The Billings gazette. [volume] (Billings, Mont.) 1896-1919, 1902-08-19
TUESDAY, AUGUST 10, 1902.
ANOTHER elbow" PROBABLE

H- osN~ sSete 01SVv VS0U0.e
1t is beginning to look very muc1
as though silver was about to receive
another blow" and that, too, right
in the home Of it's supposedly strong
est friends, and that the protagon
lists of the cult are about to be de-
prived of the last prop on which they
have been basing their arguments for
the adoption by this country of a de
based currency Us the proper medium
Of exchange. Their custom has been
invariably to call attention to Mex.
leo and it's alleged prosperous con.
dition as a result of adherance to a
money standard that has been dis
oarded by all the commercial nations
CT the world. They have sought to
convince those to whom they have
addressed themselves that the Mex
lean poems receiving wares and pro-
duce for their labor and others who
are getting paid in dollars worth less
than one-half of tho standard Ameri-
can dollar were incomparably better
off and happier than the laborers of
the United Stats who are paid in
money worth all it's face value rep
resents. But they will probably not
be able to much longer make Such
argument. A change in the monetary
system of our southern neighbor is
impending. The end of the silver
standard has apparently been almost
reached.
Dispatches from Mexico City state
that because of the continued and
great depreciation of silver and high
premium on gold business affairs are
becoming unsettled and danger of
e. panic is imminent. Large concerns
that have contracted for goods that
must be imported and which have to
be paid for in gold at rates of ex-
change almost prohibitory are bound
to suffer immense losses, and
foreign capitalists who have invested
r1illions there are becoming dissatis-
fed and alarmed at the unstable con-
ditions existing and will assist the
government to place the republic on
the gold basis.
In his report of last year the finance
minister of Mexico admitted that the
outlook was no as pleasant as it
might be, and that there was not
enough money in the country to an
swer the purpose and demands of
business because of the continuous
call for Mexican dollars from China.
His figures showed that there was
less than So for every person in the
republic. Not over $35, 600, 900 to $4O,-
100000, Mexican, remained in the
land, while its people numbered no
fewer than $4,000, 900. It is true that
the amount he gave did not include
all the money the nation
for there is SIS, 100000 in the form of
bank notes. secured by S55, 200, 900
Mexican, locked up in bank vaults.
These notes are in denominations OF
over IS and do not circulate among
the common people and consequently
their existence does not figure to any
great extent in reckoning the ma
tons wealth in the circulating medi-
UNI. The amount of money now in
circulation among the masses is said
IT, be considerably below what it was
when the minister made his report.
Commenting on the situation the
Mexican Herald, published in the
City of Mexico, says that the rich
planters and manufacturers are on
posed to any change in the money
standard. They want silver retained
because they sell their exports at gold
prices and pay wages and taxes in
deprecated silver. Imports have to
be paid for at gold prices, and rents,
clothing and provisions are gradually
getting on the gold basis, but the
Mexican laborer still receives his pay
in silver of unstable and deprecated
value. In that newspapers opinion
it need not be considered surprising
to soon see Mexico align itself with
the rest of the civilized world and
adopt gold rs the STANDARD of val
ues.
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