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 Rh tion, has lost both trade and population, and many of its leading firms have transferred their business establishments to Paso del Norte. Nevertheless, a normal improvement in trade, tangible if slow, is to be recorded. There are also notable instances of the development of local industries. To take the single instance of the crop called ixtle—a species of fibre—the Mexican National transported 224,788 pounds of it, grown along its line, in '82, and 3,531,000 in but seven months of '84. There is now said to be a total of $125,000,000 of American capital invested in Mexico.

The proposed commercial treaty between the United States and Mexico has unhappily failed, defeated in our own Congress on what would seem most unstatesmanlike and fatuous grounds. The serious decline in silver has been also a very depressing influence. It has created such uneasiness in the mining interests that efforts are being made to have all burdens upon silver removed. In the matter of a paper currency I may say that the banks of issue early came to grief, and almost in the precise form outlined in my chapter. One of them, that deserving benevolent institution the Monte de Piedad, under very bad management, failed, and now goes on only with a greatly impaired capital. The visitor is not driven back to the use of the bulky silver, however. There are still two banks, of the bills of which he may avail himself; the Banco Nacional, with its branches, and that of London, Mexico, and South America. The commoner people were shy of this paper at first, but have now become quite generally used to it.

What a fascinating variety of excursions is now open to the traveller, and with the greatest ease! I declare I