Arizona republican., 1902-11-25
4+4 -.4.I-.t+.+-s.s-t-F-t+5.+-F.+-.s.4.'.1s
CURRENT COMMENT
z
 A Gold Basis for Mexico.

A dispatch from New York states
 that the Mexican government is mak-
 ing large purchases Of gold in this
 country, preparatory to establishing
 the Mexican currency on a gold basis.
 The dispatch may or may not be tech
 nicaliy true. but it is not improbable,
 -or there can be uttle doubt that be-
 lore many years Mexico will adopt the
 gold basis. This does not necessarily
 mean that Mexico will discontinue, or
 even diminish the use of the silver dol
 lar as money of account and for or
 iinary use, but that by making the
 dollars redeemable in gold it will es-
 tablish and maintain a stable ratio
 between gold and coined silver, regard
 .ess of the gold price of silver bullion.
 That this is easily possible is shown by
 the fact that we now maintain cur
 coined silver on parity with gold, al-
 though silver bullion is worth less than
 half as much. The principal difficulty
 which we experience in so doing arises
 rom the fact that so great Overvaluing of the coined silver offers temptation to coin spurious dollars of pure silver. There is TO great trouble from that cause here. but the absence of banks and trained secret service officers in the Philippines seems to make the ssa 1t silver coin so greatly overvalued impossible there.
 Mexico is not likely tC attempt tc maintain silver coins on a parity with gold. Her government is more likely to adopt the Japane@e plan of main tainiIg them at half their nominal value in geld. That is much easier and just as satisfactory for producing steadiEess in exchange that is. in the gold value Of the silver coin. At present, Mexican silver coin constantly iuctuates with the value of silver bull lion, and the changes are SO frequent and so COTTOn that merchants who pay gold for their goods and take silver coin in payment from their customers may not get enough silver to buy the | gold to pay the original cost of the goods. This trouble is felt in all silver using countries, and is SO serious as to | demand immediate remedy. It now | looks as if the monetary stardard would soon be gold in all parts of the world.
 This is made possible without viola tiOn of the principles contended for by | bimetalists for SC many years. by req i sCl of the modern discoveries of new methods of working gold bearing ores. The establishment of the gold standard in this country has not been attended by any contraction of the currency. On the contrary, there has been con stant expansion. The money O; all | kinds in circulation fn 1870 was S1S73 per capita; on the first of last July it was s3198 per capita. The speculative | clement of gold mining has largely vanished. Since 1t has become possible
 to work very low grade ores at profit. the extraction of gold is as stable as any other industry. There is plenty of such ore. and we can get all we need. There is no reason to doubt that the exploration of the Asiatic mountain ranges will develop stores of the pre- cioUs metal as abundant as exist any where, and when that exploitation of the Asiatic mountain ranges begins a universal gold standard will naturally follow throughout the world It will come without shock by the mere crowd ing out of silver by the metal more convenient for all purposes. II is there fore quite likely that Mexico will be the next country to adopt the gold standard, as her people are suffering very greatly from the fluctuations of silver.-San Francisco Chronicle.
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