"Article 1. The theoretic unit of the monetary system of the United Mexican States is represented by 75 centigrams of pure gold, and is called ' peso." "The silver peso' heretofore coined, containing twentyfour grams and four thousand three hundred and eighty-eight tenths milligrams of pure silver (24.4388) will have, under the conditions laid down by this law, a legal value equivalent to the aforesaid 75 centigrams of pure gold." Article 2 gives the denominations and is translated as follows: "Article 2. The ' peso' is divided into 100 centavos, and the coins that are to be struck shall represent the following values: "Gold coins-10 pesos, 5 pesos. "Silver coins - 1 peso, 50 centavos, 20 centavos, 10 centavos. "Nickel coins 5 centavos. 2 centavos, 1 centavo." The Daily Consular Report of Aug. 7, 1905, contained the following: "Consul Canada, of Veracruz, reports that . . . the new Mexican peso will henceforth be the fixed standard of currency, and the value of all foreign coins must be expressed in equivalents of the same. In quoting the values of foreign coins the following arbitrary signs have been adopted for expressing the units of such legal currency: $, signifies standard Mexican peso; Dls., American dollar; £, British pound sterling; Frs., French francs; Ms., German marks; P., Spanish peseta; Ks., Austrian crowns. "The foregoing signs are obligatory in all business transactions. The phrase 'peso oro,' which formerly signified an American dollar, must not be used to designate that coin, but instead of it the word' dollar.' Exchange formerly quoted at per cent. of the value of the Mexican silver peso must now be expressed in decimal parts of the value of the new Mexican standard peso. Whenever the standard value of a foreign coin is less than that of the Mexican 3 points decimal will be used in expressing the value in Mexican currency, and on the contrary 4 points decimal may be used." Mexican Dollars. (The Mexican dollar is also called a "peso.") An owner of the United States silver dollar, although there is not a gold dollar's worth of silver in it, knows that it can be exchanged for a gold dollar at the Treasury at any time. In other words, this country is upon a "gold standard." Mexico has recently adopted a sort of tentative "gold standard" (see that subject) whereby it will redeem its silver dollars in gold at the ratio of two of the former to one of the latter. Recently the price of silver has so advanced that the value of pure silver in a dollar slightly exceeds one-half the value of the gold dollar, therefore, putting at least a temporary stop to such redemptions.1 Mexican dollars are used in many of the Eastern countries as a common form of money, and, in consquence, are used by bankers and shipped to the Orient in settlements of debts due in place of gold. The quotations of Mexican dollars appear in the newspapers and are apt to vary slightly from day to day. The Mexican silver dollar weighs about one ounce, but an ounce of silver in bullion form is quoted, for example, "Bar silver, 663." Mexican dollars at the same time being quoted at 511, there being a difference of 15 between the two quotations. As the latter are not pure silver, allowance has to be made for the alloy. Mexico is the largest producer of silver in the world, and views with much satisfaction an increase in the price of silver, as that country coins silver dollars especially for export. (See also last subject.) Middleman. One who negotiates between two parties, receiving a compensation for his service. Not one who buys and sells on his own account, but, in a general sense, one who finds a customer to purchase wares belonging to another. "Middlemen" may be divided into three classes: "Agents," "brokers," and "factors." Among the first named may be included real estate agents, insurance agents, book agents, etc. Among the second, stock, cotton, wool, ship brokers, etc. The" factor" is not much used in this country, although "cotton brokers are sometimes called "factors." One who collects rents for another may be a factor," or one who makes a business of selling goods on a commission for the manufacturer, selling the same, usually, upon samples, and so on. Middle Price. This is used in Great Britain, and will be understood by reading "jobber," as it is the price half way between the buying and selling prices which he makes on a security. (See "London Stock Exchange Transactions.") Midland (or Midland Route). In America "Midland" usually refers to the Colorado Midland Railway, but abroad the Midland Railway of Great Britain is understood. Milking. To squeeze all possible profits out of a transaction; also, by manipulation," to profit at the expense of others. Milling. The operation of putting the series of small cross 1 Written before civil strife had so unsettled Mexico. No proper revision can be attempted until peace once more reigns in that stricken country. ridges and furrows on the edge of a coin,' and done to prevent cutting away any of the edge. Mill Paper. See "Corporation Paper." Milreis. (Commonly called "reis.") The monetary unit of Brazil equal to $.546 and of Portugal equal to $1.08 United States money. Mining Contango Day. See "Fortnightly Settling-Days." Mining Securities. See Chapter II at the beginning of the book. Minor Coins. Coins used to make small change, struck from metals other than gold or silver, and in small denominations. Our five cent nickel and one cent pieces are examples. Mint.1 One writer defines a "mint" as "giving official stamp and guarantee" to a government's coin, or a coin factory. The "mint" receives gold and silver bullion for coinage and performs other services for the people in connection therewith, as is more fully explained under "Assay Office." Coinage mints are now located in Philadelphia, San Francisco, New Orleans, and Denver. The first Mint in the world was established in the City of Mexico in 1537. Mint Mark. Our coins, except those struck at Philadelphia, bear a mark to show at what mint they were coined, as "S" for San Francisco. Mint Office Checks. Checks drawn on the Assistant Treasurer at New York by the Superintendents of the United States Mint at San Francisco and the Assay Office at New York, and the assayers in charge of the Assay Offices of the United States at Seattle, Helena, and Boise, respectively, in payment for gold bullion deposited. Large depositors at the offices named generally prefer to receive payment by check instead of in coin. Mint Par. The "mint par" of an English "pound sterling," for illustration, as expressed in our system of coinage, is its intrinsic worth, or actual equivalent, in the gold coins of this country; i. e. $4.866. Mint Price. See " Bar Gold." Mint Remedy. See "Remedy Allowance" and "Toler ance.' Mississippi Scheme (or Company). See "Law, John." Mixed Collateral. When a loan is secured by more than one kind of collateral (see "Collateral Loan "), as, for example, On April 2, 1792, President George Washington attached his signature to an Act establishing the National Mint, which Act was mainly the result of the efforts of Robert Morris, aided by Thomas Jefferson and Alexander Hamilton. part railway stocks and part mining stocks, the collateral is called "mixed." A loan secured in this way is known as a mixed (collateral) loan." M. J. S. D. March, June, September, and December; interest or dividends payable quarterly, beginning with March. Mk. Frequently used as the sign of the German "mark." Mohawk. Mohawk Mining Co. (Copper.) Monetary Standard. See "Standard of Value." Money1. In a broad sense, any article of value recognized as a medium of exchange, but, for convenience' sake, stamped metal or paper notes issued by or under the authority of a Government. Money is merely a measure and standard of value. Chevalier said in 1854 that metallic money is the only true money. He defines money as "a certain commodity out of which we create an instrument that serves, in exchanges, as a common measure of value, because it is with it that, in transactions, all other commodities are compared. But it is not merely a measure; it figures in exchanges in another capacity, that of a material recompense or equivalent. The definition of the word money' which I have given, namely, that it is at once a measure and an equivalent, is that which is acknowledged by all. . authorities." Gen. Walker declared that any commodity could become money as soon as it acquired a requisite degree of acceptability. When we say that " money is easy we mean that interest 'In different ages many commodities have served the purpose of money, "tin was used in ancient Syracuse and Britain; iron, in Sparta; cattle, in Rome and Germany; platinum, in Russia; lead, in Burmah; nails, in Scotland; silk, in China; cubes of pressed tea, in Tartary; salt, in Abyssinia; slaves, amongst the Anglo-Saxons; tobacco, in the early settlements of Virginia; codfish, in Newfoundland; bullets and wampum, in Massachusetts; logwood, in Campeachy; sugar, in the West Indies; soap, in Mexico. Money of leather and wood was in circulation in the early days of Rome." "History of the U. S. Mint and Coinage," George G. Evans. In 1612 money of brass was coined in America. Coined money came into use in Rome during the reign of Servius Tullius, 578-534 B. C. "In Tennessee, between 1790 and 1798, land was used as a kind of currency; prices were set in it, and it was transferred in payment of goods and services."-Sumner's " Life of Andrew Jackson." Prescott, in his "Conquest of Mexico," states that the money in use among the ancient Aztecs consisted of transparent quills filled with gold dust; bits of tin, cut in the form of a T; and of bags of cocoa, containing a specified number of grains. Some shell money is still in use among a few of the primitive African tribes. rates are low, and that the borrower is easily accommodated. Money Circulation. See "Circulation Per Capita in the United States." Money Market. By this is understood not only the interest and "discount" rates quoted by those having money to lend, such as the banks, trust companies, etc., but those actually engaged in the business of lending it. Money of Account. A denomination of money used to reckon in, but not actually coined. The gold dollar of Newfoundland may be considered as such, as it is not coined; the $2 gold piece and silver and copper coin of lesser denominations than the dollar are the current pieces. Money-Orders. See "Postal Money-Orders." Money Pools. See footnote to the subject "Pool." Money Rates. This is a heading or term often met with in financial articles, and indicates the interest or "discount" rates quoted by those having money to lend. The price charged for money loaned. Money to Move the Crops. See "Movement of the Crops." Monometallism. Coinage which calls for the use of one metal only as a standard of value; a system of coinage by which only gold, or some other kind of metallic coins, are recognized as "legal tender." For example, about the year 1851 when the gold mines of California and Australia produced gold in large quantities, Belgium demonetized gold and became silver "monometallic." (See "Bimetallism.") Monon. Chicago, Indianapolis & Louisville Ry. Co. (Controlled jointly by the Louisville & Nashville and Southern Ry. Companies.) Monopoly. There are many different views as to the true meaning of this word. One prominent writer defines it as "a grant by the government for the sole buying, working, making or using of anything." Another and probably much nearer the truth"where within a certain territory all sales of a certain article, or the doing of a certain act, is in the control of a single person, or combination." Prof. Ripley says: "If the tendency towards combination means anything, it means the substitution of centralized and consolidated management for the rivalry of independent concerns; and this may fairly be termed monopoly." Some "franchises" are more monopolistic in character than others. A street railway or dock franchise more so than the franchise of a water, gas, or electric lighting company. |