The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1906-02-23
CURRENCY REFORM3IN
ASSISTER REPUBLIC
ADVANCED PRICES or SILVER IN
MEXICO WORK FAVoRARLY
FOR GOLD STANDARD.

The United States consul Of Dunnn'
go, explains the operations Of Mexsco's
new monetary policy (the goli stand
ard as resulting tayorably to thar
country. It Is stated that tae inter:
national rise in the price Of silver Is
furnishing an export outlet for the ex-
cess of silver, thereby securing a need.
ed stock Of gold to thoroughly estab,
lish the new gold basis. The consul
panying the annual budget Of Mexico
Finance Minister Ltmantour, follow.
ing two methods Of calulation, frds
the total production Of gold AMI sill
yer Of Mexico last year to have had
a value of approximately 10000, OO6
pesos, or almost $54,OOO,OO0 in Unired
States currency. OF this total silver
constituted about $4OOOO,OOO aud g,aid
slightly more han $14,OOO,OOO. The
finance minister calls attention to ne
fact that this Is the greatest prolue.
ton Of he precious meals ever. yet ~
corded in one year in Mexico, end
that it occurred in part during the
months following the announcement
Of the currency reform and The abolis
ton Of free coinage Of silver, which
inspired gloomy talk on the part Of
the silver miners. He says, moreover;
that it is bound to increase still more,
because the exploration Of new min.
eral regions the multiplication d
communication and especially HE
heavy investments Of foreign capital
which the currency viii all contribute
on a more extensive scale than ever
before to stimulate the exploltat!ons
Of the inexlaustible mineral wealth
contained in our soil"
Colds Attracted.
=. + . Z e.
"The total number Of silver dollars
coined in the Mexican minis durins
the ten years from 1896 to l90l-5
Including, however only nine montas
In the latter fiscal years, after which
the mints were closed to silver. -
given in an unofficial Statement as
2o7, 44G.SSl. AS figures regarding ex.
poration show that more than one.half
Of the dollars coined have rematned
in Mexico, 1t will appear evident on.
what grounds the government has
based Its lack Of sertous concern. with.
respect to its new currency system,
over the recent rise IN the price OF 81.
yer to such a point as TO make tac'
Mexican dollar worth more than tile
value assigned 1t in gold for exchange
purposes, thus Offering inducements
for the expectation of Mexican dollars
Certain steps have, however been
taken to meet the situation thus Cfea
ated, especially by the securing OF
gold in return for the now more val
liable silver, the coinage Of gold, and
the Issues for temporary use at leust
Of gold certificates, Tic number ofI
Mexican dollars exported through com.
merclal and banking circles, from No.
yember 10 to December 30, Is 5,47T.-
GOO, The exchange and currency com
mission sent away during the same pc.
Rod 100000 Of Its reserve fund Of
100000 silver dollars, in order to
exchange them for gold at the press
oht favorable rate for silver AnotIIs
or shipment Of 100000 is about to bel
made In payment Of this exporEaHon |
gold coin has been imported abroad.E
Of sso4$,oOO in $50 gold
pieces Of the United States have been
and these are being recoine,lE
Into new s and 10 peso pieces Of Mex,
leo.
Method q Deposits.
@Besides nearly $1,0OO,OOO In golG |
held in London ready for shipment
p Mexico whenever required, $1,000
900 more IN gold coins are Oh the
j. T. u. - e u . i T u =
way from the United States, and S1s.l
100000 Of such coins held in the Uni
led States will be coined into Next
Fan pieces IN the United states.nints.
I arrangements to that end can bod
by the Mexican Government
ls the Mexican nitits cannot speeds
" coin all this gold. The Mexicanl1
gold coins IRE 81 the same;
md Aneness as those of corFeip 6Ipl II
ne yaIues NJ the United TiSs IA
,srtiiics liielt tle count ssIoR IiS
teGent ailtlofis ~ g 81
stafh oltt b8f id sdlIi eoIps
erale6 epgn gilt ny pasalils
isR' ~ teay aps resNr Of aR.
'slns pr bafs wll he held aealns
hmm. Halle Inif"ar-d party aeNrt
bu cerllnca''a cam De issued 10 Ii