In accordance with authority granted him by the Mexican Congress, President Diaz promulgated the new monetary law prepared by the Ministry of Finance, which became operative May 1, 1905. The following translation of this new law has been furnished the author by the officials of the United States Mint.

1 "The practical difference between this form of merger and a holding company appears principally in those cases where the holding company owns not all but only a part of the capital stock of its constituent corporations. Where, as in the case of the United States Steel Corporation or the American Agricultural Chemical Company, the entire ownership of the stock of the constituent companies occurs, the holding company becomes truly a legal fiction." - " Trusts, Pools and Corporations," by Ripley.

" 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 twenty-four 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 centavoa.

"Nickel coins - 5 centavos.

"Bronze coins - 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 ail 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."