El Paso daily herald. (El Paso, Tex.) 1881-1901, 1901-01-09
MEXICAN FINANCE
Continued from First Page.)

/ =
cts of the word instead of returning
to Mexico.
| Don Alberto Terrazas, assistant man
ager of the Banco Minero, was seen by
The Herald reporter and he gave a
good explanation of the present condi-
tons
There is as much money in Mexico
as there ever was" said Mr.. Terrazas
but there is more business. The bus
| mess of the country has increased at
such rapid rate that the money could
not take care of it, and as the people
in this section do not use checks, as
they do in the United States nothing
but cash will suffice. The money sup
ply is only short of the present demand
and not short of the supply hereto
fore enjoyed. This will be remedied
soon and that before any damage has
been DONE
This explanation is generally accept
ed by the public in that country for
business in every line has increased
wonderfully. 1t means that the gov
eminent will have to back up all the
paper of the uanks.so that it will be &C
ceptable in trade. and silver be
needed only to back the paper. If all
the bank notes in Mexico were now
good the financial panic would not be
felt.
Enrique Creel, manager of the Ban
co Minero, when seen by the reporter
said he thought little of the reports
that have been going around in the
United States but after reading few
of them produced by the reporter he
gave out the following:
1.-The reports that have been publish
ed in the American press recently
about the scarcity of money in Mexico
and about the drainage of silver from
are without foundation.
AT no time in the history of Mexico
was the country more prosperous than
at the present time. The stock of sill
yer held by the banks of the country
is now over $50, 200. 900 and the amount
of silver funds held by the govern
ment, private bankers and in the hands
of mercantile houses is over $50, 0OO, 900
and this is the largest amount of sill
yer coin the mexican government ever
had The Mexican government has
surplus of S37 100000 in silver and is
accommodating IL at the rate of $780,
900 per month.
1T is true that silver is being eX-
ported all the time but this is not
new thing in this country. Mexico has
been producing silver for the last 400
years and the amount of silver export
ed from Mexico since the Spanish CO.
lonial epoch is over three thousand
millions of dollars, which represents
yer in circulation all over the world.
Mexico is prosperous to an enormous
degree under it's silver money basis and
for the present there is no thought
whatever of making any change. There
is nothing in the rumor that this gov
eminent is going to the gold basis and
it would not be wise for the country
to change to gold basis, on account of
its rich silver mines, which are at the
present a great source of prosperity,
and on account of all its industries.
which receive strong protection on ac-
count of the silver money. Silver is
the strongest protection our factories
and other industries can have.
THE mines in Mexico are prOducin@
over 100000, 600 per annum, which yield
of silver is enough to cover the bal
ance of trade with foreign countries
and supply the demand for silver dol
lars which are being exported to the
orient. The banks are doing their reg
ular line of business with perfect ease
and with good security. Money can be
had at the banks. although it is true
that the rate of interest has advanced