LETTER FROM COMO.

COMO, February 11th, 1864.

The Mines.

VIRGINIA DAILY UNION:--There is no longer a doubt, but it is a matter of fact, that the mines of Palmyra and Indian Spring Districts, are A No. 1. Many are the difficulties which we have undergone to prove the stability of our wealth. During 1860, (at the time of our first excitement,) the barbarous red-skins over-powered our feeble band of miners, and until a little more than a year ago these places were nearly abandoned. But since that time, some few, who felt sanguine that the mines here were good, have returned. They failed however to get capital with which to operate, as capitalists felt unwilling to invest until the mines were opened. Yet, with much toil and hardships, they have succeeded in demonstrating to a certainty that the mines here, if prospected well, "will do to bet on." Another drawback to us was the fact of our being too near the wealthy mines of Virginia and Gold Hill, and possessing different mines from those of Reese River. Our ledges are not exceedingly rich on top, and it requires depth to develop their riches; but ragged, hard-working miners, without a "red," have proven the fact that our ledges are large and well defined, and contain the precious metals in abundance; and the eye, without the aid of a glass, can daily feast upon the gold and silver being revealed. Capitalists now begin to see this, although no wild excitement prevails. We are gradually and surely ascending the steps of wealth, built upon solid rocks; (we wish we could now say "bricks," but patiently we will wait.) Our foundation is strong, and we rise, not to fall.

"A. D.," your correspondent, who has so often described the merits of these Districts, and well too, has of late seemed to be seared by a spell, and looks with amazement as rich rock is brought in from the various claims, and exclaims, "is that so?" His pen is rusting, and, like the mass, his pick is brightening; his fortune is hid; he seeks it; do not disturb him, for when he finds it you will hear from him.

Turning our attention towards the ledges we find the Whitman, Constitution, White Point, Montgomery and Rappahannock, which are the mother ledges of the District. They are large and well defined, and, when prospected, prove themselves to contain gold and silver. The Whitman is of immense size. Thousands of tons can be taken from its croppings which will pay from $50 to $100 per ton, judging from what we hear and see. The Constitution ledge is large, and traceable for three miles. The indications have a great resemblance to the "far-famed" Comstock. Only one test has yet been made of the Constitution ledge. About twenty-five feet deep is the lowest depth to which this ledge has been prospected. At this depth the miner invariably finds water and blue casing, and, quartz full of sulphurets. It is, beyond doubt, a rich ledge. The White Point, a late location, is not flattering on top; but it has been pronounced, by a gentleman from South America, to resemble the rich mines of that country. Some of the assays have been good. It contains no base metal.

The Montgomery ledge is good, though capital is required to work it. Water is found at the depth of sixty feet. The Rappahannock ledge is not so large as the others, but makes up in richness for what it loses in size. Many other ledges deserve a description, and it only requires capital to bring out their "hidden treasures." Of late capitalists have been investing in most of these ledges, and pay rock is fast wending its way to the sunny rays of this beautiful winter.

Our mill, though silent now, will soon be heard clattering with double speed, making up for lost time, and those who are acquainted with our mines will not have lost confidence in them for the mills' idleness, for it was not because the rock did not pay, though no first class rock was crushed. We predict lively times here this spring, which you will probably hear of through our paper, which is soon to be started. We understand that a project for another mill is under way. It is useless for me to give you an account of the rich assays we have had of late, for an excitement here is impossible. We shall only rise from a "firm basis"—silver bricks—which must, will, and shall be produced. A paper, mills, toll-roads, gas, (as we have good coal mines near by,) water companies, race tracks, and public improvements of every description, especially "bricks," are all "only a question of time." L.