The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-05-18
Stepping Goldward.

The object of the visit Of Jose Llman-
tour, the Mexican minister of finance, to
New York Is to negotiate loan OF $zo'-
100000 gold to be applied partly to the
important work of imparting stability to
the disordered currency Of Mexico and
partly to harbor and other public improve
ments. Mexico adheres to the project OF
establishing basis Of stability for the
currency of the silver using countries
thru the international conference Wnlcn
will meet this summer in London, where
her interests will be represented by Senior
Enrique Creel and Senior Momacho, rep
tosentative Of the London bank IN the CITY
Of Mexico. The American representa-
tives are G. A. Conant Of the Morton Trust
company of Philadelphia; H. H. Hanna OF
Cleveland, and Professor jerks OF CorneH
university, who will leave New York to-
morrow. Mexico's plan, SO far as de-
veloped, Is to establish an entirely new
silver currency to be guaranteed on a.
specific gold basis by the Diaz govern
ment. By restricting the silver coinage
to basis justified by the gold bal
ance, the peso can be given a fixed value,
and there will be an end of the daily
fluctuations which hamper all lines OF
business, and handicap and prevent new
Enterprises and restrict commercial and
Industrial progress in Mexico. The Mexi-
can Herald, commenting recently upon the
movement for a stable currency In Mexico,
says:
4 First Of all, capitalists must come to
feel that their profits are to be paid them
In money which has a fixed relation to
money of the great nations. The capital
that has come in here Is, as we nave
often said, but a rivulet in comparison
to the river that will flow into Mexico,
when once the money Of Mexico becomes
real money and not an object Of specula-
ton, making all business here game OF
hazard. Wealth abounds in the old
countries; the gold mines are filling all
the channels of finance and great bankers
abroad are full Of hope; here, we are
shampered in all lines of business, new en-
terprises languish; men view the future
: with doubtful eyes because Of the con-
tinual and often violent fuctuation Of the
silver peso. A temporary rise IN silver
excites hopes, perhaps destined never tt
be realized; to be discerning it Is but an
other argument for attaining permanency
Of value in the national currency-thero one
opmentt Of Mexico socially, industrially
commercially and financially. E@95+s
's Thus is Mexico getting In touch with
the world movement to gold based cur
rency Even Japan, only thirty five years
out Of oriental lethargy but imbibine
modern business ideas, has already estab
5lished her currency on the gold basis ant
the change is working to her substantial
advantages. All the great commercial
nations of the world, after earnestly striv
ing to get together and keep silver value
at a fixed ratio with gold under free coin
age, fatty failed. ..-.
81 They tried to 'do something for silver
thru the international conferences of 1867
1878, 1881 and 1892, and signally failed
They had to admit that the nations ma,
unite on coinage ratio and free coin
<age but one metal is sure to disappea
because Of changes in the market ratio
of the two metals. If a big combination
Of nations cannot successfully comba
natural law, single nation certainl
can't do it. Mexico has found that GU
as well as the United States.