GENERAL41483

• Permit No: M1995097
• IBM Index Class Name: General Documents
• Doc Name: BIBLIOGRAPHY WITH INTRODUCTION GLOSSARY OF TERMS AND LIST OF MINERALS
• Media Type: D
• Archive: No

INTRODUCTION
nearly 11,773,000 cast, was convinced that the cost of the Sherman
Act silver purchases was depleting the nation's gold reserves and
causing a rash of business failures country-wide as well as
widespread and increasing unemployment. He announced his intention
of calling a special session of Congress to repeal the Sherman
Silver Purchase Act. At about the same time, Great Britain closed
its Indian mints to the free coinage of silver and worldwide prices
dropped precipitously. In the United States silver declined from
$0.85/ounce in mid-June to $0.65/ounce by the end of the month, and
then drifted even lower into the high $O.SOs/ounce.
The effect of the collapse of silver prices in Aspen was
abrupt and devastating. In mid-June of 1893, 2,500 men worked the
mines of Aspen and Smuggler mountains. By the end of the month
every mine was closed. The caretaker workforce that remained
totaled only 150 men. Businesses fell into bankruptcy like
dominoes, probably the most significant being the failure of Jerome
B. Wheeler's Wheeler Bank in July. Representatives of industry
desperately looked to Washington for help but to no avail. After
protracted and bitter debate, particularly in the Senate, the bill
repealing the Sherman Silver Purchase Act was passed on October 30,
and signed into law by President Cleveland November 1, 1893. The
price of silver stood at $0.60/ounce.
The major mines in the Aspen area, including the Mollie
Gibson and Smuggler on Smuggler mountain and several on Aspen
mountain, slowly reopened beginning in October 1893, in most cases
with greatly-reduced work forces and all with reduced wages. Aspen
as a mining city, however, never recovered. By 1900 the population
had declined to 3,303, and by 1910 to 1,834. After effective
cessation of mining in the 1920s, the town declined further with a
1930 population of only 705.
The Smuggler mine had seen only modest development up to
1893 even though it was one of the oldest mines in the district.
However, extremely rich ore was discovered in the northern part of
the mine early in the year. In fact the richest ore and the
greatest production from the Smuggler occurred after the collapse
of silver prices, between 1893 and about 1905. A major fire nearly
destroyed the mine in 1897. The effects of this fire were
observable into at least the 1960s.
In 1909, the Smuggler management decided that the lower
levels of the mine and adjacent properties had not been
sufficiently explored. Long-term leases were obtained on the Della
S., Mollie Gibson, and Argentum-Juanita properties. Exploration
off the 9th level was promising. As a result in 1910 a major
effort was undertaken to dewater the mines to their lowest level.
Further development extending to the 18th level encountered only
one pocket of high-grade ore. Because of these disappointing
results, and with no promising alternatives, pumping was halted in
Bruce A. CO111nS - XV111 - SMUGGLER HISI.IOCRnrex