Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1897-07-23
THE WHITE METAL.
Peru DiscnrdS it--Iiowcver the Out
look Ia Not UnfnvornbIc.

look Ia Not UnfnvornbIc.
Nothing is more apparent than that a
revolution in the monetary system OF
the world is gradually taking place
What the ultimate result will be the
most expert financiers do not attempt
TO predict with certainty.
The latest country to make startling
change, and one apparently Inconsistent
with its own interests, is Peru, one of
the South American republics. The
president of the republic states that
there will be no silver inportations
after May 30, and Peru will 20 to the
gold standard. The reason for this is
said to be that it is desired to sell
Peru's securities, and that the country
was unable TO do SO unless il declared
for the gold standard.
Japan and the silver question has
been the subject of consideration in
London and Paris monetary circles ever
since Japan declared for the gold stand
ard. The true state of affairs, how
ever, in japan, was DISCOUNTED by the
bullion dealers and by those who gen
crally dictate the price of silver. The
action OF japan, as IL matter of fact,
had depressing effect upon the white
metal; but now it, has been asccrtaincd
that, after all, Japan will have no sur
plus silver to sell, inasmuch as the ven,
held by the people and the banks, in
future will be used us Il sort of fraction
al currency. The Financial Times OF
London states that the price of the
white metal would have to rise above
20 Sled, the intrinsic parity of the yen
III the new monetary system, before the
Japanese silver coin could be sold in
London.
The influence of the new Japanese
monetary system Is now being felt in
French government circles The au-
thoritics are considering the desirable
ity of changing the monetary system
of lndo-China by Introducing there the
system of the mother country, retaining
for intcranl circulation French piasters
and refusing to allow the coinage of
French piastcrs ut the Paris mint by
private parties.
y rumor is current to the effect that
the Mexican government contcmplntcs
the introduction OF the gold standa I'd.
although it is hardly credible. and there
is no doubt that the bankers of London
and of the gold using and gold lonnng
countries would very much desire such
change on the part of The Mexicangov-
ernment.
In the face of all these changes, which
upon the surface are apparently adj
verse to the fuller and fret4r use of the
white metal, it would look us if Senator
Wolcott and his associates had heron.
lean task upon their shoulders Never
thelcss IL may be true thatcNactly these
unfavorablc conditions will render the
silver commissions work peculiarly
opportunc. The whole world seems TO
be ut work upon the monetary problem
and there could therefore scarcely he n
better time at which to get the hearing
OF the world for proposed change in
systems. Especially should this be
true when it is proposed to effect II uni.
versal system. Senator Wolcott NAV
have far cry ahead to the day when
he will accomplish anything direct and
definite, but he has struck Il method
which is perhaps as expeditions rs any
that could be devised apart from indie
pendent free coinage on the part OF the
United States, md his zeal and energy
in so promptly and vigorously influ-
encinG the republican administration
TO fulfill its pledges as TO an interna.
tional monetary agreement are certain.
ly TO be COMMUNICATIONS Times.