The representative. [volume] (St. Paul, Minn.) 1893-1901, 1895-07-03
THE SILVER STANDARD IN MEX.
ICO."
From the Minneapolis Penny Press.

The subterfuges to which the advo-
Gates of the gold standard are put in the
absence of any definite experience in
behalf of their cause, sets them all to
guessing" and often results in wild
plunges which usually result only in
landing the theorist more deeply in the
mire.
1t will be remembered that Secretary
Carlisle formulated five propositions"
which at first glance seemed unanswer-
able from "a gold advocate stand
point" but it was soon discovered that
every one of them were based on false
premises, and therefore purely theoret-
ical
Another resort to which these advo-
Gates have been put is the citing of the
impoverished condition of Mexico as a
good illustration to what nation comes
under the silver standard. And here
again these gentlemen have put their
feet into the mire more deeply than ever
before.
AS if Providence itself were raising up
friends in behalf of the advocates of a
bi-metallic standard-the use of gold
and silver equally upon a proper basis
as money-right at this particular point,
M. Romero, the representative of the
Mexican government at Washington, has
contributed letter to the North Ameri-
yer Standard in Mexico"
i. It is a most remarkable fact that this
letter in every particular substantiates
in detail, from experience, the exact po-
sition which the author of Coins FL
nancia1 School, takes in behalf of the
United States, in case ''the free coinage
of silver" should be re-established, with
out reference to foreign nations, and the
very worst predicted by the "gold-bugs''
would happen-the expectation of gold
to such an extent as to put this country
on a silver basis. We make the follow
ing quotations from the Mexican minis
ter's letter, and urge careful perusal
Of every one Of them
1.-THE silver standard prevailing in
Mexico was not accepted by choice. Mex
leo being the largest silver producing
country, nearly two-thirds of the whole
silver stock of the world having come
from its mines, silver has been our only
currency for nearly four hundred years.
ITO have exchanged it for the gold
standard would have caused general
ruin. The high price of gold is great
incentive, however, to gold mining, and
if gold continues at the present high
rate, I am sure that Mexico will before
long be al large producer Of that metal.
1--WE never had any paper currency of
any kind. Two or three banks have
now issued notes but they are not legal
tender They are convertible into "sil-
yer coin" at the holders pleasure pre-
| cisely as United States greenbacks are
converted into gold in this country and
| for convenience sake are preferred in
| the large cities, although almost un-
| known in the small towns and the coun-
| try.
"The advantages to Mexico of the silver
| basis are many. Q)-The silver stand
| ard encourages very materially the in
crease. and export of domestice products
because they may be paid for in silver and
exported to gold standard countries for
which gold is received in exchange. Thus
they bring very lucrative prices as they
are converted into silver at a higher rate
| of exchange.
'These conditions have caused a great
development in the expectation Of some OF
| our agricultural products-such as coffee
which costs on an average ten cents a
| pound in Mexico, and is sold for about
twenty cents pound in gold in the for.
| eign markets.
| 'The expectation Of other agricultural
| products, which did not pay when gold
and silver were at par, chat is when gold
and silver were both used as primary
money by other nations) is now remuner-
alive. To illustrate this point forcibly, lie,
me say that our exports for the few years
preceding 1869 averaged about twenty
million dollars per annum. In the year
1873 they had reached over thirty-one
million. In 1889 they had swollen to six
ty millions. In 1892 they. had reached
over seventy-five millions and in 189;
they amounted exactly to $87 sos, 207.
"(2)-The silver standard is a great
stimulus in developing home manufac
lures, chats just what Coin says woull
happen in the United States) because for
ejgn commodities have to be paid in gold
and owing to the high rate of exchange
the price of such commodities becomes &
high that 1t pays well to manufactM,
them at home.
Eventually Mexico will utilize fol
manufacturing the many streams, almos
torrents, coming down from the steel
mountains which constitute large watel