The new dominion. [volume] (Morgantown, W. Va.) 1876-1904, 1896-09-26
PRESIDENT DIAz
Explains the Workings OF the Free Sill
yer Idea in Mexice-It has Help
ed Them Wonderfully.


CRY OF MEXICO, September H.
President Diaz to-day gave out tn,
following signed statement;
Il do not care to discuss the effect
of free silver coinage ON the material
interests of Mexico with view tc
influencing the result of the coming
national election in the United States
Such course on my part would b,
wholly improper, considering the
friendly relations existing between
the United States and Mexico. TIL,
present political issue in the former
country is the question of the money
standard, and | do not wish TO be re
garded as in any wise attempting t.
affect the outcome.
II can give the facts relative to
existing industries and the estab,
lishment of new ones in Mexico un.
der our financial system, and you
may draw your own conclusions as
to the causes which have produced
such an awakening in commercial
and industrial affairs here.
OCULAR PROOFS OF GROWTH.
Ocular demonstrations of the
vast development may be found by
visiting the cotton. and wooden mills
of our various cities. Some are old,
Others recently opened, Our paper
mills and their output also furnish
evidences of our material prosperity.
Until a comparatively recent period
all the pulp for manufacture of pa
per in this country was imported,
and the paper only was made in
Mexico; now the pulp and every.
thing that enters into the compost
ton of paper is made here. The de
partments OF government will fur
nish the exact date and statistics,
showing the growth of domestic
manufactures and commerce.
"While our material interests have
increased steadily and BEAUTIFULLY for
the last twenty years. since the close
of the Indian mints and the repeal of
the Sherman law, SO called, in the
United States. the growth of Mexi-
co.'s commercial and industrial in
terests has been particularly marked
The consequent appreciation in the
price of gold and the increase in ex-
change between Mexico and the gold
standard countries at once operated
to reduce importations and stimulate
home manufactures.
HOW TARIFF WAS HELPED.
The added price of exchange was
in affect an addition to the tariff.
The importer added TO the original
cost the duty and cost Of exchange
Our cotton and wooden mills already
in operation were obliged to enlarge
their capacities and new ones were
The number of opera
tives necessarily had to be greatly
increased
ITO show the falling off in the
consumption Of foreign merchandise.
ii may be said that the year prior TO
the increase of foreign exchange on
silver, our customs collections at the
ports of entry amounted TO S22. 900.
600. The next year they were $l4,
100000. In the fiscal year ending
in 1890 our importations exceeded
1852. 100000. In the fiscal year end
ing in 1895 they were slightly in ex-
cess of S34, 100000. On the other
hand, our expectations increased.
In lS90-9l they amounted to $685.
100000, and in ls9I-95 to 100000
600 There was nothing in the ma
ture of commercial panic conse-
quent upon the sharp advance in
silver exchange.
BUSINESS FAILURES ARE RARE.
"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 the
work and the classes Of industry,
they compare favorably with those
in other countries.
THE demand for skilled labor has
grown with the great increase in the
of mills and manufactures.
This demand in all branches of la
Dor is strong.
''The added exchange has not i'm
paired the value Of our dollar, as APP