People's Pilot, Volume 3, Number 37, Rensselaer, Jasper County, 2 March 1894 — THE PRECIOUS METALS. [ARTICLE]

THE PRECIOUS METALS.

More Comment on the Output of Ooldud Silver—Searching for Gold. The annual report of the precious metals produced in the western states and territories during 1893, furnishes some interesting food for reflection. The total product of gold, silver, copper and lead for the twelve months amounted to 1104,081,591. The falling off during the past five years has been steady and it is shown by the following figures: 1889 ; *127,87r,8~6 189 J A.... 127,166,410 1891 118,237,441 1892 111, 31,700 1893 101,051,59 l Of the total product of gold, amounting to about $31,500,000, the largest amount was produced by California, which yielded over $11,000,000 of the yellow metal. Next comes Colorado, with $7,229,043, Montana with $3,100,500, and Dakota with $2,283,000. In the production of silver Colorado is far in the lead, having shipped silver bullion by express to the amount of $1(5,369,257. Montana comes second with $10,730,000, after which there is a big drop to Idaho, with $1,481,973, and Nevada with $1,236,869. It will thus be seen that the total product of gold and silver in Colorado amounted to more than $23,500,000, placing it far' in the lead among the states and territories as a producer of the precious metals, Montana coming next with about $13,800,000. Colorado has rapidly come to the front in this respect in the past few years, while Arizona has gone backward. The silver product of Arizona for the twelve months only amounted to $225,000. This is a big falling off since the days when the Tombstone mines .were in their glory. Colorado and Montana now have a right to figure as the leading mineral producers of the United States. In view of the changes which have taken place within the past ten years, it would, however, be rash to predict that the supremacy would long continue. There are other sections which may in turn come to the front. Even Alaska, which produced in 1893 gold to the amount of nearly $1,000,000, may before many years become a serious competitor of those states and territories which are now in the first rank as bullion producers. The production of the precious metals necessarily changes from year to year much more rapidly than that of agricultural products. One strike by some lucky prospector in an out-of-the-way region may have the effect of adding millions to the bullion product of the state or territory in which that region is located. The reason for the steady decline in the total bullion product of the country during the past five years may doubtless be found in the great decrease which has taken place during that period in the value of stiver. In reckoning the value of the silver bullion shipped during 1893, Wells, Fargo & Co., who prepared this statement, take 74 cents per ounce as the present average price. This is a tremendous drop from the rate of 85 to 95. cents which was prevalent only a very few years ago. In fact it makes all the difference between profit and loss, except in cases where silver ore of exceptional richness is found, and in such cases, as all miners know, it is only once in a lifetime that there is quantity as well as quality. It caDnot be expected that there will be any marked revival ‘in silver mining until the status of the white metal has been established on a firmer basis. Meantime, however, “what is one man’s meat is another mau’s poison,” and the decline in silver mining has given a decided impetus to the search for gold, which is now being prosecuted from Alaska to Mexico with a vigor which has not been known for many years. In this movement California is more directly interested than any other state or territory, as when it comes to the production of gold this state has at present no serious competitor, except, perhaps, Colorado. It is a common belief among those who have not investigated the subject that the gold mines of California are played out. This, according to the almost unanimous testimony of experts, is a great error. It is true that the visible sources of placer gold have been depleted, and that the more easily-worked quartz veins have been taken up, but deep down in the Sierra Nevada there are still thousands and millions of dollars’ worth of gold, a considerable portion of which will in time be added to the wealth of the world. Even in southern California, as we have frequently remarked, there is much gold, and, judging from recent indications, we shall soon see a more systematic attempt to develop gold mining in this region.—Los Angeles Times.