Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1898-11-25


PRECIATED CURRENCY"
Washington, November 24.-In his
annual report. Mr.. George Z. Roberts.
the director OF the mint, says:
The most important events in the
fiscal year in the world of government
finance have been the consummation
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
to cooperate with the government of
the United States and France in an ef-
fort to establish bimetallism by inter-
national agreement.
The gold coinage of the world in
1897 was the largest recorded. amount
ing in value to $437,7l9,342, against
S195, ,5l7 in 1886. OF the former sum
S146,622 ,194 was recoinage, and APP
proximataly 1921 ,O97,14S a net addition
10 the stock OF gold coins. The prin-
cipal coinage was by the United States,
Great Britain, Russia Germany, Aus
tria-Hungary, France and Japan. The
extraordinary coinage of the year is
accounted for by the preparations of
Russia Austria Hungary and Japan
for their monetary reforms. In the
case of Russia particularly. gold which
has been accommodating for years, much
CT it in bars, was passed through the
minis to prepare it for circulation.
"Ihe completion of Russia's plan
of monetary reform and the opening
to the uses of the commerce of her
great geld reserve, systematically
gathered year by year until it is the
greatest single hoard OF treasure the
world ever saw. is in itself a most
notable event.
Throughout the world, among all
peoples who are sufficiently civilized
and ambitious to have international in
tercoursc, there is manifest a desire to
bring their own currencies 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 at home and the
money for which he sells abroad shall
have q common unit Of value. The
manufacturer who is competing in for
eign markets desires that the money
in which he must quote price abroad
shall have a relation to each other up
on which he may rely and calculate.
If the monetary systems of these coun-
tries have no common unfit each ma
ton in ignorance or misled independ-
ence prefers AN independent system of
his own they will inevitably vary in
value to each other. and the profits
OF The international transaction we are
considering are subject to these varla-
tons Such variations are therefore a
barrier to trade between the countries.
It was to escape from such fluctuations
Of the Russian currency which, in 1892,
reached $40 per cent, and in 1891, 2s
per cent. that the Russian government
has fixed It's paper money at the gold
standard. For the same reason Aus
tria-Hungary and japan have lately
done likewise For the same reason
India closed its minis to the unre-
stricted coinage Of silver and has been
struggling since to hold its rupee at the
fixed value C 16 pence. 1t IS for this
reason that even Peru. with its COM
paratively small foreign trade, has
closed it's minis to the unlimited coin
age of silver.
1t is for this reason that the govern
ment of France, while friendly to an
internal agreement upon the bi-metal-
tic money standard. will not entertain
any proposition that involves a posi-
bic separation Of her own currency
from the standard used by the other
important commercial nations OF the
world
AS a measure Of wage reduction a
depreciating currency may be accept
ed as effective. As a policy 10 stinu-
late exports It is in many cases effect
i've but temporary; for, II it ceases TO
depreclate wages and otner expenses
will gradually adjust themselves TO it,
the exporter losing his premium"
while If it continues TO depreciate II
will eventually become wor' bless and
ali it's influence, benedcient or other
wise, will perish with ii. As a policy
upon which to build a nation's trade
and prosperity 1t begins IN fraud and
ends in failure"
Reviewing the efforts Of the Wolcott
international bi-metallic commission,
the director says that the sentiment
in favorof abimetaIlie monetary stand
ard, supported by internal agree
ment, had found expression not only
by the legislative bodies OF France
and Germany, but OF Great Britain, and
it had therefore seemed opportune that
a conference should be held with a
view 10 ascertaining what concerted
action might be agreed upon.
Mr.. Roberts adds: