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192 $15,000,000 or $20,000,000. Much of the Mexican coined silver has, as is well known, been heretofore in large demand to meet the world's requirements for trade with China; but what has come back to Mexico for it in exchange is somewhat of a commercial puzzle.

The present annual value of the total import trade of Mexico is probably not in excess of $35,000,000, of which the United States already controls a large proportion. Thus, for the year 1883, the returned value of all merchandise exported from the United States to Mexico was $16,587,630; of which $14,370,992 was "domestic" and $2,216,638 "foreign" merchandise. This was, however, a year of very active railroad construction, with an abnormal employment of Mexican labor, and large disbursements of American capital in the country. Since then there has been a marked falling off in exports from the United States (less than $13,000,000 in 1884), which has been attributed partly to the withholding of orders in anticipation of the ratification of a commercial treaty between the two countries, and partly to the great depression of business consequent on the large decline in the price of silver.