Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1897-07-23
THE WHITE METAL.
Peru Discnrds 1t--IiowcVer the Out
look Is Not UnfnvOrabIe


look Is Not UnfHVOrabIe.
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 fnanciers DO not attempt
TO predict with certainty.
The latest country to make a 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 importations
after May 20, 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 10 do so unless il declared
Tor 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
orally dictate the price of silver. The
action of japan, as a matter of fact,
had a depressing effect upon the white
metal; but now it, has been ascertained
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 as a sort of fraction
al currency. The Financial Times of
London states that the price of the
white metal would have to rise above
20 9-1Gd, the intrinsic parity of the yen
In 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-
thorities are considering the desirable
ity of changing the monetary system
of 1ndo-China 10y introducing there the
system of the mother country, retaining
for interanl circulation French piasters
and refusing to allow the coinage of
French piaSters at the Paris mint by
private parties.
y rumor is current 10 the effect that
the Mexican government contcmplates
the introduction of the gold standard.
although 1T is hardly credible. and there
is no doubt that tho bankers Of London
and of the gold using and gold looming
countries would very much desire such
n change on the part of the Mexican gov
ernment.
In the face of all these changes. which
upon the surface are apparently adj
verse TO the fuller and freerr use Of the
white metal, il would look as if Senator
Wolcott and his associates had hercu-
lean task upon their shoulders Never
thelcss il may be true thatexactly these
unfavorable conditions will render the
silver commissions work REGULARLY
oppOrtune. The whole world seems 10
be at work upon the monetary problem
and there could therefore scarcely be n
better time at which to get the hearing
OF the world for proposed change i'm
systems. Especially should this he
true when it is proposed to effect a uni
versal system. Senator Wolcott NAV
have n far cry ahead to the ,lav when
he will accomplish anything direct and
definite, but he has struck n method
which is perhaps as expeditions as any
that could be devised apart from indie
pendent free coinage on the part. OF the
United States, and his zeal and energy
in so promptly and vigorously infu-
encing the republican administration
TO fulfill its pledges as 20 an interna-
tonal monetary agreement are certain
~ TO be commended.-Denve Times.