Both houses of the Mexican Congress to-day approved the decree fof President Pascual Ortiz. Rubio which reforms the monetary law, removes gold pesos from circulation
ulation.
leaves only silver pesos in eit-President Ortiz Rubio's decree reforms the organic law of the Bank of Mexico. It authorizes the Bank of Mexico to. issue paper money in the amount of double its amount of gold and foreign money Such paper will circulate on a par with silver pesos which will be egal tender in. the payment of roid pesos debts previously contracted.
Silver pesos in, Mexico recently Ihave been exchanging at a discount 30 to 40 per cent, compared with fraid pesos." The new decree pro-ides that the banks will repay gold pesos deposits in only 30 per cent fof gold and the remainder in silver ft the actual value of gold. Since sold pesos have been cancelled as {egal tender the owners of gold pesos apparently will be compelled fo sell their gold pesos, at a discount, the amount of which w idetertained at a later date—U:
Press.
Text read from the printed page and cleaned; old type leaves the occasional error.