The Nespelem tribune. [volume] (Nespelem, Wash.) 1934-1936, 1935-10-16
HUDNUTT TELLS
S'SILVER STORY
In WORLD MINES
Some Foreign Countries Active
Silver Producers, Article
States
Need Time Market
New York Should Set Own Price
And Have Time Market Of
Own, Writer Declares

Own, Writer Declares
In the second of a series of ar
ticles on the STORY OF Silver" DR..
F. o. Hudnutt, pioneer Nespelem
mining man, tells of some of the
interesting and valuable "big pro-
ducers" in this nation and foreign
countries.
Australia
The greatest producer of silver in
Australia has been the Broken Hill
mine, discovered 10y a range rider
named Rouse in the SOS, with few
of his brother riders, they pooled
their savings and worked it. An
English company secured it and the
total value of minerals produced to
date is over 100 million dollars. This
includes silver, lead and zinc.
Canada
The mines of British Columbia
lying north of Washington, have
been, and are, heavy producers of
silver as a product, principally
from their copper and lead mines.
The Cobalt district in Ontario, Can
ada, is strictly a silver district, and
produced in 1906 over 10 million
dollars worth. It's ores are very
rich, but the veins are small Much
native silver is found, and the Nip
issing mine was one of the heaviest
producers of the metal British Co
lumbia and the United States pro-
duce silver very largely as a by
product, as much as rs per cent it
is estimated. The Rossland mines
in British Columbia, short dist
ance north of washington, produ-
ced millions.
The copper mines of Butte, Mon
tana, the lead silver mines of Idaho,
produce the most, while Colorado,
Nevada Arizona and Utah, are also
heavy producers. However, the sill
yer production of these states all
fell Off in 1919 at time when every
ounce of silver was most needed.
Owing to the low price following
the slump of 1929 it was only 29c to
Csc. It is now over 75c for newly
mined silver.
Europe
The British Isles produce practic-
ally no silver. Their colonies, Can
ada, Australia and Africa, do. Lon
don fixes the price of silver. It has
not only a time market there bu
also in Bombay, Shanghai and
Hong Kong. New York alone has
no time market for silver. Prior t
the war, practically all our silver
was exported direct to London.
Today New York City should in
its own interest fix the price, and
have a time market of it's own. It
is as near now to the silver con-
sumers as London. 1t is the finan-
cial center of the world, we are in
touch with India, China and Japan.
Our exports to these countries were
six times greater than to England.
The American exporter should fol-
low the silver market as the Eng
lish have done. We sell to China
on gold basis. The Chinese make
their calculations on a silver basis.
We say silver has gone up, the
Chinese say gold has gone down
The British have reaped the profit
through their world control of the
silver market in spite of the fact
that the United States owns IS per
cent of the silver mines. England
controls the silver market.
France
In 1904, France produced only
$3.50, 100000 from it's silver mines and
used IL millions in coinage and the
arts. Russia with an immense ter
ritory produced in 1904 only about
800, 10000 worth of silver. The en-
tire world production of silver that
year was swallowed up and as much
more drawn from the silver reserve
of the world was also used. This
has been, and is now, a necessity;
the silver reserves are being used
up.
The Pittman act passed by con
gress in April, 1918, authorized the
United States treasury to melt and
sell silver dollars as bullion not in
excess of $50 million dollars. Since
this act, the stock of silver dollars
Cbetween April, 1918, and October l
1919 was reduced over 260 million
dollars leaving less than 80 million
which can be melted before the
figure named in the Pitt
man act was reached The stand
ard silver dollar contains 371A
grains pure silver and providing
none is lost in the melting it will
produce only about 69h million