"A silver mine that will assay 100 ounces to the ton at 200 feet depth, has been known to run only 10 ounces at 400 feet depth. The Yankee Girl mine in Red Mountain, Colorado, was a heavy dividend payer, at 300 feet, and the ore was too low grade to pay to hoist at 800 feet. The Comstock mines changed at 1,600 feet from high grade to low grade ore. The reverse is just as often true. Mines that are low grade near the surface are high grade with depth.
"It is estimated by all men of judgment who have given practical attention to mining, that the silver now in existence has cost not less than $2.00 per ounce, and many put it much higher.
SAM B. RAYMOND.
"Mining for silver and gold has a speculative and gambling feature to it, that will lure men on notwithstanding the great cost, because a few 'strike it rich'; just as men will speculate on the Board of Trade, though in the end ten lose to where one gains. If Mr. Scudder's proposition were true, you would all be engaged in silver mining.
"But your presence here gives me an opportunity to forever set this question at rest. I am sure that in so large an assemblage of wealthy Chicago men, many of you have had some experience in silver mining. Now, if all of you," and Coin began to smile, "who have lost money in mining for silver will rise to your feet, I will then call on those who have made by it to stand up also."
The applause indicated clearly that the young economist had clinched his point; and the smile that went round told that the shot had gone home.
Sitting in the assembly were many prominent Chi-
