The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1913-03-04

clothing. In the mountainous oiS-
tricts even ones clothing ls lfapie TO
be taken. and there are recent IN
stances where men have been strip
ped and left naked. SO far Ameri-
ans and other foreigners have oeeii
robbed only Of their money, but sucn
cases are frequent
Banking and Money Matters In
Mexico.
Speaking Of money matters. | hnd
il best to travel in u country like this
with a letter of credit. | have one
issued by the Riggs National Bank OF
Washington on one OF the ieadlnS
banks Of London, and with this | can
get money in any OF the cities. Inc
place | patronize here is the National
Bank Of Mexico, an institution whose
capital is more than seventeen mil
lions Of dollars. with deposits which
ompare with our largest United
States banks. Its profits are some
thing like three million dollars d year
and il has branches in nearly every
Mexican city.
Another big bank here is the Bank
of London and Mexico. which was
established by British capital at the
close Of Our Civil War and which IS
paying something like Il per cent on
its stock. And then there is the
Mexican Bank Of Commerce and In
dustry, backe by a capital OF So
o0O, 900, some Of which is held by the
Deutsche Bank OF Berlin. some by
the Speyers of New York and by bust
| ness men here in the city, and also
the Mexican Banking Company, which
has a capital OF about two millions.
Nearly all the banks are owned by
largely backed by French capital, the
branch Bank of Montreal by the
Canadians. and there is also a Chinese
financial organization, with a capital
OF a half million or SO.
Altogether there are 1hirty-touF
chartered banks in Mexico City
which are doing a business OF several
The total banking capital amounts
to more han 100000, 900 in gold.
and the dividends paid range all the
way from 5 to Is per cent. The stock
OF nearly every bank Is far above
par, and this is the same with the
life insurance companies, title insur-
ance companies and many other fl
hancial institutions. The country
now is on a gold basis. the unit be-
ing the peso or Mexican dollar. which
is worth just about 50 cents.
What Mexico Owes.
IN addition to the ordinary banks
there are mortgage banks similar to
those existing in France, which ex-
tend credit to agricultural and min
ing enterprises. These, to a certain
extent, are under the minister Of
finance. and they are intended to aid
in the development Of the country
by loaning money to farmers and
as the Institution Of BAR for Irriga-
ton Works and the Encouragement
OF Agriculture. 1t was started with
a capital Of 100000 900 and a bond
issue OF $50, 0O0, 600, guaranteed by
the national government. A few
u-Ao1rC o~a o,,Aor-o1 ~,
capital stock to be increased to over
$200. O00.O OO.
!. Mexico's Oldest Bank.
, The oldest loaning institution il
Mexico Is the Monte de Piedad. ot
l which I have written. It was founded
before our Declaration Of Independ-
ence was signed way back in 1775
purpose being to free the poor PEG.
: pie from the usuriOus rates Of intcreS'
: charged by private pawnbrOkers. Thu
was a rich mine owner, whe
8 had what then was the bonanza mine
e OF Mexico. This was situated neal
Pachuca, and along about the tim,
G That we were fighting the revolution
u airy war 1t had already yielded SIS.
5, wv, w.. Its owner was noted for hi
e extravaganccs.
e re gave several warships to Spai,
9 and loaned the king a million dollars
= me SAME mine Is Stlll worked and /
is now owned by Americans.
The Monte de Piedad is also q say
o lngS bank, and it came near failin,
q IN 1854 on account of its issue of de
mand liabilities based on long-tern
q loans. 1t then held a cash resery
o OF two and one-ha1f millions agains
q circulation OF -four millions. bu
l a panic came, a run was made an,
e the institution was compelled to Sus
II pend. Outside aid was obtained. how
le ever, and the ban kept on its fee,
to Since then there has been a chang
s. in the Mexican banking laws. and
Is am told those now in force are cx
ar celient.
m The country was put on a gol
rs tandard by DiaZ about six years age
at and since then the peso has bee
n. worth practically so cents gold. 6
el fore that it ran up and down. huctuat
IS ing according To III amount of 81
n. yer it contained. In 1901 it wa
o.