People's Pilot, Volume 5, Number 18, Rensselaer, Jasper County, 24 October 1895 — PROSPEROUS MEXICO [ARTICLE+ILLUSTRATION]

PROSPEROUS MEXICO

European Bankers Eagerly Taking Mexican Five Per Cent Silver Bonds at Par. BUT NO NEW DEBT IS BEING CONTRACTED. It is a Funding Exchange of Six Per Cent. Gold Bonds For Five Per Cent. Silver Bonds. BANKERS COMPLAIN OF DULL DISCOUNT BUSINESS. Interesting Facts Concerning the Much Lied About Descendants of the Montezumas, Who Are Rivaling the United States in Prosperous Enterprise.

The following is taken from the associated dispatches of the old party press published last Sunday. It must have filtered through the usually carefully guarded censorship without being noticed. But here it is knocking into a “cocked hat” the malicious falsifications of the gold bug advocates concerning the condition of our sister republic: “City of Mexico, Oct. 19. Bankers complain of dull discount business, as merchants are so well provided with money there is no need of borrowing to make remittances to the United States and Europe in payment of their goods. “A statement in Rhode’s Journal of Banking, published in New York, that the times are hard here is ludicrously incorrect. The country was never more prosperous and new plantations are being established, old ones improved, and a number of costly sugar plants are going up in the most improved and modern make, while trade- 1 and railway traffic all go to contradict this ill-founded assertion. European bankers are taking all the new 5 per cent silver bonds they can get. The bonds are not, as stated in American journals, new loans, but merely replace various classes of outstanding obligations. “The prospect for a refunding of the gold debt in Europe is every day brighter and influential bankers on the other side believe the time will soon be ripe for the refunding of the loan at 5 per cent, thus saving 1 per cer.t. The government is in receipt of ample revenues and no new loans are contemplated, except later on for the City of Mexico to reconstruct its sewer system, but the city is wealthy and can easily stand another §10,000,000 on its small debt of §12,000,000 contracted for the drainageof the Valley of Mexico. The population of the city is over 400,000 and rapidly increasing, as is evidenced by the great activity in house building, the general average of houses being §IO,OOO each, and some costing SIOO,OOO each. “Mexico will continue on a silver basis and will not attempt tariff tinkering, but will await an opportune time for tariff revision but in such a manner as to protect the established industries. Rapid changes in the tariff are contrary to the policy of this government.”

The greenbacks must be retired and in their stead must be issued a half a billion of government bonds, running a long term of years at a high rate of interest, that the bankers and gold mongers of Europe may be further able to strangle what little of liberty yet remains in the hearts of the American people. —Sound Money.