The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1898-11-25
THE DIRECTOR OF THE MINT.
MIR. RoBERTs MAKES A PARTISAN
ARGUMENT FOR GOLD.
The Conditions in India and Mexico
Where silver Has Stimulated
Trade ana Exports Considered.

Washington, November 24.-Tn his an
nual report Mr. George E. Roberts, the
director OF the mint, says:
The most important events of the fiscal
year in the world of government finance
have been the corsummaton of the long
planned resumption OF specie payments by
Russia in gold, the reorganization of the
monetary system OF Japan with gold as the
standard and the refusal OF the government
OF India 10 cooperate with une govern
nents OF the United Staees aud France
IL en- effort to establish Dlmetaliism by in
tcinational agreement.
The gold coinage OF the world in 1897
was the largest recorded. amounting in
value to nearly $3.50, O00, 900, against $780,
100000 in 1886. OF the former sum $146,-
600, coo was reeolna2e. The principal COIN
age was by the united States, Great Brit
ain, Russia, Germany, Austria Hungary,
France and Japan The extrao d nary coin
age of the year IS accounted tor by the
preparation OF Russia, Austria Hungary
and Japan for their monetary reforms. In
the case Of Russia particularly gold, which
has beer accommodating for years, much of
1t in bars, was passed through the minis
TO prepare IL for circulation.
The completion OF RuSslas plan of none
tary reform and the opening to the use OF
commerce of hgr gold reserve. systamat-
ically gathered in year by year until it is
the greatest single hoard of treasure The
world ever saw, is in itself most notable
event.
There is no merit in the plea sometimes
made that nasmuoh as most of country S
business transactions are domestic and only
small percentage of them international,
therfoae the relations of its money 10 the
money OF other countries IS Of equally small
Importance The truth is that prices In all
domestic sales are related to prices in in
ternational transactions and can not be
Jeparated from them The values of all
goods that enter into The common con-
sumption of mankind are international and
can not be affected by monetary legislation.
LEGISLATION can alter the value OF local
currency, but the owner of goods of world
w.ue demand simply raises or lowers his
price to correspond with the changed value
o. the money.
Clear as those principles seem to be ana
attesied to by the unyarylng experience
OF all countries there are those everywhere
who protest against all measures TO en-
force them
Certain narrow objections and sophstical
Doctrines become familiar. Some assert that
the depreciation of country's money has
good effect by stimulating its exports. The
shipper sells his products abroad for gold
converts the gold into the currency of his
own country and as the latter declines In
value, of course he gets more Of II. The net
gain depends upon his opportunity TO work
this deprecated currency off on somebody
else at its aid value. In some countries the
exporters claim to have succeeded In doins
this and they are pleased and pronounce Il
n GOOD thirg II Is saia for instance that In
lridla. while the price OF wheat and tea
IN silver currency has advanced the plan
tiers can stll hire labor at about the same
vases as before Evidently IL the wage.
Garner consumes wheat and tea he is MOI
sharing the good thing. II Is said that in
Mexico manufacturers ard planters have
enjoyed prosperity by reason OF the rising
OF prices OF their proiuts while wages
have advanced but little. The question
naturally arises who buys these products
Who consumes In those countries cotton
nour, Arar, shoes, meat and the Other
things which in any country are certair
to rise as the local currency declines? II 4.
ev'aent that the stimulus TO enterprise
which these countries have enjoyed ha,
nefn preyisely such stimulus as th,
united states would have II the wage.
ealhers OF this country would agree 10,
~, 10 aaaeDF q rs er cf~s 10 30 r.sa cen
rennctiou In their pay. That might trul,
stimuiate the export trace for u time. A,
u h*asNre OF wage reduction a denrecat.
Ing currency may be accepted as effective
As policy 10 stimulate exports 1t Is il
any case e1eetiye, but temporarily: for 4
y ceases TO depreciate wages other ex.
pehses VIII gradually adjust themselves I,
e The exporter !osss his premium. while
!" eonunues TO depreciate. 1t will even,