Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1896-08-06
FREE SILVER IN MEXICO.
]. NJ. Fisher Gives His Experience in
a Free Coinage Country,

a Free Coinage Country
The following from former resi-
dent and banker Of Abilene, }. M.
Fisher, to J. P. Campbell of this city
will be read with interest as bearing
on the currency discussions of the
campaign;
DURANGO, Mexico, July 27.-l have
yours OF the 10Th inst. asking for In
formation touching the financial
standing Of the United States silver
dollar IN this country.
Yes, it is true that one United
States silver dollar will generally buy
two Mexican dollars, depending Of
course on the rate Of exchange which
is always controlled by the value OF
silver. Since have been here ex-
change has huctuated from or be-
tween $l.5O and $2.12. At present
the rate Of exchange Is $l.S6 to sl,sO.
That Is one United States silver, pa
per or gold dollar will buy from sl.SS
to tl.9O Of Mexican dollars. The rel
ative weights Of each Of the coins !
do not remember, but the Mexican
dollar contains a triile more silver
than the United States dollar. The
former think contains 420 grains
and the latter 412 or 4l2l. Hence 1t
! Is evident that it Is not the intrinsic
value Of the latter that gives 1t Its
! greater value but the known fact
that it will bring one dollar In gold
in the United States.
Now that am on this subject and
especially inasmuch as free silver
seems to be the paramount issue In
the present political campaign, ! will
briefly give you my conclusions as
gathered from four years experience
and observation in a free silver c0un-
try.
1t is my firm conviction that free
coinage is dangerous and fallacious
theory. The United States would
have everything to lose and nothing
to gain by it, as | fail to see who
would be benefited by 1t except pos
sibly the owners of uncoined silver
bullion and perhaps temporarily own
ers of silver mines. For short time
after the enactment OF u free coinage
law, ! think speculation and demand
would naturally increase the value oil
silver. But this would stimulate
productions to such an extent that
ultimately the value would go lower
than ever. In other words the effect
and result would practically be the
same as was the case after the passage
Of the Sherman law few years since
which law was passed at the behest Of
the silver kings. Free coinage does
not seem to have lifted this country
out OF the old rut in which II has been
for many years. 1t has not increased
the value OF real estate as there are
millions and millions Of acres here
that can be bought at prices ranging
from 10 to 20 cents per acre in silver,
or Mexican money. II this same land
was in the United States at this time
it would sell for 81 to $40 gold per
acre.
Neither has it increased the demand
for labor nor the value Of IL. The
poems often beg for labor at 81! to
81! cents per day. Fifty cents Is the
average price for common day labor
ers; machinists get from 81! to sly
cents per day and always board them
selves. Corn and beans are the chief
diet and staff OF life for the laborers.
Here at present they are paying for
corn 81 per bushel and for beans 81
per bnshel. Lard is 80 to 40 cents
per pound. Ham and bacon 40 to 5O
cents, butter 80 cents, potatoes vary
from to ~ cents per pound. All
classes Of farm products iuctuate ac-
cording to locality and season. Corn
sold here about five years ago for "a
per bushel and few years before
am told it sold for Is to 20 cents. All
imported goods are always and abb
solutely beyond the reach Of the
laboring class as the low price Of sill
yer almost amounts to a prohibitive
tariff.
Another very Objectionable feature
to free coinage is that no man can
anticipate what dollar will be worth