Coinage* 



189 



It may be interesting to state the amount of silver exported and 

 coined in Mexican mints from 1874 to 1896, which is the following : 



The preceding statement gives correct data of the exports of silver 

 from the fiscal year 1874-1875 to the fiscal year 1895-1896, excepting 

 the years 1875-1876 and 1876-1877, which are not included for want 

 of data. The difference between the two amounts for these years is 

 $75,7 12,290, showing the large proportion of silver which was not coined, 

 and was exported in bullion. 



The following statement shows that the export of Mexican 

 silver reached almost its minimum in the year 1887-1888, and its maxi- 

 mum in the year 1892-1893, with the exception of the last one. The 

 minimum coincided with the first sterling loan negotiated by Mexico ; 

 the second sterling loan negotiated in 1890 caused a decrease in the 

 export of Mexican silver coin of 26 per cent., as compared with the 

 previous fiscal year of 1889-1890.' 



The export of silver bullion has steadily increased since 1872-1873, 

 until it was in 1895-1896 seventeen times as large as in the first named 

 year. During the first fiscal year of those embraced in the above table, 

 the export of silver bullion was 1.4 to 22.6 as compared with silver coin, 

 and in the year 1895-1896 the proportion was 15.3 to 20.5. In the 

 year 1872-1873 the export of silver bullion represented 6 per cent, of 



