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Show Western Mining Gazetteer 'VOL. I SALT LAKE CITY, WEDNESDAY, AUGUST 2i, 18S0. THU SI I. YE It QUESTION. Pilicstcvn Ctartim, fining ruwashed weekly. We give below the address of lion. Oeo. S. Coe, President of the Exchange Bank, New York, before the Bankers Convention at Mr. Coe Saratoga last week. In speaking of the Silver (Question. 3Icr-chan- DEVOTED TO (IOL1) AND SILVER 3LINING. AUTHORIZED AGENTS: Dami.son, DlnrkfiNit, Idaho. Mc(. Scott, Eureka, Nevada. Cal. G. Clawsos, Koiiana City, Idaho. T. E. Gloiikcy, Galena. Wood Diver District, Idaho. Ma.i. Ion n . Cu aiii.vs K. Mii.i.ki; fc Co., Hoorn 2. Trilmne liiiildiiur. Cliicao. Ciiaki. ks W. (.kane, Dikhii :JH, Snf Deposit hulidiii. Sail Francisco. Si 'list iii itios, postal paid: United States mid Canada, $3 per milium; all other countries 1ayahle in advance. Wemittaxcks should Ik made hr Order, Dank Draft or Deisten-Letter, payuhle to Makk. W. Mi'soiuive. Cokminiuations in ri'ard to the Mining or Milling oi Ores solicited. Descriptions ol new rumps specially desired. $-1- . Dost-Otlic- u T1IE ASS ESS 31 ENT POLICY. Editor Western Mining Gazetteer It will be conceded that mining on a large scale, to be successful, must be prosecuted through incorporated companies by combination of capital and labor. Practical results must determine which of tbc two antagonistic systems of assessable and stock is the best adapted to meet the of profitable business. The California practice of assessment, provided it is honestly and fairly applied, has proved itself best adapted to meet the large and varied demands of expensive mining ventures. The Comstock mines,, confessedly the most costly in their development, and in the aggregate results the most profitable in the world stand as monuments ot the success of the assessment policy. Wise men of the East possessing themselves of vast deposits of ore almost within reach of the grass- - roots at Leadville, proposed to rebuke the inexperienced adventurers of the Pacific Coast and teach them a stock comlesson in successful mining by inaugurating n panies, on a large scale. Their experiment may well be likened to Jonah's gourd plant which grew up in a night and withered under the first noonday sun. Already the short-liveexperiment is conspicuous only through its failure, and with the disappearanae of real or bogus dividends the crumbling fabric will disappear, leaving behind it ruined reputations ami bankrupt investors. Here, in Utah, we may learn wisdom by other men's blunders, and instead of setting apart working capital and postponing assessment of stock for working purposes for two or three years from the date of incorporation, let us meet financial necessities by fair and ('(putable assessment of all the stock at the start. This will insure close attention on the part of stockholders to expenditures on their mines and consequent economy of management, will prevent the depreciation of their stock by reckless or necessitous holders, will meet out justice by making every share of stock responsible for its proportionate share of necessary expense, will bridge over the barren marches which every successful mining enterprise must encounter on the way to victory, and give mining that continuous and permanent development without which the best of mines will be likely to prove failures. Salt Lake City, Aug. 2:1, 1880. : uon-asscssab- le d even-hande- - d --4 The annual meeting of the stockholders of the Independence Company was held in San Francisco llch. The following Directors were elected for the ensuing year: J. L. Browne, President: Thomas Cole, Vice President; E. M. Hall, Secretary ; G. W. Grayson and John E. Dixon. Mr. McNally was elected Superintendent by the unanimous vote of the Hoard KO. 2. ts said: Silver dollars which cost the Government an average of about 87lc in gold, arc being e.oined by the United Slates Mint, under compulsion of law, ai the rates $2,000,000 per month. Some $00, 000, 000 have been already produced. They accumulate in the Treasury ns part of the ready cash reserve, and they have already become an unwelcome burden upon its resources. Yet, under law, the work of producing them proceeds with unrelenting progress, and the available cash for current uses is being thus gradually and surely transmuted into these unavailable dollars. They are not wanted by the people first, because they are s woith but their nominal value, and second, because they are inconvenient in weight and magnitude as as coins, and arc impracticable for commercial and business uses: and although extraordinary diligent and expensive efforts have been made by the Treasury officials to disseminate them among the people in every part of the country, they are constantly rejected by every class, and when disbursed they immediately return to their place of departure. There can be no more emphatic expression of public sentiment than is thus practically given. So long, therefore, as human beings prefer a whole dollar to one of s in commercial value will these inferior coins be rejected, and this conflict between the interests of the people and ihe law which governs them will continue. The law itself is manifestly in direct antagonism with the most sacred rights of men, and with tree commerce of the world. Meantime the resumption of coin payments by the Go eminent has been successfully commenced upon the basis recognized by those advanced nations of the world, which we most eagerly seek to emulate and to rival, and has been followed by a degree ot social progress ami prosperity unexampled in all history The relations of debtor and creditor among all classes of people, have been upon a gold standard, as they existed before the war. It is evident that the Treasury cannot retain in its coffers an amount of cash reserve greatly in excess of its average needs, and that whenever that amount is secured (of whatever it may consist, i legal money) it must be disbursed under the reign of a law which compels creditors of every kind to receive it at its nominal value. ly the discretion of the Secretary, aided by a favorable condition of public revenue, this crisis may he temporarily delayed, until the volume of silver dollars has exceeded the ordinary Inlands ol cash reserves. But this will only make the inevitable change in the current coin more certain and uncontrollable when it comes, and deprive that otlieer of any power to discriminate, if he would, between his payments to ordinary creditors and to those holding the public debt fur all of which the new dollars are alike legal payment. So soon, therefore, as this now rising tide shall overflow' its banks, all the business of the Treasury must thenceforth lie conducted upon a s basis of silver dollars at present worth of dollars in gold. The continued coinage receipts of two millions per month will be added to the revenues paid in similar coin from every other source, and the same coin must in turn be disbursed for all Government obligations. The legal-tendnotes will then be tJso redeemable only in silver, and must depreciate to the same value. As a necessary consequence, nil hank notes and all euirent transactions in banks and iu home trade must sink to the same level, and all debts and obligations of every kind must go down with the .general deterioration, until the whole country finds itself at once degraded from the honorable standard of the foremost nations of the earth, to those of second or third degree. Our commercial banks must, in consequence, adopt in their geneial business the single silver standard. They will be compelled also to resume special gold accounts for foreign commerce. The country will, in fart, be remitted to the condition of two currencies, of dif- seven-eighth- seven-eighth- seven-eighth- er |