New-York tribune., 1903-02-14
MEXICO AND HER STANDARD.
Working to Introduce Gold Not to Bolster
Up Silver.
-s.. -,,c 7,-;,,,,ro

To the Editor of The Tribune.
Sir: In The Tribune of the 7th inst. you mention
what seems be widespread misunderstanding
as to the real meaning OF the proposition made TO
this country by Mexico and China in regard to
the monetary situation in Mexico and the Far
East You further say: "On the other hand, it Is
an effort extend the gold standard to silver
using countries Mexico wants TO adopt the goid
standard without upsetting business
While admitting many OF the claims contained
in your editorial referred to- viii you kindly allow
make brief protest against your assertion
that Mexico wants the gold standard. or that she
has any intention of closing her mints to the free
coinage Of silver, 10 coin only on government
account dollars Of such weight and ineness as
may be agreed upon" What Mexico really wants
is best learned from the language of the communi-
| cation of which Mr.. Limantour is the bearer from
that government The quotations are from tnat
document it appears in late number Of the
Mexican Herald follows:
From Mexico nearly half the annual exports are
Tsge, from commercial as well monetary
point Of view that steps should be taken TO cheSA Eek
The recent fluctuations in the relative value OF the
money metals L is not advisable IN the OPINION OF
should under the present circumstances adopt
pure gold currency. and it desires that some other
system might be devised with the concurrence OF
other poer which VA! gIEs s1@9'ig 6 rver % ns6g
countries. Inc adoption by Mexico on d solI 4 S -
rency would cause the continued depreclaton OF OF
Y1r7or, tie goi9 ero,t ~ The yrorid The scale of
people are not well adapted to the Introduction OF
gold the principal medium Of circulation
The same may be said of the conditions Of the
Philippine Islands. which are under the aQthorlty
and the Federated Malay States, which are Under under
Cochin F6na Ton9nn y' which are under the au-
thoriy or protection Of France: Forn3osa which Is
and China Even If 1t were practicable for Mexico
10 ADOPT gold currency for herself, 9eT aC1%h +,
factory solution OF the problem OF exchange; be
cause II would not contribute IN any apprec.ap! pp a.!
ard Of
the countries of the Orient
The hnanciers of Mexico are our instructors, and
can state and discuss monetary conditions WIN
out political or personal bias. and the motives OF
the Mexican Government are clearly set forth in
the document which is 600 lengthy to be copied
IN fuii but which clearly states that while 1t ac-
cepts the fact that the great monetary powers o.
the world have adopted the gold standard. rom
which II does not expect them to recede, Mexico
stiIl has fafth in her System, which mas given
her great prosperity: but il common with all
silver producing countries. ii is for her interest
further to the degradation Of the whlte metal
hv raising the exchange value Of her dollar from
ss to % cents IT this way she proposes TO DO
something for silver In fixing the responsibility
for the fall in the bullion value Of silver The
Mexican Herald Of January y says:
Mexico caanot'be blamed Tor the deprecistion Of
silver The government mas aI"ays y 1t,sn1en4 sl1~n
Designed 10 ste1y the price of the white metal but
gAiT9 ne oe a5 has | lost 1aue through the biundering
Of pouers that have only recently begun 10 1eeL
the results Of their folly in the decreased oe-
nan7 for rarufa Crured products rom me orient.
They could have arranged with Mexico ana Lhe
T-rffe6 States 10 Join IN plan to give oetler
va iue to silver. but they did not.
Notwithstanding the fact exists that the for
efzn trade OF Mexico suffers serious embarrass-
rsrt from constantly increasing rate in exchange
with gold using countries. her stubborn aGheFeHoe
TO the silver standard has given her advantages
similar to our protective tariff Mexico in her high
rate Of exchange keeps out 70 a great extent Ior-
eien goods. and in a simple and inexpensive
wav stimulates her own nanufactories- BY an
easy process Of retaliation she can exact gold
r1s v-neurs for import duties from goId countries
VINO refuse accept her silver money al ITS Poten- P
tiaI recoinage value, and gain gold N auSltIon
10 the output Of her mines sufficient for ali her
needs.
Should this attempt at an arrangement OF fixed
leo could endure her present system with less ~
convenience than could the United states, VIZ, Wiz
her vast dependencies. which are now clanorins
Since Mexico is able TO export and sell more goods
than she buys and general prosperity prevails M
foreign capital continues to fow into her domain,
and her statesmen show the same sagacious ois-
cerument that has marked her career in the past.
she has nothing 70 fear. II she is TO adopt the
gold standard II will be from the dominating power
OF outside naJions and not from the ehoIce q us
people. L L. bE--N1D1N-
E2-~0I E7cA