The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1875-11-23
International MOuey.

In his report just published the Director of
the Mint advises the continuance of the coin
age of the trade dollar. As is well known
this coin is intended to take, and in great
measure has taken, the place of the old Mexi-
can dollar which ..once had practically inter-
national currency. Over the Mexican coin
ours certainly has great advantages, and stu
dents of International coinage have much to
say in its favor as the monetary unit of such
a system. The scheme of international
money is comparatively new one. An asso-
citation to advance it was first formed in
Paris in 1856, and in 1858 the United States
made proposals toward the assimilation of
currencies. A convention was held in 1865,
and in 1870, just before the declaration of
war with Germany, French imperial COM
mission made an elaborate report on the
subject. The advantages of the scheme are
obvious in the adjustment of foreign ex-
changes, in the facilitation of travel, in the
statements of accounts and prices, in the
simplfication of calculations, in the keeping
of stocks of gold and silver in the coined
state, ready to go into circulation at any
moment. That it is practicable is shown by
the facts that the dollar of Mexico and the
ducat of Holland have had virtually inter-
national currency, and that the British sover-
eign and French napoleon are very generally
received throughout Europe.
The great difficulty in establishing an in
ternational money arises from the fact that
the great nations, France, England, America,
Germany, have their own systems of money,
which they dislike to give up. The English
urge the pound sterling as the unit of value,
but its subdivisions are very poor. The
French contend for the franc, the Germans
for the mark. and we for the dollar. In favor
OF all these systems, except the German,
and perhaps the English, there is much to be
said. The imperial commission of 1870 ab-
stained from recommending any one unit
for universal adoption, but called attention to
the fact that the principal monetary units
already closely approximated to simple null
tipies Of the franc. Thus the Austrian ho-
rim can by raising its value 1.21 per cent,
be made equal TO two-and-a-haf francs.
the dollar. by lowering it 3.5 per cent. to
five francs, and the pound sterling by
lowering it 0.8S per cent. to twenty-five
francs. Thus it is very easy to reduce the
statements of these money systems from one
mode. Of expression to another, and the
pound sterling could serve as a twenty-five
franc piece in France, and as halfeagle in
this country, the American dollar reciprocally
circulating as an ecu in France and fonr-
shilling piece in England. In view of this ad-
vantage it certainly is well for us to make the
needed reduction in the value of our dollar.
So good an authority as Prof. Jevons in his
valuable elementary work, "The Money and
Mechanism of Exchange" says that the
most easy and important step which can now
be taken towards an international money
consists in the ASSIMILATION OF the American
dollar to the five franc piece, and that great
opportunity arises flom the fact that our cur
rency is now variable paper one, and that it
would be altogether needless scrupulosity to
bring it back to the old standard, to the last
degree of eXactness. He thinks that the
adoption of the course recommended might
render the dollar the future universal unit.
The fact that it is already the monetary
unit of many parts of the world gives
it large odds. In becoming assimilated
to the French ecu American gold would be
capable of circulation in Europe, or wherever
the French napoleon has hitherto been ac-
cepted. He regards the dollar so good unit
that it would be mere national prejudice to
oppose it were there a fair chance of its
general adoption. The American system
he holds to be entirely unexceptionable.
The cent corresponds to the smallest sum
which need be treated in accounts, so that
money statements are reduced to the greatest
possible simplicity. He is inclined to think,
however, that the double dollar, or ten franc
piece, equal to eight shillings, would be the
best unit of International money because it
would make convenient gold coin of the
smallest size which it would be well to issue.
1t will be generally acknowledged that our
gold dollar is inconvenienty small, and that
two dollar piece is the smallest coin of that
metal which would be convenient for use
The president of the women's department
of the centennial exhibition, Mrs. Gillespie,
announces that the pavilion building for the
exhibition of women's work is fairly under
way, and that the $780, 900 tits estimated cost)
has all been promised, with surplus towards
the amount needed for the interior decora-
tions. As the object of the department is
the exhibition of the highest type of women's
work, and also to point out avenues Of use.
fulness and profit not generally known, it is
proposed to confne the exhibits in a great
measure to representations of sculpture,
painting, literature, engraving, telegraphy,
lithography, education, inventions of all
kinds, &C.; classification which, emitting
woman's clothing in all its branches, gives
place to the finer kinds of needlework, lace
work, &C., thus leaving the larger portion of
the building for the exhibition of the useful
arts. AS one of the main objects is the unit
ing of women in national feeling, several
methods to effect this object have been pro-
posed; First, short biographical sketches of
eminent women of the United States are to
be collected in one volume; also, volume of
American cookery will bs compiled, the
women of each State contributing not more
than twenty or less than six receipts. In
order to obtain definite idea of the charita-
BILE institutions carried On by women, photo
graphs of these institutions, with short ac-
count OF the same, are respectfully solicited
from the women conducting such institutions
in foreign countries as well as in America.
An addition to the building will be prepared
for educational purposes; the kindergarten,
object teaching, and any other branches of
education for which women are specially
adapted will be here exhibited. The Presi-
dent announces that besides providing for
the erection Of their own department, con-
tribntions have been receiged from the