The weekly register. [volume] (Point Pleasant, Va. [W. Va.]) 1862-1909, 1894-03-07
The Silver Using Nations.

The Silver Using Nations.
Senior Romero, the Mexican min
istor 10 the United States, gives the
cue to the probable programme of
the silver-using nations of the far
east and the Latin republics and
governments. -..
Hitherto these nations have been
waiting on the action of the United
States and the gold standard coun-
tries, but now the British shyloeks
and their financial and political
agents in this country have absoln-
tely demonetized silver as a money
standard, the silver-using nations
will now have to act for themselves.
Senior Romero speaks for Mexico,
but what is true of Mexico is equally
true of all the Central and South
American republics. The use of
silver as a money standard has been
and is now source of great pros
perity. 1t has been their protect
ion from the collapse in business
and prices that has overtaken the
people of the countries where silver
has been demonetized.. The only
difficulty that has been imposed on
them by the demonstration of sill
yer in Europe and the United
States is the fact that the interest on
their bonds held by the gold shy
locks has more than doubled. In
other words, Mexico and the
silver countries are now compelled
to sell more than twice the amount
of products necessary twenty years
ago to buy the gold to pay interest
ON their foreign debt.
They propose to remedy this
situation, not by demonetizing sill
ger and going through the wreck
and collapse;neees to reach the
gold basis, but by taking measures
to reduce the rate of interest. This
is a short cut to Justice and the peo-
pie of this country who are the vic
Tins of the single gold standard,
with no remedy in sight, will watch
developments with interest.
The golden calf has grown into a
raging bull, but the little republic
of Guatemala has taken the beastby
the horns in way that is likely to
prove effectual. Guatemala, in view
of the injustice wrought by the
single gold standard, has defaulted
on its external debt. This event
has already given the bond-holders
and money-lenders of Europe
abundant food for thought. Their
vaults are crammed with the bonds
and securities of the silver using
countries, and if these nations fol-
low the example of Guatemala, or
merely approach it, shylockism will
be compelled to take a very strong
dose of its own medicine.
In the Washington dispatches
Minister Romero does not enter in-
to detailed description of the stu
alton in Mexico, but enough is
known to more than justify the as
sertion that the business interests
of that country are in a prosperous
condition compared with those of
the United States. What other
countries know as the depreciation
in silver has had but one effect in
Mexico; it has produced premium
on expectations. SO that the real
result of the increased value of gold.
in other countries has been tostimu-
late industrial enterprises and pro-
duction in Mexico.
Prices have not perceptibly
changed in Mexieo-a fact which
shows that the silver standard is,
after all, the staple standard.
There have been no such fIuetua-
tions in values and prices as have
occurred here and in Europe, and
there has been no decline in prices,
and no depression in business. On
the contary, the increase in gold
values abroad constitutes a bounty
on Mexican exports, and these have
increased wonderfully since 1873.
Another result is also produced.
N
The gold premium is calculated to
prevent the export of silver from
Mexico, and the larger quantity
that remains in that country tho
more necessity for its employment
in productive industry.
] @This can't be beaten said the.