The commonwealth. (Scotland Neck, N.C.) 1896-1929, 1906-01-18
PASSING OF PESO.
MEXICAN DOLLAR HAS ABOUT
SERVED ITS TIME.
New Coins Of Other Countries Are
Taking Its Place in Inter-
national Trade Tran
Sactions,

The days of the old Mexican peso are
numbered. The coin which for nearly
four centuries has been an important
factor in the commercial transactions,
not only of Mexico but of the Antilles,
Central and South America and the ori-
ent, has served its term of usefulness,
says the New York Herald.
The new monetary system of the Phil
fpDines will drive the peso from the
archipelago; the dollar of Indo-China
already circulates in such quantities in
the French possessions in the far east
that practically it has banished the Mex
lean dollar; the British dollar has re-
placed the peso in the Straits Settle
ments. Hongkong and Labuan. and the
international exchange commission has
undertaken to draw the attention of the
civilized world to the necessity of the
adoption by China of a monetary sys-
tenn of it's own.
The old Mexican dollar when this lat
ter measure shall have been adopted.
will have come to the end of its career
as a trade coin. and. like the thaler of
Maria Theresa, it will survive only as a
memory of what was once factor of
civilization. and progress in the ancient
nations Of the east.
Now, Mexico itself has sounded the
death knell of the peso in the place of
its birth The monetary commission
which has been studying the question Of
currency reform asked itself this ques-
ton:
y1rlj jnh
whatever else it is. is chiefly one of our
oldest historical monuments, and the
trade coin par excellence of America and
the far east. to be retained in circula-
tion?"
In answering the question in the neg
ative the commission has thrown senti-
ment to the winds. yielded to the re-
quirements of the times. and. when the
prospective legislation is placed in
force. a new coin will be put in circull-
ton in Mexico.
The old peso is far from being an ar
tistic model and the imperfections in
its design. the poor finish and the indis-
tinctness of its milling invite counter
feiters to initiate it. Recognizing this,
and also that the necessity of cOnserv-
ing the prestige which the peso had
won in the far east has passed. the mon
etary commission has recommended to
| the government that the old coin be de-
monetized. and that when the new mon
etary system is put into force a suit
able substitute. carefully designed. ac-
culately coined and bearing a distinctly
different effigy be offered the people.
The romance Of the Mexican mint is
| without parallel. 1t was established in
| 1886 by royal decree. No gold coins
were minted until nearly a century and
| a half later. During the Spanish do
| minion, which lasted until Mexican in
dependence was recognized in 1921. the
silver output of the mint was more than
| 1000. 100000 pesos. The gold coinage
only amounted to $50 100000. Since the
establishment of Mexican independence
over half billion silver pesos have been
coined,
In the latter years of the sixteenth
century. or within 80 years after the
mint was established. the Mexican peso
| was in circulation in the Antilles. Cen
| trail and South America and in the Phil
| ippines. whence its regime was extended
| TO China and the East Indies. It was
not until 1895 that the peso was demon
etized by the Spanish government in
Cuba and Porto Rico.
In the first century of the Spanish
| discoveries and colonization the mer-
chants Of Cadiz and Seville sent their
cargoes to Vera Cruz These were
freighted by burros over the mountain
| trails and through the passes to the
| City of Mexico. Here they were eX-
| changed for silver dollars, which were
packed on the backs Of the burrOS and
| carried to the port of Acapulco. on the
Pacific coast. Thence the money was
| taken to the Philippines in the Spanish
| galleons. which came back laden with
silks and spices and other products of
| the orient. Again the burrOs trans
ported the merchandise this time across
| the country to Vera Cruz. where it was
| transshipped to Spain. The burros still
compete with the railroads as common
| carriers across Mexico. but now they
| seldom carry burdens of silver dollars.