The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-02-28


eminent.
Ninth.-That the free coinage of sill
yer is entirely satisfactory to the peo-
pie of Mexico. They have had a chance
TO test the system thoroughly and 10
compare il with the systems of the
United States. England, France and
Germany, and 1 found no disposition
either among the officials or among the
people to favor the gold standard.
The federal government pays about
six millions annually on gold obliga-
tiOns, and while it is compelled to col
leet over twelve millions in silver to
cover this interest account, ii has no
difficulty in doing so, because of the
prosperous condition of the nations in
dustries. The government is not only
meeting its expenses, but has a sur
plus. In Mexico the producers OF
wealth have not encountered the disaS-
trouS fall in prices which has afflicted
all the gold standard countries since
1873. While exchange has fiuctuated,
the huctuation has only affected for
eign trade, and that f1uctuation, while
OF small Importance when compared
with the great advantage of maintain
ing the level of prices. will entirely dis
appear when the parity between gold
and silver is restored.
] found quite a number of MeXicanS
who went so far as to express the hope
that the United States would continue
the gold standard because of the adj
vantage which Mexican manufacturers
find in a high rate of exchange, but
the majority of the people with whom
l talked desired the restoration of BIZ
metallism in the United States in order
that stability in exchange may be
added TO stability in prices.
NO DESIRE TO ABANDON SILVER.
The United States has had the gold
standard for % years. and the system
has proved SC unsatisfactory that at
the last election six million and a half
of voters cast their votes for candidates
pledged to International bimetallism.
The gold standard has been so disas-
trouS that even Republican admins
traitor is asking foreign nations to help
US to get rid of IL. The people of Mex
leo could adopt the gold standard If
they desired to do SO, and yet no con-
siderable. number OF them wish to
abandon silver
Tenth.-That Mexico is more pros
porous today than ever before. Her
industries are increasing in number
and Importance. Near OriZaba is a
cotton mill OF immense proportions.
The company operates $4,000 looms
and 10000 spindles. The plant has
earned more than IL per cent year on
the capital STOCK curing the last I'VE
years, has been enlarged at the rate
of more than 10 per cent per annum
that time, and the company is
preparing to add 500 looms and Il, 900
spindles this year. At San LUIS Dotosi
/ found a cotton factory owned by an
American. The prOpl4S,Oi 49,
he had been charging his plant and
found the business profitable i MS4Ic
through a new cotton factory at Mon
Il loo cd Of isrf-c
under construction at Gaudalajara.
There are a number of cotton mills also
in the neighborhood of Pueblo.
The manufacture of wooden goods,
the manufacture of hats. the manu-
facture of boots and shoes. and the
brewing of beer are all growing indus
tries. The silk industry is in its in
fancy, put d FreEchman has planted
over 100000 mulberry trees in the
state of Guanajuato within the last
few years, and is much encouraged
over the success thus Iar achieved. l
visited a silk factory which he had re-
Gently opened in the suburbs of the
City of Mexico.
Inc premium on gold has acted as a
wall TO keep out foreign competition,
and at the same time has given d sub
stantial bounty upon exports. While L
was IN Mexico the gold premium varied
from $l.O5 TO $1.15, and l shall, there
fore, take Sl.l0 as an average. In 1873
the Mexican dollar commanded a pre-
MUM of about three cents over our gold
dollar At that time a yard of cloth
worth 81 in the United States or Eu-
rope, when imported by Mexico, would
be worth about 81 cents in Mexican
money. plus transportation and tariff.
Now, with gold at premium of $1.10,
yard of cloth worth 81 in the United
States or Europe is worth $40 in Mex
lean money, plus transportation and
tariff Where the gold price has fallen
one-half. the Mexican price is about the
same that is was in 1873
III the olher HAND those who export
from Mexico have a great advantage
over competitors living in gold stand
ard countries. For instance, a coffee.
raiser in Mexico, because of the rise in
exchange, mas Jared much better than
the planter who has cultivated coffee
on gold basis and who had found his
income diminishing while his debts and
fixed charges refused to fall One of
the gold men of my own state has laid
aside his political scruples sufficiently
10 invest Il large tract OF land near
Tappico upon which he is planting
the coffee berry. He is not the only
American citizen who is seeking in
Mexico the prosperity for which he
voted n the United States.
LARGE NEGOTIATIONS OF RAW
MATERIALS
The cotton mills of Mexico now con-
sumo more cotton tnan Mexico pro-
duces, but the acreage is increasing. If,
IS some expect. they find il possible TO
produce upon Mexican soil all the cot
ION needed by their mills, the MeXicans
VIII become dangerous competitors of
The gold standard countries. AT pres
emf they are Handicapped by having TO
iI4 port SO large a proportion OF their
law material. In reply to the argument
that IS sometimes made, namely, that
we can protect our manufacturers by
still higher duties, l contend that we
can only do so by increasing the disad-
vantage under which American farm
is hard enough when the price of what
he buys falls in the same proportion as
the price of his own product, because
even then his taxes, debts and other
fixed charges do not fall II, however
We maintain the price of manufactured
goods by d high tariff, the burdens of
the farmer viii be so increased as TO
make his ultimate bankruptcy certain.
l might mention in this connection
that ! found many of our protected
manufacturers selling their wares in
Mexico in competition with their Euro
pean rivals. AT one store | found lamps
and lamp chimneys made in Missouri,
hammers and shoVels made in Philadel-
phia, cutlery made in Massachusetts,
also Yale locks: Disston saws and
hinges made in the United States. Cal
ifornia wines and canned fruits, and
Chicago canned meats find a market in
Mexico. At Guanajuato is a theatre,
recently completed, the structural iron
of which came from the United States