A Lesson In Silver Coinage

In the Xorth American Review for November there appears an article on "Silver Coinage in Mexico" which, in view of the efforts being made in this country to rehabilítate the white metal on the i6to i ratio; is timely and valuable. In it the author states his experiences, obser. vations and deductions as to silver coinage and its workings in our sister republic. Dropping into the mint in the City of Mexico, he observed the weigher testing newly coined silver dollars for the purpose of ascertaining if cach one was of lawful weight. Throwing a United States silver dollar on the scales it went up, showing that it was lighter than the Mexican dollar. It contained less silver. Leaving the mint he stepped into a resturant and ate dinner, for which he was charged a dollar. He threw down a United States silver dollar and received back in char.ge a Mexican dollar. Owing to the backing of the United States dollar, the stamp upon it in other words, he not only received in change more silver than he parted with, but his dinner in addition. This simple transaction illustrates 'and proves the fact that were it not for the policy of our government, whereby every dollar is maintained on a parity with every other dollar, our silver dollar would be worth but fifty cents. The unsatisfactory condition of silver in Mexico a condition which ís made more unsatisfactory by fluctuations in its value, he further illustrates as follows: "At Laredo, Texas, just across the Rio Grande trom Mexico, 1 went iuto the Bank of Laredo to exchange United States money for Mexican money. The cashier gave me eightyeiglit cents premium. Another bank near by gave me ninety cents premium. The depot agent gave me ninety-two cents premium. The keeper of a lemonade stand received Mexican money at tifty per cent discount; that is, when I gave him a Mexican dollar for a fifteen-cent glass of lemonade, he gave me back thirty-live cents in change- valuing niy Mexican dollar at fifty cents, and pncing his lemonade in United States money. Many stores in Laredo and the eating-houses across the river in Mexico very cheerf ully exchanged Mexican money for United States money at the rate of two for one. Mexican money is quoted in the market like wheat or cotton or sugar. lt may go up any day or it may go down- most likely down. It is very noticable, too, that when the price of money decreases, the price of products increases. The aimplest illustration of this is in the eating-hoiises. In Texas, meals at the dining stations are tifty cents in L'nited States money. Cross tlie Rio Grande into Mexico and the price of a dinner becomes a dollar." The evils of this depreciated currency, he declares, fall with crushing weight upon the laboring class of people. Their wages are a mere pittance anyway, averaging about thirty-six cents a day, and even this amount is paid in the depreciated money - never in anything else. "They never buy with anything else. The premium on good money over bad never comes to them. They pay premiums. They never get them. The exporters of Mexico who send abroad coffee, tea, hemp, hides, heneciuin and tobáceo get paid in foreign money, and make profits accordingly. The laborers who cultívate these producís are paid in Mexican silver." Thus does a depreciated currency always opérate. The wage earner is the first to feel its effects through the enhanced prices of everything he has to buy and the last to receive an increased price for what he has to sell. In other words the cost of his living goes up more and quicker than his wages. In the experiences of our neighbor there should be a lesson for us. [n our ertorts to relieve ourselves of j the evils of our present monetary system, we should not adopt others that are worse. That a majority of our people are opposed to gold monometalism there is no question. But that they do not favor silver monometalism is equally unquestioned. They are in favor of bimetalism on such a basis as will secure the concurrent circulation of both or equal purchasing 'power tor every dollar in the markets. The final session of the fifty-third congress began yesterday. Si nee its adjournment some weeks ago, a new congress bas been elected and the people relegated the majority of the present to the minority, and increased the minority of the present house to a two thirds majority in the next. This notice to stay at home, served by the people on a large number of members, has left these members it is said, in a somewhat perturbed state, a condition not calculated to expedite legislation. It is alleged that these statesmen will want to teil all about how it happened on the floors of congress, and as has been the custom since Adam, will try to find some one on whora to place the burden of their defeat and the defeat of the democratie party. All these things make the outlook for legislation during the session rather dubious. The folly of such a course cannot be too strongly condemned. Instead of wasting time in idle criminations and recriminations, the majority should give heed to the drubbing it has received at the hands of the people and proceed to produce works meet for repentance. They should remember that democratie defeat was due to the disgust of the people over the failure of the majority to redeem n proper measure the pledges made, rather than to any change of position upon the question at issue. If the majority would display wisdom, therefore, they should proceed to rectify the mistakes and shortcomings of the past session, and stand staunchly and loyally by the principies of the party, and do all in their power during the brief time remaining a their disposal to carry out party pledges. In recent years much has been written on the subject of arbitration of differences between employers and employés, and some have gone so far as to become believers in compulsory arbitration of such differences. lts advocates assert that both parties to the dispute should be compelled to come into court and when the decree of the court has been made, it should be enforced the same as any other decree is enforced. Commissioner of Labor, Carroll D. Wright, considers compulsory arbitration impracticable and seems to dispose of the subject pretty effectually by means of the following illustration of how il would work: A is a manufacture!' who pays his men on an average $2 a day. Owing to some cause he rinds he cannot pay this any longer and reduces wages to $1.80 The men oppose this. They say they cannot live on less than $2. The employer says he caunot pay more. The matter is taken before a compulsorv court oL arbitration. Suppose the couvt says the men must take the $1.80. How can this be enforced ! Say there are 5,000 employés. Who can make them work r The constable, the sheriff, the posae comitoiws, the military f orces may all be called out. But none can make them work. The lecree is dead from the beginning. A treaty of amity and commerce between the United States and Japan has been completed and signed at Washington by the Japanese minister and Secretary Gresham. It will undoubtedly receive the approval of the senate and the emperor and parliament of Japan and will end negotiations that have been going on for about fifteen years. It is stated that the completing and signing of the treaty is received with much satisfaction in Japan, because of the spirit manifested by our government in recognizing the remarkable advancement of the jsland nation in all niatters pertaining to development and growth in the past few years. Although the democratie party was badly routcd in the recent elections, it retains a larger representation in the next house than did the republicans after their overthrow ot 1S90. The democrats have elected to the nevv house 104 members, sixteen inore than the republicans elected in 1890. In the congressional elections following the passage of the McKinley bill, the democrats elected 60 more than a twothirds majoritv. The republican defeat of that year was twenty per cent. worse than the democratie defeat of this year. Verily, the democracy may expect a future. The Adnan Press claims and the ■rgus believes justly that the noniiation of Gen. Spalding for con ■ ress was due more to the stnrdy, jersistent and untiring efforts and 11-round hustling of Doe. Smith han to any other influence, and ïopes that Doe. will be remembered when Spalding enters into his kinglom. The Argus hopes so too. Doe. isn't of our color, politically, ut he is an honorahle opponent and a mighty good fellow and deserves well at the hands of his party. The Argus trusts that the genial Doe. will in due time hear the welcome plaudit "Well done," etc. The success of the bond issue is an evidence of the confidence of the moneyed interests of the country n he soundness of the national treasury. The moral effect of this demonstration should be advantageous to the business interests of the country, in the way of making money which has been in hiding, more easy. Notwithstanding the fact that Governor Rich was re-elected by the iargest majority in the history of the state, he received 47,000 less votes than two years ago and 36,000 less votes than Morse received in 1892.