Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-09-12
MExICo'y SILVER EXPERIENCE.
President Diaz ION Conditions In
HIS Country.
city Of Mexico, September 9. 1896.


City OF Mexico, September 8. 1896.
| To W. II. Hearst. New York Journal:
do not care to discuss the effect Of the
| silver coinage on the material interests OF
| Mexico with view to influencing the re-
suit of the coming national election In
the United States. Such course on my
part would be wholly improper. consider
| ing the friendly and peaceful relations ex-
| listing between the United States ana
Mexico. The present political issue IN
the former country is the question OF the
money standard, and / do not wish to De
regarded as In any wise attempting 10
affect the outcome.
/ can give the facts relative to existing
Industries and the establishment OF new
ones I'm Mexico under our financial svS-
tenn, and each may draw his own concur
sions as to the causes which nave pro-
duced such awakening I'm commercial ana
Industrial affairs. Ocular demonstrations
of the vast development may be found by
visiting the cotton and woOlen-mills IN
our various cities. Some are old, others
recently opened. Our paper-mllls ana
their output also furnish evidence OF our
material prosperity. Until comparative
ly recent period all the pup used In the
manufacture of paper in this country was
imported, and the paper only was Haue
in Mexico now the pulp and everything
that enters into the composition or the
paper is made here. The departments or
the government will furnish the exact
data and statistics showing the growth
of domestic manufactures and commerce.
GROWTH OF COMMERCE.
While our material interests have In
creased steadily and BEAUTIFULLY for the
last twenty years since the close of the
Indian mints and the repeal of the Sher-
man law, so called. in the United States,
the growth of Mexico's commercial ana
Industrial interests 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 nome
manufactures.
The added price Of exchange was in
effect an addition to the tariff. The i'm
porter added 10 the original cost the duty
ana cost OF exchange. our cotton ana
woOllen-mills already i'm operation were
Obliged TO enlarge their capacity and new
ones were established. The number OF
operative necessarily had to be greatly
| increased.
To show the falling OFF in the consump-
| tion 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 so, 10000. The next year they were
| YfOcJ.O10 In the fiscal year ending in 1890
| our imDOrtations exceeded $1,000 900. In
the fiscal year ending in 1895 they were
! slightly in excess OF SiiO0O.OO0 On the
other hand, our expectations increased.
| and in 194-'95 to 100000. There was
| nothing In the nature OF a commercial
| panic consequent upon the sharp advance
| In silver exchange.
BANK FAILURES RARE.
Our merchants are conservative and
| careful, and bank and business failures
| are happily rare In Mexico under any cir
| cumstances. AZ to wages and the condi-
| ton OF laboring men, considering the ma
| ture OF work and classes of industry they
compare favorably with those in other
countries
| The demand for skilled labor has grown
with the great increase in the number or
| mills and manufactures. This demand in
all branches Of labor is strong. The add
| - exchange has not impaired the value
| Or our dollar as applied to the purchase
| NJ articles OF home manufacture. It's
| buying power is unchanged I'm this re-
| spect and prices for domestic merchandise
| and produce vary only according to the
| supply and the demand.
Heavy investments Of foreign capital in
| Mexican enterprises have been made since
| tho appreciation Of gold elsewhere
There IS another point Of view. The
foreign debt of the country is payable in
gold. The duties on imported merchandi
are collected in silver or on that basis.
| The high rates OF exchange. together with
the decrease I'm our customs collections
before allrded to- have caused a con-
siderable shrinkage In this source of reve-
nue..
(SgneD PORFIRIO DIAZ.