The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-08-03
ADMIRERS OF MEXICO.

One of the strangest things about the
present free-silver craze is that it has de-
veloped the fact that there are some per-
sons who really think the present condition
of Mexico is better than that Of the United
States and that the latter ought to try and
reach the same condition. OF course, these
persons are not patriotic citizens. and the
fact that they advocate such views shows
that they are lacking in intelligence as
well as in patriotism. but they exist, and
in the general license of speech they have
a right to talk. After all, the assumption
that Mexico is more prosperous than the
United States is no more absurd than most
of the other .so-called arguments" which
the advocates of the free and unlimited
coinage of silver are using.
One of these American admirers of
Mexican institutions writes to the local
free-silver organ as follows:
For instance. take the farming products
of Mexico. Wheat is worth Sl.So. The
farmer who produces 100 bushels OF wheat
can get $50 for II in Mexican money. Now
for an illustration. Suppose he desires 10
cross the border and come over into our
country TO spend 1t and converts his SlS5
into our money for convenience. He gets
500. 80 for his S1S5 of Mexicap money and
has S42. 80 the best of it. In fact, he can
have just $3.50 worth of fun at our ex-
pense. wake UP nfxt morning to find he
has still left $50 to commence business with
his brother American farmer, who has just
cents per bushel. or $50. in our early be-
loved gold-standard money.
AS there is no Mexican market report at
hand the Journal is unable to say whether
wheat is worth s1.S5 a bushel there in So
-. O-ololI <b1 nr;oa a.
greatly exaggerated, but let that pass. At
the price stated the Mexican farmer would
get a little more for his wheat than the
American farmer. but as he has to pay
fully twice as much for all the necessaries
of life he is a heavy loser on that turn.
In one respect, however. he has the ad-
vantage, for in Mexico the necessaries of
life are a very meager outfit. All intelli-
gent travellers agree that the poverty one
encounters on every hand in that country
is far more abject than any ever seen here.
This American admirer OF Mexican insti-
tutions says: 1T looks to me from a inan-
cial point Of view that Mexico is not
stranded very badly when Mexican 5-per-
cent. bonds sell at 94ih per cent. in Lon
QUU. II - nhlC W say nat III SbSh cuiC
has taken place. The foreign debt of Mex
leo on June 80. 1894. consisted of SOS. 43s. 900.
bearing s per cent. interest, and it Ia not
likely she has placed any bonds since at a
lower rate of interest. Mr.. George Boul-
ton. manager of the foreign exchange bust
ness of the First NATIONAL Bank of Chi
cago. wrote a few days ago:
The writer had occasion last month to
buysin the City IF Mexico $4,000 of bonds
bonds were bought at the rate of As cents
on the dollar i'm silver. the net cost to the
purchaser being $24.10 In Mexican silver.
AS the money to pay for these bonds came
from this country, the amount of Amer
lean funds used in the purchase of $50. 200
Mexican government securities was Sl3,-
012.11, or about 20 cents On the dollar.
This statement bears internal evidence of
accuracy. and it completely refutes the as
sertion that Mexican 5-per-cent. bonds
have sold in London at 941h cents. Since
| Mexico went to n silver basis she has lost
very heavily in foreign exchange. A fnan-
cial authority says: THE burden of her
foreign debt has doubled since the decline
of silver. the cost of exchange amounting
to as much as the former annual interest"
American advocates of free silver who find
so much TO admire in the condition should
emigrate to that country.