The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1898-11-25
SINGLE GOLD STANDARD.
EVERY ENLIGHTENED NATION OF
THE WORLD ADOPTING IT.
Report of the Director of the Mint
shows How and Why the General
Movement Il Toward Common


redemption os specie payments by Russia
III gold, the reorsa aiZa1son Of the monetary
system &C Japan, with gold as standard,
and The refusal OF the government 70 CO.
operate with the governments of the United
States and France in an effort - ESTABLISH
| bl-mesa.iLsm % International agreement.
The gold coinage OF the world ia les.
was The largesT recorded. amounting in
value To Ss1.gIs.SiZ. against sla5,sss,5l1 IN
ISL. o. the former sum, ~ was
recolnage. and approx.rna tesy s-sa,vsa,lia
net addition 10 the stock Of god coins. The
| principal coinage was by the United States.
Great Britain. Russia, Germany, Austria
Hungary France and Japan. The extra
ordinary coinage @ The year IS accounted
for by the Preparations Of Russia, Aus
.a-Hungary and Japan fer their monetary
reforms. In the case OF Russia, particu-
larry. gold which has been accommodating
for years, much of it in bars. was passed
through the minis to prepare x for cir
cuiation The completion Of Russia
plans for monetary reform end the open
ing 10 the uses OF commerce Of her great
gold reserve. systematically gathered year
by' year until X is the greatest single hoard
% treasure the world ever saw is, IN itself
a most notable event.
The development OF Russia, her posi-
ton as an exporter Of breadstGrs. her pol
ley OF developing home manufactures. Will
tend 10 protect her stock OF gold and make
room for more, but her own gold produc-
ton is increasing, and unless she is about
20 enter a period Of unprecedented activity
and development, seems likely 10 supply
he needs.
Throughout the world among all peoples
who are sufficiently civilized and ambitious
20 have international intercourse. there is
manifest a desire 10 bring their own cur
rencies into definite and stable relations
with the money Of the peoples with whom
they trade.
The exporter desires that the money
with which he buys al home and the N Il Y
with which he sells abroad shall have i
common unit Of value. The manufacturer
wao Is competing IN foreign markets de-
sires that the money with Which he buys
raw materials and labor al home ana the
money IN which he must quote prices
abroad shall have a relation - each other
upon which ne may rely and calculate If
the monetary systems Of these countries
have no common unfit eacn nation, IN
ignorance or misled independence. prefers
''an independent system of is oWn"-they
" ii inevitably vary in value TO each other,
and the profits Of the international trans
action We are considering ar s2bjc ID
these variations. Such variations are,
therefore. A barrier 10 the trade between
the countries IL was % escape from such
fluctuations Of The Russian currency, winch
in 1882 reached 80 per cent. and in 1881 =
per cent, klfae RUSSIAN III mas
nXet us papsr money az the egid standard.
For the same reason AuSjrla-Hungfry and
Japan have lately done Xix ewiSe. For the
same reason india closed lis minis 10 the
unrestricted 20 mage Of silver. an! has D en-
struggling since 10 hold its rupee ~ the
fixed value Of l6 pence. Il is Tor his rea
son that even Peru. with its comparatively
the unlimited coinage Of silver.
Il is for this reason t1at the government
Of France, While friendly 10 an iuterua, on
agreement h.
standard. Will not entertain any proposition
Isat involves poss be separation OF ner
owa currency from the standard used by
the other important commercial nations Of
re world. The enterQrls3ng peoples Of tn
world ara not voluntarily assuming or re
naming under conditions which pa Them
al a Disadvantage in the keen rivalry that
statesmen ind II every market. tn IN
tLaJened Judgment Of the time condemns
such I meaning eSs and burdecsCme r.
strain upon exchanges.
Nor IS there any merit in the plea SOM
times made. that Inasmuca as most -
EountrNS business transactions are 0Qn1sS-
tic. and only q small percentage Of them
ttTDaticHal. therefore tls relations II rs
money 20 tht. nancy of Ochtr countries Is
ot equally small Importance The Iruta Is
that prices ia u domestic sac are rCla ed
10 prices IN international tIa~sacti0ns. ana
cannot De separated from tn III. The Vl.u
81 all goojs Iiaf enter mo IN common
consumption Of mank nj are international.
ana cannot be effected by monetary / gIs-
I4tttn. Legislation can alter the value. og d
ocai vQrren y. bat the owner % goods II
worldwide demand Simply ta-Ses or lowers
bis prices 10 correspond VITA the co.Ragt
value Il the nancy.
Clear as these principles seem 10 he. and
attsSts.I by the uDYary.Dg resources ot al
countries. there are those everywhere VINO
protest against all measures 70 enforce
them.
Certain Narrow objections and sophisticaI
doctrines become familiar. Some assert
that the depreciation 81 a country's money
Is advantageous by stimulating is exports
ne D. = a -
gold. converts the gold into the currency %
his country. ard as the latter declines in
value of course he gets more OF il The
ntt gam EclfH0S upon MS opportunity a.
work this deprecated currency of on some
body else az liz cid value h. some c0uu-
tries the exporters elan 90 have Succeed
Cd Ia doing this and they are pleased ami
pronounce Ii q good thiug x is SAID for
Instance. that IN India. while the prices %
RAeat ard tea i& silver currency have ad-
Nanee,i. }An planters sttl hire }gnor at
about tao same ages as before Evidently
= tho wage Garner consumes wheat ara lea
sc Is net Fs;arlnE thc goosl thing. Il Is SAD
that la Mexico Manufacturers ana planters
have enjoyed prosperity ty reason - The
rising prices of thcir products fn silver
While wages have advanced 6ut UtEIe Tine
question naturally arises. who bays these
products, " 10 Consumes Ia those conn
tries cotton, Nour sugar. SHOES p3tat an
"a" other ,hings which 81 any country AT.
certain 10 rise as The local currency De
Clfuesr
prise was prtCissly sucn srlmD Nv as -.
ttulf.l states would have # wag, Farmers
- .n.s country would aEtTr together 90
scrsrt = 70 - T~t cent. relHcuoa 10
tasir pay Faaf might j~Giv stimulate tf-
tXp~rt tr3Ge for "a tnla. As 3 matter -
wa<e at-tou n dcDren sr:0E currer.ev
may - accepted as effective. As a saisev
to stimulate exports & IS io Sors,t. eases a.
fesf.Se f-!t tsUTura r5:s for r IL cease. p.
as5sTeriste wages ags other EXPENSES wt...Is
srs3Ha.ly aa5ust themselves "a i, tle e&-