Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1896-09-12
FREE COINAGE II MEXICO.
A Letter From President Diaz.


City of Mexico, September 11.-Presi-
den, Diaz to-day gave out the following
signed statement:
Il do not care to discuss the effect OF
free silver coinage on the material in
terests of Mexico with view 10 infiu-
! encing the result of the coming national
! election in the United States. Such a
course on my part would be wholly
! improper. considering the friendly and
peaceful relations existing between the
United States and Mexico. The present
/ political issue n the former country Is
! the question of the money standard, and
| do not wish to be regarded as in any
wise attempting TO affect the outcome.
! 81 can give the facts relative 10 exist
! ing industries and the establishment or
new ones in Mexico under our financial
system. and YOU may draw your own
! conclusions as TO the causes which have
produced such an awakening in COM
mercial 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 va
! rious cities Some are old, others re-
Gently opened. Our paper mills and
their output also furnish evidences Of
our material prosperity. Until a COM
paratively recent period all the pulp
tor manufacture Of paper in this coun-
try was imported, and the paper only
was made in Mexico; now the pulp and
everything that enters into the compO-
/ sition of paper is made here. The de-
partments of government will furnish
| the exact date and statistics. showing
| the growth OF domestic manufactures
and commerce.
while our material interests have in
| creased steadily and BEAUTIFULLY for the
| asst twenty years, since the close OF the
| Indian minis and the repeal OF the Sher-
man ,aw. so called. in the United States,
/ the grewth OF MeXicO's commercial and
I industrial interests has been particu-
larly marked. The consequent appre-
! citation in the price OF gold and the in
crease in. exchange between Mexico and
the gold standard countries at once OPP
Grated 10 reduce importatiOns and slim
/ ulate home manufactures.
HOW TARIFF WAS HELPED.
"The added price Of exchange was in
/ effec; an addition to the tariff. The i'm
porter 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 established. The
number of operatives necessarily had 10
/ be greatly increased.
TO show the falling off in the con-
sumption OF foreign merchandise, it may
/ be said that the year prior to the In
I crease of foreign exchange on silver. our
! customs collections at the ports of entry
amounted to S22.000e0O. The next year
/ they were S14OOO.000 In the fiscal year
I ending in 1880 our importations exceeded
! &20OO.OO0. In the fiscal year ending in
/ 1895 they were slightly in excess of $Si,-
/ OOOO0. on the other hand. our eXporta-
tons increased. In 1S90-91 they amounted
! 10 So. 100000 and in 1S9i-e5 to $40 600.
| There was nothing IN the nature Of ~ om-
mercial panic consequent 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 cir
! cumstances. As TO wages and the condi-
/ ton OF laboring men. considering the ma
/ ture Of the work and the classes Of indus
/ try. they compare favorably with those
1 in other countries.
The demand for skilled labor has grown
with the great increase in the number of
mills and manufactures. This demand
/ in all branches OF labor IS strong.
The added exchange has not impaired
! the value Of our dollar. as applied 10 the
! purchase of articles Of home manufac-
/ ture It's buying power Is unchanged in
/ this respect. and prices for domestic mcr-
! chandise and produce vary only accord
/ ing to the supply and the demand.
Heavy investments of foreign capital
/ IN Mexican enterprises have been made
( since the appreciation of gold elsewhere.
/ There IS anoSaer point OF view: The
! foreign debt of the country is payable In
gold The duties on imported merchandise
are collected in silver or on that basis.
/ TIE high rates Of exchange. together with
] the decrease In our customs collections.
I heretofore alluded to- have caused a con-
: siderable shrinkage in this source Of rev.
emu PORFIRIO DIAZ."
PROSPERITY OF MEXICO.
What President Diaz states on the ef-
/ feet Of free silver coinage IN Mexico is
given double importance by the facts that
/ Mexico is one OF the most prosperous OF
/ the silver-using nations, and that its
! prosperity has been attained under the
statesmaulike administration OF the vet
eran executive. Shallow observers who
I have been shaken by the sight Of Mexican
dollars selling in the United States for IS
cents. while ignoring the fact that in
Mexico they buy As much. and only as
much. wheat now as In 1850. will learn
! from the president OF the Mexican repub-
! &c how stimulating upon productive in
/ dustry is a dollar. which II does not pay
to hoard. but to spend; which keeps ever
/ its normal value. and so doing keeps al
ways stable the prices OF commodities for
/! which it is exchanged.