth of the
electrical industry. for this latter bus
mess is the principal consumer of the
rel metal Large quantities Of copper
are also used in the manufacture of
sheets, tubes and other wares, while
in China copper coins are the money
standard of the lower classes.
Prior to the war Germany was one
Of the worlds largest consumers of
copper, and one of the remedies for
The present depressed copper market
Is some practical arrangement where
by financial credit may once more be
extended to Germany so that the cop
per manufacturing industry there
ma yagain resume its normal pur
chases here in the United states. In
fact. the American copper industry
is probably more dependent for sue
cess upon the recovery of European
nations financially than any other
great American business. But let no