The times. [volume] (Richmond, Va.) 1890-1903, 1897-07-30
WHAT SILVER DOING FOR MEXICO

In spite Of Mr.. William ]. Bryan's con-
tinued prophecies that silver is to be the
money Of the future and in spite Of the
magical production OF gold reported from
she Klondike region, silver has been
steadily sagging until. a day or so back,
Il touched the lowest point that it has ever
yet reached. The silver dollar became
worth only "A slight fraction of a cent over
a. cents. and all this has been going on
while wheat was steadily rising in price.
1t was scandaious II wheat TO part COM
pany with its old true and tried friend
silver, for have not eminent professors
of free silver told us repeatedly that the
Almighty had joined silver and wheat
together and decided that one ounce of
silver and bushel of wheat were and
were always to be worth one and the same
1hing2 If wheat las been violating di-
vine injunction in this way. it is time for
all good people 10 inquire what next?'
But either wheat has been naughty or
silver has mad the hiccups. for 1t is fact
and very serious one to many people
downward and those whom it concerns
have been compelled to recognize that
stern and disagreeable fact.
A telegram from the city Of Mexico
dated July 9th states that exchange there
has been all deranged by the fan in silver,
and exchange on New York has risen to
2lS and. on the street. to even 22O. The
telegram states further that merchants
nre cabling abroad countermanding orders
Tor goods and that all foreign business
is practically paralyzed.
The bare statement Of these facts fails
TO carry their fun import TO many per
Sons and so we offer a brief explanation
OF them. Mexico is a free silver country
md. consequently that has happened
there which would happen here If We had
free coinage. An gold has disappeared,
and the only money Of the country is sill
Yer Now. when a Mexican merchant
buys anything In New York or London. or
anywhere else he buys in gold prices
when he promises TO pay $50 il is prom
isc TO pay fifty gold dollars But the only
money he has TO make his payment with
Is silver dollars worth only - cents each.
Vie must therefore send more than one
hundred OF them TO New York 10 pay his
Iobt OF SO II the silver dollar were worth
sfty cents even. exchange on New York
you'd be at exactly 200 plus the freight
or shipping there 100 silver dollars. But
rs tho silver dollar has fallen IN value "a
cents. the exchange has risen TO the
figures herein before quoted. The tele-
gram from the city Of Mexico that We
Rave quoted goes on as follows:
The nuctuaton In exchange does more
harm than low prices as II makes imp0s-
lible all calculations. The continued low
price OF silver VIII revive the talk OF
ADOPTING the gold standard which would
be ruinuous 10 the new manufacturing
Industries. BANKERS. while anticipating
wen lower prices Tor silver. believe there
will be a reaction TO a price that will per
nit something like steadiness I'm exchange
and stability in business operations.
There Is where the trouble comes in.
With the standard OF value always shift.
Ing. 10 man ever knows wehere he stands
No man can make contracts because
while basing his estimates upon one fgur,
It may turn out that he will have 70 set.
lie by another.
IL we had free coinage Of silver an OF
our gold would disappear jus. as has hap
pened in Mexico. we should then have
10 20 through complete process OF II.
quotation 30 as TO adjust all credits TO IN,
new basis Of . a cent dollar instead Of q