The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1895-07-05
SILVER IN MEXICO.
Some Results of the Deprecated Monetary
Standard Of That Country.


Mexico is a free silver coinage coun-
try. Anyone having a bar of silver
bullion may send it to any of the sew
eral minis, located in different parts OF
the republic, and for a small charge,
regulated by law, can have it coined
into dollars that will pass current and
are good tender-not by legal enact
ment, but by common consent and
long usage all business transac-
tiOns. In fact, all notes, bills and ac-
counts, taxes and assessments, within
the boundaries of Mexico, are made
payable in "pesOs fueFtes," or hard
dollars. The government does not coin
these dollars, and is not, in any way,
responsible for their redemption with
gold or other form of currency. 1t,
however, shows its faith in and gives
credit to silver by accepting the coined
dollar in payment of duties, internal
revenue charges, postage and federal
taxes of all kinds.
The government leases the several
minis of the country to the highest
aud best responsible bidders. From
the date of the lease it has nothing to
do with the management of the mints,
but an inspector, appointed by the sec
rotary of the treasury, is stationed at
each one, whose sole duty it is to know
that every coin issued from the mint
under his supervision is of the legally
prescribed weight and fineness.
For more than a century the stand
ard currency Of Mexico has been silver.
During that time there have been
placed in circulation in greater or less
volume, copper, nickel or paper money.
and there is at this time a large amount
Of the latter money in circulation, is
sued by the national and state banks
in various parts of the country. Gold
is not now, and has not, during the
present century, been used as d cur
rency in Mexico. 1t is a metal not
largely produced from her mines. 1t
is not known in the ordinary channels
of commerce. More than one-half Of
the present adult population of Mexi-
co have never seen a gold coin, and
would not recognize it as money if
offered in payment for a purchase.
Gold in Mexico is at this time disposed
of as silver bullion is at present in the
United States-it is simply bought and
sold as an article of merchandise.
With silver discredited, as it now is,
by nearly all the nations of the world,
the rate Of foreign exchange has risen
in Mexico to a figure that almost pro-
hibits imp0rtatiOns, and the CONNER
cial houses of the country replenish
their stocks of foreign goods only as
they are compelled to do so by the
urgent demands of their customers.
One effect-and a good one-of the de-
probation of the currency Of the re-
public, is that native industries have
largely increased, both in number and
Importance, and many articles Of daily
household use are now made at home
instead of being brought from abroad.
This, of course, results in another be-
nefit, that of furnishing new. and here
tofOTe unknown, methods for the en-
plOyment of labor which, in that couu-
try, there is an abundant supply, but
not always of the best.
The low price Of silver has operated,
to a great extent, as a protective tariff
In this way it has accomplished some
present good, and doubtless the benefit
will be lasting in its effects. The fact
cannot be denied that the revenues of
the government from import duties
have been much reduced, but this de-
felt has been made up by an increase
ia the receipts from internal assess
ments. In Mexico the general govern
ment imposes a direct tax on real
estate, the advancing value Of which
has added largely to the revenues of
the treasury. The only serious fnan-
ciai trouble by which the secretary of
the treasury is occasionally confronted
is that of securing a sufficient sum Of
gold coin with which to pay the inter-
est on the foreign debt and such other
obligations as require payment in that
metal. But these obligations have been
met without serious embarrassment in
the past, and no one here eDtertains a
doubt of their prompt payment in the
future.