The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1896-09-23
FROM PoRFIRIo DIAZ

FROM PoRFIRo DIAZ
Cry OF Mexico, Sept. 9. 1896.
To w. r. Hearst. New York Jour
nal /:
l do not care to discuss the effect
of the silver coinage on the material
interests of Mexico with a view to
influencing the result of the coming
national election in the United
States. Such course on my part
would be wholly improper, consider
ing the friendly and peaceful rela-
tions existing between the United
States and Mexico. The present po-
litical issue in the former country is
the question of the money standard.
and I do no wish to be regarded as
in any wise attempting to AFFECT the
outcome
can give the facts relative to ex-
listing industries and the establish
ment of new ones in Mexico under
our financial system, and each may
draw his own conclusions as to the
causes which have produced such
awakening in commercial aad indus
trial affairs. Ocular demonstrations
of the vast development may be
found by visiting the cotton and
woolen mills in our various cities.
Some are old, others recently open
ed. Our paper mills and their out
put also furnish evidence of our ma
terial prosperity. Until a compare
lively recent period all the pulp used
in the manufacture of paper in this
country was imported, and the paper
only was made in Mexico now the
pulp and every thing that enters into
the composition of the paper is made
here. The departments of the gov
ernment will furnish the exact data
and statistics sheRing the growth of
domestic manuiaetures and COM
merce. :.
GROWTH OF MEX1co's COMMERCIAL INTER
EsTs
While our material interests have
increased steadily and healthfuliy for
the last 20 ySEs. since the close of
the Indian M3Sts and the repeal of
the Sherman law, so called. in the
United States, the growthsof Mexi-
co.'s commercial and Industrial inter-
ests has been particularly marked.
The consequent,sappreciation in the
price of gold andthe increase in ex-
change between Mexico and the gold
standard countries at once operated
to reduce importations and stimulate
home manufactures.
The added price of exchange was
il effect an addition to the tariff
The importer added to the original
cost the duty ond cost of exchange
Uur cotton and woolen mills already
in operation were obliged to enlarge
their capacity and new ones were
established. The number of opera
tives necessarily bad to be greatly in
creased.
To show the falling off in the con-
sumption of foreign merchandise, it
may be said that the year prior to
the increase of foreign exchange on
silver our custom collections at the
ports of entry amounted to $22,000,.
900 The next yerr they were $l4,-
100000 In the fsical year ending
in 1895 they were slightly in excess
of S34,000,O00. On the other hand,
our expectations increase In 1890
81 they amounted to S6S. 900, 900,
and in 1894-95 to $50, 600
There was nothing in the nature of a
commercial panic consequent upon
the sharp advance in silver ex-
change.
BANK AND BUSINESS FAILURES RARE IN
MEXICo.
Our merchants are conservative
and careful, and bank and business
failures are happily rare in Mexico
under any circumstances. As to
wages and the condition Of laboring
men, considering the nature Of work
aud classes of industry, they compare
favorably with those in other coun-
tries.
The demand for skilled labor has
grown with the great increase in the
number of mills and manufactures
This demand in all branches of labor
is strong. The added exchange has
not impaired the value of our dollar
as applied to the purchase of articles
of home manufacture. Its buying
power is unchanged in this respect,
and prices for domestic merchandise
and produce vary only according to
the supply and the demand.
Heavy investments of foreign capl-