El Paso daily herald. (El Paso, Tex.) 1881-1901, 1899-01-05
In the Capital of the Republican,
Authority On Commercial And
Financial Matters.-His Views On
the Status OF A Paper Currency

of prominent Ell Pssoans, who will sim
cerely mourn his loss.
A meeting of friends of the late col
lector will be held at the Ell Paso club
this afternoon to adopt suitable resell
| utiOns of respect to his memory.
During his residence in the capital
of the republic Senior Bsuche, although
| q young man, took q leading part in
the commercial life of the city. He
had many au opportunity to advance
his views upon the currency and kind
red matters, and in these he was
sound and his arguments we're incisive.
From late publication entitled
"Brief biographical notes of the most
notable memb ers OF the treasury de-
partment of the Mexican ublic'',
written by Lszaro Pavia, we extract
the following TRANSLATED for the HER
ALD):
EARLY LIFE IN MEXICO.
Inquire in any social circle of the
Mexican capital, Who is Manuel Bau-
che? and the answer will be: A per-
loyal and disinterested friend. One
who com bines in his chars cter the
noble qualities of his honored father,
Sr. On. Manuel Bauche. with the re-
fnement of his virtuous mother, Sra.
Dna. Guadalupe de la Barrers.
IL the Carlos Escudero Literary
society, an institution honored by the
patronage OF the most distinguished
Mexican families, we had the good
Manuel Bauche. very young but al
ready Deserving of the confidence
of his associates. They had
elected linn their president be-
cause they found in him all those
characteristics so essential in one se-
lected to be placed at the head of ar
lists for the love of art and of lite
rateurs for the passion of study.
Another club. the "Mercsntil,
Mutua e Instructive" an association
composed of merchants, bankers, and
business men generally, no less honor
able and distinguished than the Carlos
Escudero society, had also honored
Mr. Bauche by making him their pres
ident, and there in that center of bril-
liant intellects educated in the science
of commerce and trade, did Mr..
demonstrate his profound knowledge
of finance and political economy.
With impassioned eloquence, with
unanswerable logic and persuasive Ian
guage he promulgated his ideas, pro-
viding veritable Intellectual sliment
for that august body, composed of indi-
viduals who lived constantly in the
midst of tn at vertiginous movement that
they call commerce and which consti-
of the most prolific sources of ma
tion' 8 riches.
Manuel Bauche was listened to with
profound attention. and seemed more
the experienced master than the friend
and assOcia:e g, who tfuss among his
companions the soft warmth of his ad-
vice which had all the character of
original lessons.
For him 1t was an easy matter to- dis
course upon the most difficult econo-
mical subjects pertaining to commerce
and public affairs. Without departing
from scientific theories he entered up
on philosophic considerations, and said
for example,:
"Paper money has begun to lose in
value because its acceptance has been
made obligatory and from that time
the bearer has failed to realize it's par
| value in exchange for metallic money
of the amount specified upon its face,
that is to say it has failed to resolve
| itself when necessary into that which
| it represents or which it ia intended
to represent. 1t has deprecated also
because augmentipg the volume of the
currency in respect to other commodi-
ties has diminished the value and pow
err of the former while increasing in
direct proportion the value of the lat
ter. In other words while the prices
of all commodities and of public and
private services have advanced, the
purchasing power of the currency has
steadily diminished.
In order to fill this vacuum and exc
out it's resources the state issues an
excessive amount of paper money and
multiplies this according to its peces-
sites, accomplishing nothing however
except to depreciate it's paper still
more and causing stagnation in BUSH
less in dire ct proportion to TIE amount
issued. This movement nevertheless
is not progressive or continuous, as the
paper currency, modified by thousands
of causes having influence upon its
value, (such as victory, defeat, ex-
pansiOn or contraction in volume, q
break In the stock market, or some
public rumOr, an impending calamity,
or q mere whim or caprice), experiences
incessant fluctuations. with the result
that commerce degenerstes into mere
stock jobbery.
In the midst of this chaos and of this
movement, all commercial and manu-
featuring enterprises become absolute
mpOssibilities. They become para
lyzed and the capital employed in them
Is withdrawn to await better times, or
perhaps to be invested in some other
country whose financial system is upon
q more wise and solid basis. Many
will launch themselves upon the
dangerous sea of speculation; and it is