Music Trade Review

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THE MUSIC TRADE REVIEW
flehlin Pianos Appreciated.
The Silver Standard in Mexico.
When H. Paul Mehlin said recently, in
answer to an inquiry from The Review as
to the demand for Mehlin grands, that
there was a decided increase of late, he also
remarked that in many instances sales of
grands and uprights are found to be brought
about by direct indorsements of old patrons
who have been using the Mehlin products
for several years. The last reports from
the warerooms are to the same effect. This
is really the best kind of patronage, as it
must also be the most encouraging. Of
course new business must be sought for
continuously, but these purchases through
endorsers form the best possible criterion
of enduring merit.
Monster Musical Instrument.
[Special to The Review.]
Newark, N. J., Sept. 15, 1897.
An orchestrion, said to be valued at $8,-
000, is being built in John Fergg's Bava-
rian Halle, on Springfield avenue, and will
be finished in a few days. It is eight feet
across the front, four feet deep and twelve
feet high. It will play twenty-one tunes,
classical, operatic and popular airs. The
instrument will be rented to Mr. Fergg by
Joseph Schaetzle, of 121 Howard street,
who is building the instrument.
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PROPRIETORS, PRINTERS AND PUBLISHERS :
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149 FLEET STREET, LONDON
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Then read your answer
in the STARRS-
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NEW STYLES
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RICtinOND. IND.
POOLE
ENRIQUE HEUER CONTRIBUTES AN INTEREST-
ING ESSAY ON THE SUBJECT.
In spite of all dispatches and editorials
in the American and European press paint-
ing in vivid colors a distress said to have
been caused in Mexico by the fall in the
gold price of silver, Mexico is experiencing
neither distress nor panic. Quite the con-
trary, this strange country was never more
prosperous than now, and is marching on
the road to absolute independence with ir-
resistible force. To the people of Mexico
and to their domestic trade the price of
silver in the outside world is immaterial.
No matter what the price of the Mexican
dollar is in New York or London, in Mexi-
co it is always worth 100 cents; and as the
purchasing power of the Mexican cent in
the Mexican labor and produce market is
as stable as that of the American cent in
that of the United States, the price of sil-
ver in gold countries does not in the slight-
est affect the value of the Mexican dollar
in the Mexican market. Then there is
another important point to be considered,
although it seems to be entirely overlooked
by the American press in its treatment of
Mexican finances. While the greatest part
of the money in circulation in the United
States, including the silver dollars, is gov-
ernment money, maintained in its parity
with gold by the credit of the government,
credit money is almost entirely unknown in
Mexico. All the bank note circulation is
secured by silver lying in the bank vaults
and the government has no demand notes
in circulation like the American green-
backs, which is generally recognized as a
powerful instrument for the production of
p
panics.
Mexico is practically free from all con-
ditions which in other countries lead to
panics and the necessity for repudiation
of public or private debts. It is true, that
a portion of the public debt of Mexico,
together with the entire bonded indebt-
ness of the railroads, is payable, princi-
pal and interest, in gold and that conse-
quently the depreciation of the Mexican
dollar in gold countries materially in-
creases the debt burden of the country.
But this debt is proportionate to the wealth
of the country very small and whatever
its increase by the depreciation in the
gold price of silver it will be more than
offset by the increased application of the
Mexican dollar to Mexican home develop-
ment. The importer of merchandise which
has to be bought for gold for the moment
appears to be a heavy loser on account of
the rise in exchange but unless he is sim-
ply the agent of foreign houses or is work-
ing with a gold capital, this loss is only
apparent and can be wiped out entirely
and at a profit too, by the importer becom-
PIANOS
ing an exporter as well, as the gold price
of all Mexican articles of export, except-
ing silver, is not at all affected by the
decline in the gold price of silver bars.
Without going further into details, the
facts just quoted show conclusively that
the domestic and export trade of Mexico
rests on a very stable foundation—far more
so, in fact, than that of the United States,
where the money circulation rests on
credit, exposing all business interests con-
tinually to the dangers of a panic. The
industrial and agricultural development
Mexico has experienced during the last ten
or twelve years has been perfectly marvel-
ous, and as it has been the result of the in-
vestment not alone of foreign, but princi-
pally of Mexican capital, it has not added
materially to the country's gold debt. Nor
has a large immigration of foreign labor
been needed in this development. On the
contrary, there is still a very large amount
of industrial energy in the Mexican people
waiting to be developed, as well as the
riches of the Mexican soil. The cost of sup-
porting human life being extremely low all
over the republic, native labor is very
cheap and likely to continue so for a long
time to come.
Being a silver-producing as well a silver-
using country, Mexico enjoys an immense
advantage in both agricultural and indus-
trial production for export to gold-using
countries, while its home market is pro-
tected for the home producer far more effi-
ciently than is that of the United States
by tariff legislation. For this reason in-
vestments in Mexican industrial enter-
prises would seem both very profitable and
very safe.
The more Mexican dollars are retained
and forced to seek a market in Mexico, on
account of their depreciation abroad, the
more the demand for necessities and lux-
uries must grow. It will grow still more
if production on a silver basis secures
greater cheapness for the home article than
production on a gold basis would offer.
With a constantly increasing home market
the chances for the production of a surplus
for export would be more favorable than
elsewhere, because the silver basis would
make labor and native material a great
deal cheaper than they would be for
the producer on a gold basis and at a rate
which no protective tariff could wipe out.
From all this it would seem absolutely
certain that capital invested in Mexican
industries would be sure to earn a hand-
some profit.
The uncertainty of the future of silver
has no particular horror for Mexico, be-
cause her silver interest has ceased long
ago to be her chief support. Even if it
may not be expected that she will be able
to absorb the entire product of her silver
mines in her money circulation, although
that is by no means impossible nor improb
Precious, Perfect, Peerless
As to Tone, Touch, Design,
Durability and Value. . . ,
5 and 7 APPLETON STREET, BOSTON. MASS-