The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1896-08-15
MEXICO A SILVER COUNTRY.
How the Cheap Metal Standard Works
With That alton.

Having lived long enough in free sill
yer country to thoroughly understand,
from personal observation, the evils of a
deprecated currency, James W. Porch, a
Democrat Of the staunohest kind, has de-
olared his intention of voting for sound
money at the coming election. Mr.
Porch was Consul General to the City
of Mexico under Presidents Cleveland's
first administration, and Is we'll posted
on all phases of the silver question. He
has,recsntly joined the Business Mems
National Camp align Committee.
my reason for voting for Mckinley"
said Mr.. Porch lis because the
life blood of the nation would be sapped
by frsessilvsr. Tho chief reason for our
wonderful advancement and for the fact
that:we rank as the chief nation on earth
is that we have always been sound on
finance I feel that If our present system
is attacked and We have two standards
Of value We will sink to the level of other
silver countries. Our fall will be great
and rapid, and no ons.oan appreciate the
finan oial disaster that will follow in the
wake OF fP6e coinage.
1.-THE present situation in Mexico, q
country of free coinage, is.an object les
son for the people of the United States.
My experience with the Mexican do liar
cents. but its worst feature isAts fuotua-
ton. When first went to Mexico in 'S4,
our money was at II per cent premium.
Since then have known 1T to reach 104
per cent premium. AL business trans
actions where payment is based on future
delivery are therefore uncertain and fire.
qusntly disastrous. The value of the
Mexican dollar is based entirely upon its
bullion value, and II heavy demand
for silver exists In China. Japan or the
East Indies, the dollar appreciates, only
to fall again when the demand Is on the
wane. 1t then suffers q relapse that al.
ways makes 1t little less in value than
it was before appreciation came.
Every Intelligent business man in
Mexico, outside of the mine owners, free
ly admits that their DEPRECATED dollar
is the greatest curse with which they have
to contend. With sound money there
would be no more progressive country in
the world today than Mexico. Her gov
ernment ID sound and her rulers wise /;
but the absence of gold in the country
makes a silver basis compulsory. They
never adopted the silver standard as a
matter of choice, but of necessity, and
there is nothing in their condition of
laws that juatities comparison in favor of
free silver In this county.
AS q traveller in Mexico / have never
seen the time when one of our silver GER
tifcates offered at counter In any place
of business would not bring its full pre-
MUM, just as though it was gold. At
the same time 1 have offered stheir own
paper money and had it discounted. All
this would, of course, be changeu.and our
money would sink to the value of theirs
as soon as the equity of redemption was
gone and the coin stood upon it's own
merits.
AS to the prosperity of the masses in
Mexico there is no such thing. or the
1873, 600, 600, people of that country more
than one-half are of 'ipeon" class, who
wear sandals and dress in the garb of the
time Of Christ. They are strangers to
almost every thing we regard as the neces-
saries of life. and If it were not for a
propitious climate and prolific soil they
could not live at all. Food products,
clothing and rent are high, and altogeth-
or beyond the reach of the masses. who
simply stay or exist-you can't call 1t
living. | attribute this to the fact that
the Mexican dollar will not pass current
in the markets of the world, and from a
financial standpoint the country is badly
handicapped IN it's efforts to rank with
the first powers of the earth. What ap-
plies to the nation applies to the indiyid-
ual.
Now, l have a letter of recent date
from friend who has a controlling inter-
est in q Mexican silver mine. He says
six miners in Colorado would cost ME
s16 per day, while the same number of
miners in Mexico, who are just as COM
petent. cost me three Mexican gdollars, or
fifty cents each in Mexican ooin.' Now,
at the present rate of exchange, the six
Colorado miners would cost him $33 66
in Mexican money, which, therefore, in
labor alone. saves him $50. 66. The aver
age yield of ore is 500 per ton in silver
and 1t costs him S. per ton to mine it.
The freight is 81 per ton, and the treat.
ment at the shelters in Monterey costs
$iS per ton-a net profit of 81 per ton,
Mexican money.
IT submit that when silver can be
mined at such profit as shown here land
know of many cases where the profit Ia
grsatsr) it is more than probable that
should silver be remonetized.in this coun-
try the cheap labor in Mexico and her
abundant mines that are found from one
extremity of :the country to the other
will cause silver to be shipped to the
United States in almost as great ouanti-
ties as lead. 1t is my opinion that Mexico
is the richest country in silver in tho
world. and the mines already discovered
are few in comparison To
the untold mineral wealth of the sier.
ia Madra range-to be mined the nome-t