Alma record. (Alma, Mich.) 1878-1928, 1898-08-19
COPPER IS THEIR N Di!El
The Mexican Laborers Use Il
In Their Dealings.
THEIR PITIFULLY SMALL WAGES


at . Cent . Package - Nearly All Pur-
chases Computed and Completed In Cen
tavos Worth Less Than Half . Cent.
This series Of letters is tho result Of per
sonal visit TO Mexico made by the writer
early in 1898 as special representative of the
Michigan Republican Newspaper Association
to investigate the monetary system OF that
oountry.l
Nv.
"Silver Is the money Of the common
people,, is an arbitrary statement many
times made in connection with the adj
vocacy of the free coinage Of silver in the
United States Cooper is the money
of the common people in Mexico" is
statement which can be more truly
made relative to this country, where all
the possibilities of free silver have I'M
questioned control For as 1t is most
convenient in the United States to con-
duct mercantile and business operations
involving only small amounts i'll silver
currency, SO is it necessary III Mexico,
by reason of the pitifully small wages
paid and the poverty of the masses, to
transact large part OF all trade with
the so called common people III copper
centavos, worth less than one-half cent
in American money measurement.
At all the markets patronized by the
laboring people little portions OF the
few articles of provisions they can af-
ford to buy are made up in quantities to
be sold at cent each, and they buy in
this way one, two OK three portions of
lard, beans, peppers, potatoes, toma-
toes, or as the pittances they possess
will permit. Shelled corn is bought
and sold by the quart, out Of which the
tortillas are made through being boiled
and crushed, and baked when mixed
with water and which with beans form
their almost exclusive article of food.
In the trade transactions OF the laborlng
masses of Mexico it is seldom that a
purchase is made that it is not comput-
ed and completed in their copper centa-
vos, the same meaSer measurement be-
ing applied to their earnings as TO their
spendings. If therefore it is desired by
the advocates of free coinage in the
United States TO herald the results of
their selected currency system, as
shown by experience rather than by
theory, they should be as further pro-
gressive ~ such conditions fully Justify
and seek added favor for their cause by
proclaiming copper as the money of the
common people, as 1t is in Mexico the
ideal home OF the free coinage of silver.
In their efforts to create opposition
to the present monetary standard Of our
country they include denunciation OF
banks and corporations and trusts and
syndicates and monopolies, as If it were
true that some principle inherent or
pertaining to the free coinage Of silver
would prevent and provide against the
evils they thus so fiercely portray. If
there is any truth whatever in their as
sertions and assumptions it should be
made apparent in Mexico, where the
system they seek has always prevailed
and such virtues as it may possess have
been given uninterrupted opportunity
for experience in action and in effect
Careful investigation as to the facts in
that direction, however, reveals state
Of affairs in Mexico most decidedly the
opposite of that which it has been boast
| fully assumed would accompany the
| free coinage Of silver.
Banking In Mexico.
The banking business Of Mexico is
| principally conducted and controlled by
| two large government favored institW
| tons. the Bank Of London and Mexico
and the National Bank of Mexico. The
| Mexican government issues neither gov
eminent notes nor coin certificates, the
| function Of issuing legal tender paper
| being delegated to the banks above
named, the paper circulation Of which
is guaranteed by the government. There
are state banks of issue as well, but they
are not so favored and their notes are
accepted only at n discount, except per
| haps in the immediate locality III which
| they are issued. These few favored
banks are permitted to issue notes &c
| three times the amount Of their paid NJ
capital the only added requirement be-
| ing that their deposits shall be equal &c
| one-third of their notes issued. They
are also permitted to loan money &c
the government at 6 per cent interest.
| The Bank of London and Mexico il
| pTluClpdliy OWUcu ny lSnSllSil anu N'tl
man capitalists, and its capital stock Is
reported to be so, 600, 900. The capital
stock of the National Bank Of Mexico is
given at $40, 900, 600. BY reason of the
privileges they possess these banks are
enabled to show dividends upon even
the enormous capital they proclaim OF
from Is to 20 per cent. 1t is therefore
not necessary to further suggest that
there is nothing inherent i'll the free
coinage of silver to prevent enormous
profits for banks and bankers. On the
contrary, the reduction of the currency
of the country TO u commodity the value
Of which persistently varies gives tC
banks and bankers in Mexico the oppor
tunity which the strong always pos
sesses over the weak where values ar,
uncertain and loss or gain through such
conditions thereby made possible. The
free silver shrinkage in the value of III
representative centavo in the hands OF
the toilers of Mexico has contributed tC