Pike County Democrat, Volume 30, Number 31, Petersburg, Pike County, 8 December 1899 — Page 6

: Influences cf Silver on the Nation’s Development. ErrrrT or gold appreciation, Adviaits** Which Mexico IXaa D«- ' rived From (he Silver Standard Have Enabled M to Improve Its Foremen Credit — Affriculture and ladaatrr Greatly Angaeated. ' For six years the Eeonomlste European has been careful to keep the public Informed of the wonderful and favorable development that has taken place In the economic and financial situation of Mexico owing to the wise administration of President Porflrlo Dias and his secretary of the treasury. Senor Jose Yves Llmantour. Our renders have followed the successive stages of the work of regeneration undertaken by the latter and are aware how cleverly be has taken advantage of circumstances In order to turn to good account the Innumerable resources of the country. .Among the circumstances referred to there was one which mnuy people uulformly prououuced very uufav&rable, and when we claimed that Mexico’s fidelity to the silver standard would be the principal cause of her recovery It was with difficulty that we made our voice

beard. Experience has showu. however, that the depreciation of tbe MexIcau monetary unit has induced such u development of the uatioual activity in all its aspects that the augmentation of the uoriuai resources of the state has enabled the treasury to meet all its foreign liabilities, to appreciably reduce its floating debt and place comparatlvely considerable sums at the disposal of the department of public works. When these advantages were contrasted with the inconveulence of the silver standard, which only entails a proportioual Increase in the provision for meetiug the foreign debt, payable in gold, there was no cause for hesitation on the part of the Mexican government. ami nobody now dreams of finding fault with Us decision. We have indeed just uotlced wjth pleasure how unanimously the Eugllsh press has approved the very eulogistic report of Mr. Riorkluud. her Britannic majesty’s consul In the City of Mexico, on the condition of Mexican trade in 1898. Mr. Biorklund. the successor of Mr. Carden, whose reports we have quoted on many occasions, has shown himself quite as enthusiastic as his predecessor. N > The foreign trade figures which he gives have already been printed by the Eeonomlste European from the official documents, but we think it well to reproduce them for the purpose of comparison with the previous four years: isw. 1895. ISM. 1S97. ISM. Imports. Francs. 151.01M.750 181.525.2i5 2S4.8SS.673 UMi.H28.575 220,045,250 Exports, Francs. 219.130,575 282,450,050 293,674,975 321.8S9.750 346.787,825 Excess of Exports, Francs. 68,064,825 104,284,725 58,786,800 125,361,175 118,742,575 The value of the imports ns set forth iu the government statistics is calculated on the shipping prices and con- j verted at the official exchange of 5 francs per gold piaster, while the value -Of the exports, stated iu silver plasters, has been calculated at Is. 10%d., the average rate of exchange in 1898. Thus, on reference to the table given above, it will be seeu that in the two branches of foreign commerce there was a satisfactory expansion, and the progress of Industrial development in the country Is even greater than the export statistics, converted luto francs, iudicate, for the mean exchange at /which the exports of the two previous / year* were estimated was 2s. l%d., or ' 2 fraues 70. Notwithstanding this fact, tee find that the excess of exports during the last year reached the enormous "tlgur* of llS.742.57o fraues. and if the Imports Increased by 32.01G.tJ75 francs ns compared with 1897, we must attrlb- ' me that Increase to tbe industrial expansion of the country and the extension of its railroads. In view of this situation, the English consul declares that “Mexico is uow in a particularly favorable position and offers a much wider and safer field for the investment of foreign capital." This last remark has been takeu up by the English press, which urgently calls the attrition of Its renders to the irnporttmee of the Mexican market as an outlet for English manufactures, and the following table, showing the proportionate share of different countries iu the Mexican Import trade, has been extensively commented upon: PROPORTION 4TB SHARE OP PORRION COUNTRIES IN TIIR MEXICAN IMPORT TRADE.

Great Britain.. 17 United States.......... 62* France ...12* Germany . 10 Spain . 4 Other countries.. 4 1896. 1807. 1808. Per cent. Per cent. Per cent. IT* 48* 12 11* 6* 4* While observing that England's share dot's not increase, our confreres on the other side of the channel complain that British traders are ueglectiug a market where the outlook Is exceptionally eneouraglug. but in which they take less interest than they did at a time when the future 0? Mexico was a subject of uncertainty. These writers also call attention to the substantial progress of the Industries of the republic and the numerous companies and bunks founded during the last few years, the conclusion being tiiat If Knglisb merchants 0/manufacturers canuot afford to neglect this market the capitalists ought likewise to Inquire Into the 00ssihiUties. France, too. may proflt by the observations appearing in the English Journals, although this is not the

pol l! niton which we desire to Insist at iLi y.i'Mtti uictUt ui. Considering the laudatory remark of out* London confreres, we think it our duty to cud aitentlou to the fact that, coutrary to their prophecies. the fall lu silver lias uvh the principal cause of the economic development of Mexico. KxjKiieuee (troves to us. lu fact, that if the apiuvclatlou of gold compelled the government to Increase Its (Moments iu stiver piasters, lu order to meet Its foretgu liabilities, this circumstance has uot adversely affected the Import dues, which have cootiuued to increase owing to the iudu&trlal development of the eouutry. Experience also shows us that eotumeree has not suffered, for Mexico's purchasing power has been largely luereased by reason of the encouragement giveii to exporters owing to the cheapness of silver. On the other baud. If the railway companies have felt the consequences of the appreciation of gold on account of their foreign payments and purchases of material, the large Increase in their trathe receipts has compensated—am) more than compensated— them for their losses. At the same time we note that the manufacturing Industry Is In a very flourishing condition and that it has becu unaffected by the exportation of silver, while agricultural undertakings of all kinds have been very greatly stimulated owing to the cheapness of labor. It eaunot be denlqd. In view of these facts, now recoguijtod on till hands, that the appreciation of gold has becu an Immense benefit to Mexico, although It temporarily affected certain Interests. The chief fault found with the monetary system of the country has-been the Increase in the charges cfeatm) In connection with the foreign debt. And yet this criticism has less foundation now than ever It had. for we have Just seeu that after insuring the Industrial and agricultural expansion of the country, placing Its uatiotial tinances on a solid basis and re-establishing Its credit, the Mexican government has been able to undertake the conversion of Its foreign debt and successfully carry out an operation which has reduced to an appreciable extent the Interest charges In gold that form an Incubus upon the state budget. This operation iucluded the following loaus: Nominal Present Annual Amount. Amount. Charge. Consols, 8 per j . cent. 1880.... 202.MO,000 249.560.000 17.002^30 Exterior, 0 per tfent. 1S90.,.. 150.000.000 148.307,000 0.373,000 Exterior. 6 per cent, 1893.,., 73,000.000 73.78S.000 4.867.'i00 Five per cent. 1889 (Tehuantepec railway) 87.500.000 C6,825.000 3.637,100

ToUl 553.0f0.000 530.410,000 84.812,100 In addltlou to these loans, there still exists huother foreign debt, the t» per eeut silver loan, 1SIM) (Monterey and Mexican Gulf railway), which originally amounted to 0,700,000 piasters and of which ouly 102,000 plasters now remain iu circulation. The secretary of the treasury found no.difficulty iu negotiating the conversion loau iu Europe, and in order to form an idea of the preseut condltiou of Mexican credit we need only read the following dispatch, by which Senbr Li man tour gave an account of the operation to his government : “In the time accorded to the public for the conversion of the four gold loaus at the exchange of Ob (cxchauge announced for the new bonds 5 per eeut) it was found that, although the bankers have taken ouly 13,000,000 francs tlrm. Iu accordance with the coutract, old bonds havefhecu presented for conversion to the amount of 15,500.000 francs, including 2.300,000 fraucs of mortgage bonds of the Tehuantepec railway, and, in addition. 5.500.000 francs have been subscribed InQStsh. Owing to this brilliant result the bankers have been placed in the position of having to either return to the public the excess of bonds over 13,000,000 fraucs tak.cn tlrm or to take the balance of 0.700,000 francs, so as to realize at one operation the total conversion of the four loaus. l am informed today that the baukers have chosen the latter alternative, which proves the good credit of the uatlon." The loau created to replace these different issues amounts, as we have just seen, to 507.500,000 fraucs. which means a slight Increase in the uomlual amount of the debt: but. the amortization being extended to 45 years and the Interest fixed at 5 per cent, the annual treasury charge for the foreign debt Is now only 31,823,200 francs. This figure represents a decrease of nearly 3.000.000 francs per annum, aud the groat advantage of the operation is to capitalize the Mexican route at a level more In accord with the country's prosperity. Thus the advantages which Mexico has derived from the silver standard have enabled that country to Improve Its position and credit to such an extent that it has been able to effect the reduction In Its foreign charges. And the adversaries of that standard, who see in the increase of those charges an insurmountable obstacle to Its maiute nance, may now console themselves by quoting the proverb. **Xo hay mai wue porbien ne venga.”~ Edmond Thery In Economlste European, Paris.

Trail ApolojtSil*. To listen to tbe»ni»ologlKts for monopoly one alinost might he Induced to beHere that restraint of trade is an enterprise of benevolence and philanthropy. that the watering of stock is a veritable kindness to the "lambs," that the "covering" of profits is the amplitude of Christian virtue and that the discharged workingman should be happy In the assurance that If he be forced to the wall a heniguaut poorhouse holds open an Inviting door.— Philadelphia Ledger (Kep.i Half « Mile a .Month. With all due res|KH*t to the president, we really believe that Providence would have advanced more than font- tulles beyond Manila during an eight months* campaign. - Lx change

ISSUES GO TOGETHER. Lcc-1 ;.:iu National Should Not Bo Separated. STAffD FOB THE SAME PBIHOIPLE. The Smallest Local laaoe la Stroaglr roaacftcd Wltfc That of Hattoaal ImiMirtaucc-Saaic UachlncrrKloeta Ccnalablc and President. Then* is not a single local office, however small, that does not hear upon the national Issue, and to make the lo* cal Issue independent of the national issue U to endanger the latter. There uiusi l»e a strong connection between the least of political issues and those of national lui|M>rtance. because It Is the same machinery which electa a president or a congress, an alderman oi a couslaUle. It Is not New York or Kansas that Is exclusively Interested in the local electlou of a governor or a legislature. It Is the whole country that is a Hceted, for even such govern* incut or legislature may and often docs press closely tpion and eveu dictate the poliey of the federal admlnlstra

I lou When a glvou community holds up the otuitv |K*litlra of tin* uatlou over tin* issue of whether eggs should be sol l by weight rather than by count. It Is tune t.» mushier whether It might not be easier as well as ebeaper to iwss laws eonnieKUig heus to lay eggs of uniform slae, One Issue would bo liervaded with as much common sense as»the other. 'Yet that Is what we are dotug A mail from another pianet. with half our intelligence, half our educational laeibt.es, would Is* able to perceive m jjie elimination of uatioual tssi.es, frni.i local political coutests a smooth «leviee uu the part of professional politicians to defeat the will of the people by splitting up localities Into factious so that when uational Issues which strike at the root of the government come tip the people are divided by local antagonisms. If the respective states, eouutles, townships, cities, wards aud products were separate, independent principalities, there might be some reason and sense In the cry of “Local issues!" Bu,t when a plaiu sheriff may elevate himself to the presidency for two terms by means i of the wedge of Ills shrievalty It Is absurd to Insist that a separation Is desirable !t is a pauderiug to local option a seltlsb hunkering after the loaves amt lUhes of petty office, regardless of the welfare of the nation, aud, it Is so small an expression of patriotism that a Chinaman would be ashamed of it. The most Iwauilfid specimen of human abnegation and unseiffsh disregard of self Is that exhibited by that pan of t!;e American uatlou which bows down and grovels at the feet of William McKinley, the presidential aspirnni for another term in his chair, tipcat purely seutlmental grounds. Could the |)emoer«t\v so hypnotize the people into a| delirium of joy over empty stomachs, restricted currency and special prosperity to the few, for the sake of hdlstenug up the chief ex eeutive of the batiou in ills policy of slaughtering siuvages to give them ..the blessings of freedom, all tlie dead uttyl gone American c’.tlaens who. loved their country would rise from their graves and point the linger of scon; at it This is the exaggeration of national issues, the extinction of local common souse, instead of its use as a part of the machinery to atiaiu uational success. Let our would he officeholders forego their ambition for one year only aud watch the surprising results of harmony aud unanimity. It Is. true that most men are uot saints, hut It is worth tryiug to ho.—C. H. Kohinsou.

TrDMta ProSlt Ruth Way*. The champions or defenders of the trusts hu vein variably iusisted that the producer of the raw material could de|H»nd on obtaining higher returns for his products In proportion as the big combines received better pay for their output, Iwcause the trust principle would enable cheaper manufacturing aud justify the trusts Uv •‘offering more" for their raw material. As a theory this Is attractive. Practically It is without any corroboration. The great corporations, when once they vlrtually obtain control of toe market, not only do not share their prosperity with the consumer, but they refuse to allow the price of the raw material to be put up on them, and if they raise wages In oue direction they close down plants and throw workmen out of employment lu another direction. The operation of the combines, in a word, is on the "extortlou plan on a grand scale." both In buying and selling.— Houstou Post. Rapid Production of uTr«ll«N.n As late as May 1. ItJDH, there wasn’t a traitor in the United States, The na-' tlon was In ecstasy over its unity and i solid loyally. The McKinley admlnis- | tratlon has many merits, yet most distinguished of all is the fact that within less than jwo years it has managed to make more "traitors" out of sincere, conscientious, liberty ioving and God fearing citizens tlmu any other admin- j istration In an equal period of time sluce tills republic was founded. Bence arises the lmi>erntive necessity that Mr. McKinley should be Indorsed.— Springfield (Masso Republican. An Rrror of Yonth. It is true Halt a mail is usually known by the company lie keeps. At the same time It should la* borne In mind that Mr. Bryan was young and unsophisticated when he had J. Sterlin v Morton on his visit lug list.—Exckauge.

SOLD IS THEIR FRIEND. *»wt» aai Monopolies Fen# ike Re. ntnaetisotlon ot Silver. It is a remarkable coincidence, to1 say the least, that trusts ami monope-! lies have reached their fullest and most obnoxious development where the ] gold standard has been most firmly established, and this coincidence becomes the more strikiug when we consider that the moving spirit of the most outrageous combine <4* euthusiastically in favor of the gold standard and the creation of a great hanking trust to control the paper money. Nothing will so effectually destroy the power of a trust that does not rest upon a natural monopoly as a rising market. Nothing can give a rising! market save a money supply, which rather more than keeps pace with the general supply of commmiles to be sold for money. Those great ^financiers who collectively constitute what is known as the money power understand this perfectly, and they a tv almost unanimously opposed to the restoration of bimetallism. They talk about honest money, sound money and cheap money. They expatiate upou the Impotence of law to affect value, all the time seeking for legislation that will enhance J the value of their holdings. They vociferate that if bimetallism be restored the party will he broken and one dollar will no longer be as good as every other dollar. Hut all of this is merely to befog the issue aud conceal their true mo* five. The real animus of their opposition lies in the fact that the restoration of full monetary privileges to silver as of yore will enlarge the volume of money, raise prices and make bust

ness generally profitable, thus weakening the power, of every Illegitimate combine In the country. There is no legislation that the monopolists so fear as that which is directed agaiust the gold standard, lilve them control of the money supply and congress may ihdulge to its heart’s coutent In the amusement of enacting antitrust legislation. But aside from the fact that the control of the money gives them all the monopoly they need it also enables them to defeat any other legislation that they do not want. When will the people grasp the true significance of the money question?— Knight Watchman. COST OF “MORAL EFFECT.” Expense to the Taxpayers Is 93,000.. OOO a month In Lnion Alone. Some sort of an excuse had to be made for sending 02,000 men to the Philippines after Otis had said there were only a few small roving bauds of rebels left, and now the excuse Is made. It Is the “moral effect” sueh a large army will have upon the roving bands and other inhabitants that the president is working for. It is interesting to note, too. how the “moral effect” is to be dosed out, It is estimated that 22.000 soldiers In the field will be able to chase roving bands from town to town until they have no moretowns to be chased out of. Meanwhile the remaining 40,000 troops will follow the chasing divisions and garrison the towns and cities as fast as the rebels vacate them. It is these 40,000 men divided up into squads and garrisoning the no or more principal trade centers of Button that are to create the “moral effect.” It would seem that Agulnaldo has not la on consulted by the Washington, government, but it will not matter much what Ire thinks or does if the 3,000,1)00 Inhabitants of Luzon throw np the sponge when they are confronted by the "moral effect.” But there are 1,400 other islands that have to be dosed with the same “moral effect,” and the people of three of the more important ones are building forts and fortifications and otherwise preparing to take up the business where Luzon leaves off. The expense to the taxpayers of the United States for maintaining the “moral effect” in Luzon alone will be over $3,000,000 a mouth, not counting the cost of maintaining the 22,000 soldiers In the field to scatter the roving bauds.—Kansas City Times. VAN WYCK NOT A CANDIDATE

hay* Aatde Ambition to Fight With • In I ted Party. , The announcement which comes from Judge Augustus Vaa Wyck that he will under no circumstances permit his name to be used in any part of the country as a presidential candidate trill not surprise anybody who knows the man. Judge Van Wyck is a man of eminent good sense and a stanch Democrat, and even If. it were true that he at one time had presidential aspirations, Ids present announcement would be a natural step, says the Atlanta Constitution. We cannot agree with the explanation which attributes his act to Mr. Croker’s influence. Rather is it* like the Bryan statement of the Tammany leader, simply a recognition of the trend of events toward full Democratic unity through a better understanding of Mr, Bryan and all he stands for. Judge Van Wyck is one of those New York Democrats, who, like his brother, the mayor of Greater New York, gave the Democratic ticket loyal *supposjfc in the campaign of 1896; and that he lays aside any ambitions he may have had in that line means that he, like Mr. Croker, recognises that Mr. Bryan is the man of the hour for Democracy, and that the way to win is to lay aside personal ambitions, smooth over factional differences and present a solid'front to the enemy, which is exactly what the Democratic party is preparing to da There are going to be no differences over the candidate or the platform. The next national convention will %htl the party united and aggressive, and with it in that shape there is an excellent chance for victory in the campaign which will follow.

Time is Honey :::: < Time Saved is Money Earned < . . **'* - ■ — \ 1 Don’t Travel,---Telephone! <

A Telephone in your Residence, Office or Store will save time \ and make you money. ' * Our present Rates leave no excuse for being without this mod- , ern necessity. » i Opnt "sponge on your neighbor. Thirty days trial will con- ^ vince you. Place your order now, t^d have a Telephone placed in < your residence. Let us know your wants. t ^llllf? Cumberland Telephone & Telegraph Co i < J* W. PEYTON, Manager.

A Watch Talk. A watch talk? Well no for niy master forgot to put a mouth in my face when he made me. Although he put life in me. he ♦lid not make my hands' sufficiently strong to strike you. when you abuse me : consequently you can smash my face or take my life any time. Then you may punish me still more by taking me to some unskilled watchmaker to revive me—some fellow who promises to put a spring of lif e in me for 30 cents—give me a physic and thoroughly purge me for 50 cents more, but who docs not even take m« apart. 1 will talk right for you if you take me to HAMMOND &. KIME’S, Opticians a%a Jewelers. Eureka Harness Oil is 1:he beet preservative of new [leather and the best renovator of old leather. It oils, softens, blackens and protects. Use Eureka Harness Oil on your beet harness, your ©ha harness, and your carriage top. aufd they win not only took better but wear longer. Sold everywhere tn cans—all i from half pints to Mve gallons. Made by STASIUKU OIL to. I

a handsomer? illustrated weekly. Largest rlreolation of any acientiBo ioum&'yjPSws, 93 • mr* B.&O.S-W.R TTZJZ.12 TAZ1L3®. Trains leave Washington as follows

HAST HOUND. No. « . ... 1:50 a., m* No. 4 H:42 a. m* No. 2 . 1HH) p. u»* No. S ... 12:80 p. nvf * Dally.

wiujt $ocxd. No. 3 J:JW h. n». No. '“:!M »• m* No. T 12-Kl p. mi No. c\ ^gvXi:3ap, m*

rate*. parlor Oblo. t natty except. Sunday. For detail information re; time on connecting Hues, i ears, etc., address TH08. DONAH Ticket Agent, B. & G. Wa O. P MV General Passer I'll* For the speedy and pe__ tetter, salt rheum and ee: berlaiu’s Eye and Skin without an equal. It rel ing and smarting almost its continued use effects cure. It also cures itch, scald head, sore nipples, chapped hands chronic, granulated lids. Dr. Cady’s Condition horses are the best tonic, and "ermifusre. Price. 95 cure of Chament is he itekitly and marienfc 's itch, g piles, yes and ■rs for ft purifier Sold Kr §

PATENTS • ADVICE AS TO PATEN > Notice in “ Inventive • Book “How to obtain Paints” ' Charges moderate. NofeetUl _ Letters strictly confident E. G. SNMM,KnN Uwpt,

NEXT DOOR TO Suits Made to Order.... J Pants Made to Order....... Doeskin Jeans Pants Made to Order.... Suits Pressed....... Pants Pressed......;% .. .Si . • .' si Pants cut off for Merchants a^ special prices. •^All kinds of Cleaning'and Repairing at Lowest Pij me a call. Telephone 55-3. I