El Paso daily herald. (El Paso, Tex.) 1881-1901, 1899-08-01
Mexican Prosperity.


The comments of the Mexican Her
aid, quoted in a special dispatch to the
Journal Yesterday, on the recent float
ing of Mexican gold bonds under the
supervision of J. PierpOnt Morgan may
seem to some to be based on rather
extravagant hopefulness. But they
will not be regarded rs unwarranted
BY those who are familiar with the pro-
gress of our southern neig Dor in late
Years. 1--WE look" says the Herald.
ssfor a great development OF industry
here under the stimulus OF the high
credit gained by this country and es-
pecially anticipate the entrance mere
of American capitalists who have hlth-
erto looked askance on Mexican in
vestments." There are many reasons
for believing that this expectation will
not be disappointed. The striking sue
cess of the Mexican refunding loan will
naturally call attention to the tremend-
GUS strides which Mexico has made
since the death of Macmillan marked
thesclose of foreign Nominations; and
when attention is given to the facts,
and especially to the present conditions
and prospects,, it is inevita bic that the
attractiveness of the field be impressed
upon observers.
In the troublous times after the de-
parture of the Spanish viceroys and
before the firm stand OF the United
States had made other European inter-
yeution impracticable, when Mexico
was going through an era OF revolution
and counter revolution, it used to be
the theory of many of our people that
the Mexicans would never be able to
govern themselves and that process
of "benevOlent assimilation" on our
part was an imperious necessity. That
view did not prove popular, however,
and the Mexicans were left to work out
their own salvation, with results equal
ly satisfactory to them and to US. The
fret years of Mexican freedom did
seem, it is true, to justify the predic-
tions of the pessimists. The govern
ment was nothing less than "despo-
tism tempered by assassination. The
country was harried by bands OF free
hooters, and the am billions of political
aud military chieftains kept every
form of industry in a condition OF fatal
unrest. Apparently many of the OPT
Mons formed then by outsiders have
been retained unaltered till now.
changed, as without any other knowl-
ed ge might be inferred from the sue
cessful carrying out of the recent bond
scheme And the improvement dates
from the appearance of the imam OF
destiny" in the person of POr6rio Diaz.
Under his presidency order was grad
ually evolved out of chaos; revolution
airy factions we're depressed with the
strong hand, the investment OF foreign
copital was invited, and the construc-
ton of railroad system was begun.
Naturally there was much IMPROVE
dence and some corruption in the first
years of the new regime. But the real
ity and substantially of the improve
ments brought about are sufficiently
attested by the fact that whereas Mex
lean bonds stood at nineteen when
President Diaz took the management
of affairs into his hands the loan just
offered through Mr.. Morgan and his
associates was subscribed for many
times over at the rate of ninety-nine
and half, with accrued interest, the
bonds having only forty-fve years to
run and being redeemable at par by
semi annual drawings.
Of course the interest rate OF five per
cent seems high as compared with the
standard of credit set by Great Britain,
France and the United States. But, all
things considered, it is really notable
achievement in every sense that this
comparatively new republic, with all
it's inherited disadvantages, should be