The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-03-13
MEXICO AND FREE COINAGE.


ments and arguments in regard to Mex
leo made by Justice Walter Clark, Of
Raleigh, and Prof. Herman, OF Sails
bury, in communication to this paper.
We quote:
1T will, perhaps, be remembered that
The Post has on several occasions in
the past discussed certain silly and
extravagant statements by Cuckoo
orators and newspapers touching the
financial condition of Mexico and the
| general worthlessness of the American
silver dollar. In reply to the asser-
ton, so frequently made by sound
money" speakers, that the Mexican
silver dollar was a thing beneath con-
tempt, and that free coinage OF silver
had brought the Mexican people to
penury, The Post has always replied
| that the silver dollar buys as much in
Mexico as the gold dollar does here,
and that, instead of tobogganing down
| the steepest side Of Ayernus, Mexico
is prospecting on thoroughly healthy
| and legitimate lines.
About month ago Mr.. Allen, OF
Utah, delivered a speech in the House,
relative to finance, and as part thereof
| read a letter from Mr.. A. v Temple,
manager of the Mexican Bureau Of in
| formation. Mr. Temple has been re-
sident in Mexico for the past twenty
six years, and throughout that period
has been engaged in business and con
| nected with financial and commercial
enterprises. 1t is to be supposed there
fore, that he speaks with authority
when he says: i would say that
Mexican dollar buys to-day as much
in this city as it did when / came here,
| and at that time a Mexican dollar was
worth S110 in gold in San Francisco.
The price of corn, beans, flour, wearing
apparel, DC, is almost exactly the
| same as in former years. Of course,
| there are fluctuations due to good or
| bad crops, but the average cost of all
the various articles which go to make
mp the expenses of a family are almost
exactly the same as when gold was
at par
"Of course, every one who has Wis
tied Mexico and in that way acquired
information, knows this to be true.
The orators and newspapers referred
to, however, have been going calmly
ahead reiteTating the stupid fallacies
in question-eyen employing and ag-
grayating them by adding that not
only is the Mexican laborer's silver
dollar worth less than half of the Yam
kee laborer's gold dollar, but he doesn't
get as many of them for his work. In
q word, they hold up Mexico as an
awful example Of the ruin and misery
that follow in the train OF silver coin
age.
.sBut Mr.. Temple tells very differ
ent stoFy, as win be seen:
You will note by the printed mat
ter sent gou the wonderful increase in
the income of the government, and also
of the Mexican Central Railway, which
I think will compare favorably with
that Of governments or railroads on
gold basisS Also, the price of Mexican
securities has steadily been advancing
iii spite Of the increased premium on
gold The fact is that an abundant
supply of good silver dollars, which
everybody can get and everybody can
spend, seems to make people more
cheerful, harder workers, and induces
the capitalists TO go into new enter
prises. Although there are bank notes
in circulation in this country, they are
represented by an actual store of sill
yer dollars, SO that at a moments no-
bice the same can he converted into
coin. They are. in fact, like the gold
certificates OF the United States, ex-
cept that ours are issued by incorpor-
ated banks Mercantile failures are
rare, and manufacturing establish
ments, especially those engaged i'm the
manufacture Of wool and cotton, are
paying large dividends. Banks are also
paying from 10 to is per cent. a year
on their capital stock While the per-
feet peace and order which Mexico has
enjoyed for the past twenty years has
had great effect on the development
and prosperity Of this country, / also
believe that our silver basis has helped
us prosper as much as any other cause
''The premium on gold also tends
to bring it To this country. European
investors, taking advantage of the pre-
MUM on gold, are more willing to
come here ard make investments in
mining, manufacturing, &c, thar If
this disparity between gold and silver
did not exist While doubling their
capital in bringing it into Mexico they
can go into production of articles flor
export which are sold for gold; as, for |
instance, coffee, rubber, hides, vanilla, |
and kindred products. so that practi-
calIy they double their capital and yet |
receive gold interest on their invest |
ment.
"a silver basis seems to. tend to the |
increase of larger number Of small |
incomes rather than a small number |
OF larger ones"
1T seems to us that the 'sound mon |
ey' advocates had better drop Mexico |
as an object lesson There is enough |
TO he said in favor OF the gold basis |
without lying about silver in Mexico"
JUDGE EWART'S SPEECH.