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Show INTER-MOUNTAI- N MINING REVIEW. tained by the goldites, that free coinage would be followed by a deluge of It indicates that the cheap silver. present production is insufficient to Devoted to the Mining and Smelting Interests of supply the wants of trade and the arts. The full use of silver as a money the West. as Published Weekly by C. T. H ARTE. Room metal would create such a demand could not be supplied by any possible 223 Atlas Blogs. Increase in production, and it would TERMS : be at once restored to a parity with (Payable in Advance.) One Year 2.00 gold at a ratio of 16 to 1. INTER-MOUNTA- IN Mining review. Inter-Mounta- in Six Months Three Months To England, Mexico and Canada, postage prepaid. 1.00 jjo S3 per year, Entered at the Salt Lake City Postoffice as matter. San Francisco Office : 64 and 65 Merchants Exchange, where this paper is kept on file. Advertising contracts can be made with E. C. second-cla- ss Hilling Activity in Utah. Under this caption the current number of the New York Engineering and Mining Journal has this to say editorially: 3 new discoveries around Marysvale, from which come the usual highly-col-ore- d descriptions inevitable in all new mining excitements, but which in this case seem to have something substantial to rest upon. Altogether, the outlook for mining in Utah is more promising than it has been for a long time, and no doubt the present activity will be reflected in the production records of the current, and succeeding years. The latest Information, which we believe to be more than rumor, is that the famous Centennial-Eurek- a has been sold in England for $4,000,000. We do not know whether this sum is actually correct or not or the exact conditions of sale, brut the quoted price of the stock last week and the dividends paid to date show the high estimation in which the property is held. The $50 shares were selling at nearly $80 making a quoted market value for the property of about $2,500,000 the dividends to date amounting to $1,680,000. Too Much for Morton. Utah has been passing through an Dake, Agent. experience much like that of her sister State, Colorado. So long as those inSalt Lake City, June 11, 1896. terested in her mines persisted in looking backward instead of forward, ree condiAdvance in Silver. gretting the passing of tions, of great silver bonanzas, the proThe present strength and upward motion of big English stock companies, tendency of the silver market is cer- good prices for the silver and lead protainly most encouraging to the owners duct, and general extravagance in miof silver mines, many of whom have ning and metallurgical methods, so long been, for the past three years, operat- did depression, which reached its nadir Secretary Morton, the Administraing at figures alternating between in 1893, continue. But the mining men tions agriculturist, who Is On and loss. 26th soon of of those profit the white more deeply concerned over the fate of Colorado, Utah, like May reached metal the highest point in the awoke to the realization that a new or- the single gold standard than the welLondon market since the repeal of the der of things had set in, and that meth- fare of the farmers, is still wagging his Sherman purchasing act, and the en- ods and aims must be adjusted tQ Inevitable tongue and affording addigagements for Europe last Sunday changed conditions. Hence, there has tional proof of his incapacity as a finanwere 1,026,000 ounces, the heaviest sin- been a healthy reaction of late, and all cier. After visiting California, he thus gle days shipments for many months. have been watching with admiration described his impressions: There is every indication of continued the energy and recuperative powers of There is no hope of electing gold firmness and higher prices, as the de- the Utah mining industry. candidates anywhere in the West, and is mand Increasing and there is not Although, as elsewhere in the far right in San Francisco, where they only no surplus stock, but the Ameri- West, gold wTas the main object of have more than a hundred millions of can product has actually been sold search at the outset, people later began gold coin in the vaults of their banks, short. France, Russia and Spain are to consider silver mining the main, if where deposits are paid in gold by Increasing their silver coinage, and Ja- not the almost exclusive, reliance of specific contract, and where greenbacks pan is likely to place heavy orders in Utah; and it is only within the last few have never been good enough for them, the immediate future, as the late war years that the gold possibilities of the the people are crying silver. Califorleft that country with a tremendous new State have begun to be recognized. nia is not a country. volume of paper currency, a portion of Thus in one sense the silver depression It is a country, and It which is about to be converted into has been beneficial, by forcing attention is extraordinary that the people of silver coin. Some large American re- toward other resurces, and particularly that State should prefer silver money fineries, it is stated, have sold their toward gold mining, just as has been to gold." All of which demonstrates that the product for several months ahead, and the case throughout all the Western future production alone can be looked mining regions. people of California know a vast sight to to supply the constantly increasing From the older silver and gold more about the silver question than demand. An advance in prices is the camps we are receiving the most en- does the goldbug Secretary of Agriinevitable result of this condition. Any couraging accounts. At Park City the culture. They know that in the considerable advance, however, will re- Ontario proceeds on the even tenor of production of wheat, lumber, sult in increased production, which will its way, and continues paying divi- fruits, wine and many other in turn depress the market, provided dends, wThile new strikes are reported in commodities their State is among the great commercial nations continue Daly ground and extensions. Tintic the foremost. They know that the upon their present contracted currency and Bingham are quiet, but still pro- prices of all these commodities have basis. But present conditions are such ductive. The Camp Floyd district re- greatly depreciated, and have learned as can be turned to profitable account ports new discoveries of gold from painful experience that our conby the producers, as there is little doubt ores, which in that district can be and tracted currency system is costing but they will be able to realize better are worked at good advantage. All are them more annually than the aggreprices by holding back their product. familiar with the Mercur mill records. gated profits of all the silver mines, under free coinage. This is even now being done in some Now we have a fresh one from the Gey- would be instances by shrewTd mine owrners who ser, where the average value of the ore They know the A B C of the forsee a still further advance. milled in April is stated at only $3.92 silver problem, and after reading the The political situation has undoubtthe entire cost of mining and above quotation, thejr also know that ton; per edly stimulated speculation in silver, milling was but $1.97 per ton, and the Morton is a jackass. for never before has the free coinage rock was on this rather The recent scotching given the old cause shown sufficient strength to con- profit therefore $1.95 a ton. Thus at this parties in Oregon was accom trol the national convention of either return handsome of Mr. plant the plished under direction of the old parties, as seems likely to of cyanide about $100 a day was made on less John C. Young, a Baker City happen this vear. Political results, than $4 ore. In the Camp Floyd dis- mining operator, who formerly reTiowever, are too uncertain and remote trict the ore is by no means all of the sided in Salt Lake. Mr. Young was a to influence the commercial value of sort, however, but this one very ardent Renublican when he resilver at the present time, and the what can now be done sided In Utah, but cast his lot with the market receives its chief support from example shows with large bodies of $4 or $5 gold rock, Oregon Populists after removing to other factors. such a that State, served a term in the State This increase in the price of silver not truly free milling, when Senate and was chosen chairman of the is so successful. upon every slight increase in the de- small plant Just now main interest centers In the State committee for the campaign just mand should allay the fears enter old-tim- silk-sto- ck silver-produci- gold-produci- ng ng low-gra- de so-call- ed low-gra- de 50-t- on low-gra- de |