Commercial America in 1907, Showing Commerce, Production, Transportation Facilities, Area, and Population of Each of the Countries of North, South, and Central America, and the West Indies

Commercial America in 1907, Showing Commerce, Production, Transportation Facilities, Area, and Population of Each of the Countries of North, South, and Central America, and the West Indies

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1908 edition. Excerpt: ...which also happens to be the value of the Japanese yen, and is the equivalent of 75 centigrams of fine gold. The unlimited coinage of silver was abolished and the right to issue silver coin reserved to the Government. The law came into force May 1,1905, and immediately showed its beneficent effect on Mexican commerce and industry. The stability of the currency, which removed the extreme fluctuations in foreign exchange, has stimulated international dealings and is expected to attract foreign capital to even a greater extent than has been the case heretofore. The Government has been able without any difficulty to maintain the newly established value of the silver dollar. It has rapidly introduced considerable quantities of gold currency in circulation, the amounts of gold coined during the fiscal years 1906 and 1907 being $20,804,700 and $11,578,500, respectively. The continuous rise of silver in the world markets during the more recent period proved a potent factor in making gold part of the national circulation, since the Government was able to and actually did sell with profit silver in exchange for gold to be used as circulating medium at home. It is reported that considerable quantities of gold coins have been put into circulation by the Government, though naturally the change from the former system of an exclusive silver circulation to one composed of gold and silver must proceed gradually. Both the Government and the principal banks hold now considerable quantities of gold as a part of their reserve, and exchange funds for their circulating bank notes. TARIFF. The present tariff law of Mexico took effect September 1, 1905, when rates were revised to bring them in accord with the changed standard of value. The tariff is highly...show more

Product details

  • Paperback | 98 pages
  • 189 x 246 x 5mm | 191g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236947452
  • 9781236947451