Birmingham state herald., 1896-02-16
MEXICO AGAIN.


 The Raleigh News and Observer pub fishes an interview with Associate Jus tice Walter Clark of the supreme court of North Carolina, who has been upon visit to Mexico. His observations as to the state of affairs in that silver basis country are worthy of attention. Judge Clark says that on the United States side of the boundary line he left low prices, depression and poverty, whereas on the Mexican side he found business activity, good prices and a degree of prosperity that struck him with aston ishment. Commenting on the interview the Atlanta Constitution says:
 "He found that, whereas industrial de- velopment has practically ceased on the American side of the line, on the Mexi- can side the country is developing more rapidly than any other on the planet be- ing largely assisted by capital which can find no safe investment in the United States, where prices and values are con- stantly declining.
 Judge Clark is at no loss, however, to account for the wonderful development that Is going on in the Mexican republic. He finds that the dollar unit is of ex- actly the same value that 1t was ten. fifteen or twenty years ago, not having been artificially doubled by legislation, as has been the case with us. He finds that cotton is still 13 cents pound and wheat $1 hushel, while all fixed charges that the people have to pay. such as tax es passenger and freight rates, public and private debts remain actually as well as nominaly the same, while with us, as Judge Clark says, by virtue of legislation in favor of the bondholders, these fixed charges. while nominally the same are in fact, doubled. as 1t takes twice the amount of cotton. corn, wheat, etc., to pay them
 Judge Clark declares that one does not get a full idea of the enormity of this legislation in behalf of the bond holders until he goes to Mexico and sees the prosperity of that country, and sees the very capitalists who. by securing this legislation, have doubled the value of their United States bonds, investing the principal and interest of their enhanced value in Mexico at old prices, thus se- curing $2 of property for $1 loaned the United States government-that is, they sell 5000 United States bonds for gold, buy $2000 of silver. which remains at the old value. and invest in 5000 of property in Mexico
 By comparing prices and values in Mexico@with those in the United States Judge Clark finds that it Is not silver that has depreciated but gold that has dou- bled in value. This fact can easily be ny SpiHpdilIS tut DuT- chasing power of silver and gold in 1873 with their purchasing power in 1896. An ounce of gold will buy more than double the quantity of staple commodities that it would buy in 1873, whereas an ounce of silver will purchase the same quantity now that 1t would buy in 1873. An ounce of silver bears precisely the same re- lation to cotton, wheat. iron. calico, etc, that 1t bore twenty years ago and will buy no less of each. Only gold has changed in value. and that value has more than doubled The fae+-stands out so clearly that we wonder any sensible person can fail to see it.
 Judge Clark refers to the arguments of those who meet the statements about Mexico's prosperity with the declara ton that the people of that country are in- ferior to our people in the matter of civ ilization and enlightenment. He admits it. and says that the fact makes the diff ference In the prosperity of the two peo- ples all the more conspicuous and re- markable. If ignorant and unenlight- ened Mexico has won her prosperity by keeping her standard of value at the same level. what shall be said of a people who, by permitting the value of their monetary standard to be doubled, have Invited and brought upon themselves the curse and blight of long-enduring bus mess depression?
 Judge Clarlles letter is one of inc strongest and clearest statements We have seen in regard to the condition of affairs in Mexico"