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LETTER FROM VIRGINIA.

[SPECIAL CORRESPONDENCE OF THE DAILY HERALD.]

Present and Prospective Value of the Firginia Mines - The Occidental - Early Failures - Present Success - Total Yield $700,000 - Fifty-six men Employed in the Mine - Immense Quantities of Eighteen-Dollar Ore - A New Mill to be Built at the Mouth of the Mine - Profits from Five to Eight Dollars per Ton - Bright Prospects for the Future.

VIRGINIA, March 20th, 1869.

Now that White Pine is looming up in all the vastness that distance and consequent vagueness give; when the East and the West are pouring into that new El Dorado their thousands of hopeful hearts that dream of fortune in a day; when secure investments and moderate but certain gains are disregarded in the mad pursuit of what at best must prove an ignis fatuus to all but a favored few; it may seem scarce worth the while to describe, either in general or in detail, the present condition and future prospects of what but lately, in public estimation, as it is yet in reality, is the chiefest of silver lodes, which founded a State and indirectly peopled a territory equal in extent to the domain of many a monarchy.

It may be, however, that no more appropriate time could be chosen; that a full and truthful exposition of the developments which have been, and are being made in those mines situated upon, or immediately contiguous to, the Comstock lode, by more thoroughly acquainting the public with the future value of this great vein, which for a decade has added a steady stream to the wealth of the world, may deter many from sacrificing the substance for the shadow.

To this end I have determined upon giving an account of the present appearance of the workings of the various companies of prominence, from personal inspection and observation, wherever practicable, aided by old '49-ers, men of large mining experience, who have resided here since the first discovery of silver, and who are thoroughly conversant with all matters pertaining to the Comstock.

Commencing at the south, the first location of any importance or present value is the Occidental.

The Occdental is situated about three miles from Virginia, on the northeast side of the Leet & Birdsall toll road to Dayton. It was originally taken up in 1860 for lime; the character of the surface rock fitting it for that purpose. The amount of silver contained was so small that it could not be profitably worked for that metal in those days of high prices, although several parties during the succeeding five years attempted it at various times. Finally, in July, 1865, the mine passed into the possession of Messrs. Weston & Slanck, who, having a mill of their own eligibly situated, were enabled to workthe rock with a small profit. Since then the quality of the ore has steadily improved, as depth was attained, and the bullion shipment has risen to about $40,000 monthly; $9,000 was shipped during the past week. Under the management of these gentlemen about 40,000 tons of ore have been worked, yielding over $700,000; the rock averaging from $15 to $18 per ton, and paying a profit of from $5 to $7. At present but eighty tons per day are being shipped to the mill, owing to the wretched condition of the roads, which renders hauling almost an impossibility. It is intended, as soon as the weather admits, to commence the construction of a mill at the mouth of the lower tunnel, to contain forty stamps, or more, if required, with a daily crushing capacity of 100 tons. The mill will cost $80,000. When completed the immense bodies of low grade ore which the mine contains can be extracted and reduced at a cost which will leave a net profit of from $3 to $5 per ton.

The Occidental is located upon the same lode as the claims in Flowery District; the cropings being plainly traceable for its entire length of 1,800 feet, and through the adjoining claims on the north. No assessment has ever been levied; the rock paying from the surface down.