The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-05-24

MEXICO'S SILVER COINAGE.
likely soon to be valued by the gold stand
ard, ii is probable that silver will always
be the money of the country. This might
be expected from the fact that Mexico is
the greatest silver-producing country in
the world. She cannot be blamed for
clinging to her silver dollar, for it is one Of
the Oldest coins in existence and has had
a great history and played an important
part in civilization. The Mexican mint was
established by the royal decree of the King
nothing but silver was coined. During the
entire period of Spanish dominion. until
Mexican independence was recognized, in
1921, the Mexican mint coined only s69, 900 900
OF gold and more than 1000, 100000 of silver.
Up to July ], 1901, the silver coinage had
reached s2,414 .9o4.ooo This money. especial
ly the Mexican dollar. has gone all over
the world and been an important factor in
commerce. 1t is still the principal medium
of exchange in the far East. dispatch in
yesterdays Journal stated that ''of all the
silver produced in Mexico. 9s per cent is
now in Asia, and the total amount of silver
now in Mexico will not exceed 500, 900, 0Oo."
Within fifty years after Mexican dollars
began to be coined, two hundred and fifty
years ago, they were In circulation In the
West Indies, in the countries of South
America and in the East. For hundred
years after the Spanish discoveries and set
Elements in the new world, Spanish mer-
chants sent cargoes to Vera Cruz. whence
goods were carried over the mountains by
mules to the city of Mexico, where they
were exchanged for silver dollars. which
were packed by mules to the Pacific coast,
to find their way into the channels of
European trade. They figured in nearly all
of the wars of the latter part of the six
teenth and the seventeenth and eighteenth
centuries, and they were the coveted prize
of many a sea fight and conflict with
pirates. To-day thousands. perhaps hun
dreds of thousands of them are lying In
the beds of different oceans where they
were deposited with ships that We're sunk
by pirates or scuttled by their crews to
escape capture.
This country owes an old debt of graft
tude to the silver coinage of Mexico. Before
the adoption of the Constitution the cir
culating medium Of the colonies was made
up of foreign coins, and largely of Mexican.
During the war of the Revolution the
Spanish milled dollar" coined in Mexico.
was the unit of common account. This dol
lar was divided into fifty, twenty-five. ten
and five-cent pieces of exact proportions
These subsidiary silver coins continued to
circulate In the United States for long
time In 1893 Congress passed law tina,
at the expiration of three years after the
coinage of gold and silver should begin al
the United States mint, ''aIl foreign gold
coins and all foreign silver coins. except
| Spanish milled dollars and parts, Of such
dollars, shall cease to be legal tender in
| the United States" On the 22d of July, 1897
President Adams issued a proclamation
| that from and after the next Oct. rs. all
| foreign silver coins, except as above stated
| should cease to be legal tender in the
| United States. At that time Spanish silver
coins, including those coined In Mexico
constituted the principal currency Of the
| country, and they alone Of all foreign coins
continued to be legal tender. An act OF
| Congress Of 1857 provided that 'the piece:
| commonly known the quarter. eighth
and sixteenth of the Spanish pillar dollar
| and of the Mexican dollar, shall be re-
1 oivaf af of
| States and its several offices, and at the
| several postoffices and land Offices at the
rates Of valuation following: The fourth Of
a dollar or piece of two reals, at invent,
cents; the eighth of dollar or piece Of one
real, at ten cents, and the sixteenth of &
dollar or half real, at five cents" This
was done to drive the coins out. and 1t ha(
| that effect. Up to that time the Mexican
| 6H cent piece. 1914 cent piece and 25 cen
piece circulated quite freely in the United
| States. The 121a cent piece was the Mexi
can real. eight to dollar. In some part,
of the United States they were called shill
ings, in others bits and in still other
| 'levies." The Mexican silver dollar of to
! day retains the essential characteristics o
the old Spanish peso. milled dollar or pilla
| dollar. though its form and devices hav
changed since Mexico became an independ
| emit republic. The Spanish dollar curren
during the Colonial and the Revolutionar,
period was of Mexican mintage. 1t wa
called the pillar dollar from representa-
ton on it of the pillars Of Hercules. an,
the Spanish milled dollar because 1t wa
the first coin to have milled edge. 1t ha
played a great part in history, and deserve
| kind treatment.