The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-08-03
More On the Question
The Free Coinage of
Silver i'm Mex
leo.
A Gentleman's Experience.
A Gentleman's Experience.
Other Items OF Interest Picked Up
About the Metropolis OF the
Copper Country.

take trip TO Mexico" said 5. G.. Hig
gins lately. There they have free coin
age OF both gold and silver. and the re
suit is that there is no gold. practically
! in circulation. although large quantities
OF gold are mined in Mexico. The gold is
shipped to the United States mints, while
the silver remains in Mexico, and consti.
tutes the sole currency in use in Mexico
except limited amount OF paper money,
which. however. is at a discount in most
paris OF the republic. Free coinage OF
gold and silver there results in silver
monometalsm.
during two trips to Mexico within
the last three years, have become very
much interested in the silver question,
because that is the main topic OF CONVEX
sation in the southwest and IN the north
ern and western portions of Mexico. There
are untold quantities of silver ore in
sight all through that country and the
free coinage OF silver in the United States
would give a wonderful impetus to silver
mining in Mexico. There are places
where the ore is found almost pure, and
in very large quantities.
"0n arriving on the Mexican border
changed some OF my United States money
for Mexican money. | was surprised to
receive two Mexican dollars for each
United States dollar. 1t made no differ
i haf
notes, greenbacks. silver certificates,
gold certificates, gold coin or silver coin,
or drafts on New York, they we're all
called gold money, and | received in ex-
change two Mexican silver dollars. II /
handed out an American silver dollar |
received in exchange two Mexican silver
dollars. | had never thought very
| much about the silver question before
and asked whether the Mexican silver
dollar contained less silver than the
United States silver dollar, and | was in
formed that Mexican dollar contained
more silver than the United States silver
dollar. This was true not only at the
border, but at all points | visited in the
republic OF Mexico. In the city of Mexico,
200 miles south OF the border, a United
States 80 cent piece would exchange for
a Mexican silver dollar and would buy as
much at any store. Drafts on New York,
issued by banks in the United States.
were even worth a small premium.
had with me in the city OF Mexico draft
drawn by the Savings bank OF East Sagi.
nav, on bank in New York, and signed
by A. Schupp, for 500, which | ex-
changed for 200 Mexican SILVER dollars.
On the other hand, ran across one Mex
lean $50 gold piece, coined at the Mex-
can mint, and found that it was equal in
value to the United States money, or
practically so. 1t would exchange for
forty Mexican silver dollars. 1t is not
very often, however, that one finds Next
can gold coin there.
The question naturally arises, why
will a United States silver dollar buy two
Mexican silver dollars, when there is
more silver in each one OF the Mexican
silver dollars than in the United States
dollar? The answer to this question is
the key to the whole silver question. 1t |
is simply because the United States silver
dollar is redeemable in gold, while the
Mexican silver dollar is only worth it's
market value for the silver it contains. |
We have in the United States about |
$500, 900, 900 OF silver money, and over
5000, 200, 900 OF gold money, and in ad- |
dition about 5000, 100000 of paper
money, all maintained by the govern
ment on parity with gold. This, it |
seems to me, is true bimetalism. II we
adopt the free coinage OF silver on basis |
OF ] 6 to i, the flood of silver will be so |
great that it will be impossible for the
government to MAINTAIN the parity. |
understand that even Me- Scripps, OF the |
Detroit News and Tribune, admits that
the free coinage of silver would reduce
the country to silver monometalism, the
same as in Mexico. The 5000, 900 900
OF gold would soon leave the country,
and with our present mintage capacity
IL would take fifteen years to coin enough
silver to take the place of the COO, OOO,-
600 OF gold now in circulation, and the
silver would only be worth 80 cents on
the dollar, as compared with the present
value OF our currency. The avowed OBJ
iect OF the free silver men il to increase
the amount Of money, but it il plain to
be seen that it would result in cont ract-
ing the currency more than one-third |
believe IN the use OF both gold and silver, |
but in order to keep the silver on pari- |
ty with gold, it is necessary to limit the |
amount Of silver, just az we do under our |
present system. There is plenty OF |
money in the country today, but those
who have it are holding on to it, until |
they see in what kind OF money 1t is CON- |
ing back to them. 1t seems to he the |
cause OF the present depression in bust |
ness is largely owing to want OF conf |
dence in the future, and il the people vote |
decisvely In November against the free |
coinage OF silver mt 16 to /, and in favor |
OF the present standard, until an inter |
national agreement with the leading
commercial nations fixes the relative
value OF gold and silver, we shall find
millions of money seeking investment all
over the country. Men who have the
means to start new enterprises and thus
throw money into circulation and give
increased employment to labor, are sim
ply waiting to see the results OF the CON-