The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1903-04-15
Mexican Currency Reform.

It is to be presumed that the invest
,nents of American capital in Mexican
railway, mining, industrial and other
enterprises are rather above than I'M
der the sum of s700, 900, 600. The lat
ter is, however, the conservative figure
named by Mr.. Charles A. Conant, Of
New York, who, in conjunction with
Mr.. Brush and Professor jerks, was
invited by the Mexican government to
90 to the City of Mexico, and confer
With the administration of that re-
public in regard to the possibility of
cooperation between the United
States and Mexico and other silver
using countries in settling upon plans
for imparting greater stability to
silver currencies. The interest which
investors and capitalists in the United
States now possess in Mexico is GER
tainly very large, and although it is
growing every year the extension OF
American enterprise in that held
would doubtless be larger were it not
for the disadvantages arising from
the Mexican silver currency. In the
interview which Mr.. Conant gave out
after his return from Mexico, he
pointed to the fact that the American
capital invested in Mexican railroads
is one of the principal sufferers from
present conditions, as their earnings
are paid in silver, while the interest
upon their bonds and large part OF
the wages of their employees are on
gold basis. :
Some people may think that Mr..
Conant and the other members OF the
committee with which he was connect
ed are unduly optimistic as to the pos
sible results of the action taken by
the United States Congress at its re-
cent session in appropriating funds for
commission to confer with the
Mexican, Chinese and ether govern
ments in regard to giving stabilitysand
uniformity to the currency Of silver
using countries At the same time,
the intimations contained in the inter
view to which attention is directed
are of an important and interesting
kind. It would seem that the inten-
tions entertained by President Diaz
and the Mexican Finance Minister,
Senor Limantour, are to arrange for
fixed standard for Mexico, which,
while it will provide for large use
of silver coin, will also present fea-
lures which, through government
control of the quantity Of the circala-
tion, will maintain a parity between
the silver coinage and gold, while con-
Joined with this large gold exchange
fund will be maintained at the prlncl-
pal business centers Of the republic.
It is also stated that the entire busl-
ness community throughout Mexico is
now firmly imbued with the idea that
reform of this charater is absolutely
necessary. Moreover, while the Amerl-
can delegates do not mention the TACT,
it would seem that there is no politl-
cal party in Mexico to champion the
cause of silver nor interpose objections
to whatever plans are finally decided
upon by the President and the Con-
gress of the republic. The question
is, of course, one which is surrounded
by many difficulties, and satisfac-
tory settlement will necessarily be
slow. 1t is easy to realize that the
establishment of sufficient gold re-
serves for the necessary purpose OF
imparting stability to external ex-
changes will be one of the principal
questions to be solved by the Mexican
administration and its foreign friends
and well-wishers. It is certain that
among American investors and bust
ness men there is every desire that
Mexico's currency system shall be re-
adjusted in a manner helpful to the
prosperity Of that country and cal
culated to increase the volume of its
trade with our own nation.-Brad-
streets.