The Minneapolis journal., 1902-08-13
Record of advertising of
Minneapolis papers for
July, 1902. COILS:
Journal, Il issues ga
Tribune, 81 issues ql
Times, 81 issues =. I'll
AND Now MEXICO

The free silver protagonists have
always pointed to the neighboring re-
public Mexico as an irrefutablo argument
in behalf of the soundness of their flnan-
cial policy. and have even tried to con-
vince Americans that the Mexican poems,
who work on the big haciendas and are
practically serfs and form about three
fourths of the population, are IN con-
dition bordering on the paradisiacal, al
though they are paid In produce and
rarely have any money, while other labor
ers are paid in dollars worth AZ to 4S
cents.
A dispatch from the City of Mexico
states that, owing to the heavy deprecia-
tion of silver and the high premium on
gold, many. business houses which have
contracted for machinery and other arti-
cles imported, which have to be paid for
In gold at rate of exchange 25 per cent
lower than the present rate, Will suffer
loss, and that foreign capitalists, who
have invested millions in Mexico, are
thoroughly dissatisfied with the unstable
conditions and will assist the government
to place the country on a gold basis.
Last year the Mexican finance minister,
who is always inclined to take an optimis-
tic view Of the situation, in his report
admitted that the outlook was not as
exhilarating as he would like to see 1t.
He admitted that there was not enough
money in the country owing to the con-
tinual call for Mexican dollars from China
which left only from $35 900, 900 to $40,-
000,0 900 Mexicans for the people who num-
bered 100000. Some $65,ooo, 900 Is In the
shape Of bank paper in denominations
over $5, and this does not circulate
among the masses and is secured by $780,
600, 900 Mexicans locked up in bank vaults.
At the present time there is far less
money circulating among the masses than
that reported last year. Under a con-
stantly fluct uating money standard busi-
ness is done at a great disadvantage and
the Mexican government has for some
time contemplated a change to the &C
cepted standard Of the world.
The Mexican Herald, Of the City Of Mex
leo, says that the rich planters and man.
ufaturers In Mexico favor the retention
of the silver standard for the reason that
they sell their exports at gold prices and
pay wages and taxes in deprecated sill
yer. Imports have to be paid for at gold
prices and rents, provisions and cloth.
ing are getting on the gold basis, but the
Mexican laborers' wages are paid in I'm.
stable silver. 1t will not be the leas
surprising to find Mexico aligning her
hn erN11 OF do ri 70
which are the countries who do any con
siderable business with the outside world
Japan is one of the most recent convert
to the worlds monetary standard and sh
has greatly profited by the change. Will
her neighbor China. a silver standar
country, Is now wrestling with the su
preme difficulty of paying her big indemn
ity instalments in gold with silver dow
to the lowest pont 1t has ever reached
It seems remarkable that, after al
our own experience with silver, and afte
we have landed Enthusiastically on the fri
foundation of the gold standard, ther
should have been an attempt in the las
session of congress by the senate Of th
United States to force upon one of ou
insular dependencies the silver standar
which we have emphatically rejected our
selves on the ground. as Senator Lodg
put it, that it would be very danger
Gus experiment to attempt to alter th
silver standard, now existing in th
islands and which has existed there fc
centuries" That Is to say, because
people have had vicious currency, the
ought to be forced to continue its u.s.
AS matter Of fact, gold circulated in tt
Philippines until the depreciation Of 81
yer, ~twenty-six years ago, drove it o,
Of circulation and left the business me
to contend with rapidly fluctuatir
standard against which the business eli
ment in Manila is now sending yigol
GUS protests and damning the folly of col
gress in defeating the bill to provide
gold based currency for the islands ar
prevent the evils Of a fluctuating mon,
tary standard. EE- 49,.
Nv