The Delta independent., 1898-02-04

i
the system thoroughly ar to compare it
with the systems Of the United States,
England, France and Germany, and /
found no disposition either among the
offeials or among the people to favor the
gold standard. The federal government
pays about six millions annually on gold
obligations, and while if is compelled to
collect over twelve millions annually in
silver TO cover this interest account, it
has no difficulty in doing so, because of
Industries. The government is not only
meeting its expenses, but has surplus.
In Mexico the producers Of wealth have
not encountered the disastrous fall in
prices which has afflicted all the gold
[ Lstandard countries since 1873. While ex-
I change has fuctuated, the huctuation
has only affected foreign trade and that
luctuation while Of small importance
when compared with the great advantage
Of maintaining the level Of prices, will
entirely disappear when the parity be-
tween gold and silver is restored.
found quite number OF Mexicans
Who went 50 far as to express the hope
that the United States would continue
the gold standard because of the advant-
age which Mexican manufacturers find
in high rate Of exchange, but the
majority Of the people with whom l
talked desire the restoration Of bimetal-
ism in the United States in order that
stability in exchange may be added to
stability in prices.
The United States has had the gold
Standard for twenty three years and the
system has proved SO unsatisfactory that
at the last election six million and half
OF voters cast their votes for candidates
pledged to international bimetallism.
The gold standard has been so disastrous
that even a republican administration is
asking foreign nations to help US to get
rid OF it. The people OF Mexico could
adopt the gold standard If they desired
10 do SO. and yet no considerable number
OF them wish to abandon silver.
Teuth-That Mexico is more prosper
ous today than ever before. Her in
dustries are increasing in number and
Importance. Near Orizaba is cotton
mill OF immense proportions. The COM
pany operates $1,000 looms and 10000
,ppindles- The plant has earned more
than l6 per cent. a year on the capital
stslk during the last five years. has been
enlarged at the rate OF more than ten
PEI cent. per annum during that time.
aud the company is preparing to add 500
looms and 12.Ooo spindles this year.
At San Luis Potosi found cotton
factory owned by an American. The
proprietor told me that be had been en-
larging his plant and found the business
profitable. / went through a new cotton
factory at Monterey and learned Of
large mill now under construction at
Gaudalajara. There are number OF
cotton mills also in the neighborhood OF
Pueblo.
The manufacturer OF woolen goods.
the manufacture OF hats, the manufac-
ture Of boots and shoes and the brewing
Of beer are all growing industries. The
silk industry is in its infancy, but
Frenchman has planted over a million
mulberry trees in the state of Guiana
juato within the last few years, and is
much encouraged over the success thus
far achieved. l visited silk factory
which he had recently opened in the
suburbs OF the City OF Mexico.
The premium on gold has acted as a
wall TO keep out foreign competition
and at the same time has given a sub
stantial bounty upon exports. While
was in Mexico the gold premium varied
from clos to sl.l5. and shall therefore
take clio as an average. In 1873 the
Mexican dollar commanded a premium
Of about three cents over our gold dol
lar. At that time a yard OF cloth worth
dollar in the United States or Europe
when imported into Mexico would be
worth about % cents in Mexican money,
plus transportation and tariff. Now,
with gold at premium OF sl1o, yard
Of cloth worth dollar in the United
States or Europe is worth FLO in Mex
lean money, plus transportation and
tariff. Where the gold price has fallen
one half, the Mexican price is about the
same that il was in 1873.
On the other hand. those who export
from Mexico have a great advantage
over competitors living in gold stand
ard countries. For instance, coffee
raiser in Mexico. because OF the rise in