The evening times. [volume] (Washington, D.C.) 1895-1902, 1902-07-16
CHINA FACES RUIN IF
FORCED TO PAY GOLD

from other funds in order TO meet the
pressing demand
1T has already appeared to be be-
yond China's ability to make the pay
ments even in silver in accordance with
the treaty. The foreign powers know
full well the financial resources Of China.
When the indemnify question first came
up for discussion the total amount was
repeatedly reduced. Now the willing
ness on the part Of the United States,
Great Britain. Russia and France, either
70 accept silver OF to pay duties in gold,
IN spite Of the divergence Of views,
shows that all appreciate the fact that
10 make payments IL gold is burden
tco heavy for China TO bear.
'Inasmuch as the foreign powers have
shown such consideration for China, we
feel it incumbent upon US TO make re-
newed representations upon the sub
ject, 10 the end that an arrangement
which shall be both reasonable and fea-
! sible may be found
Great Britain has at present large
share OF China's trade Il is natural
that she should not like the collection
{
rived from collecting customs duties in
gold does not by aSg means belancc the
Eoss sustained ia making indemnity pay
ments in gold, and under the circum-
stances, China would not obtain much
relief
But to make indemnity payments in
silver does not. even according to the
/ present rate OF gold, entail a great loss
upon the foreign powers, since such
/ loss, If any, is divided among them.
/ Moreover, when it is at once decided
! that the indemnity payments shall be
/ made in silver. the price of gold viii
( doubtless gradually become more equi-
1 table. and the powers by exchanging
/ silver for gold viii not suffer loss
If the price Of gold can be reduced
70 over shillings to the tael there viii
/ be effected an even more advantageous
/ exchange for gold than the treaty stipu-
lstes, for the recent sudden rise in the
! price OF gold Is attributable 10 the &C
tion of bankers Who believe that gold
viii be demanded for indemnity pay
ments. and puTposely raise its price
with view 70 their own advantage
II payments IN gold are required. thu
price nj E5Id viii undsuHtedIy rise C
2 shiiIings to the tacI- Now all 7ner-
chants who import foreign goods into
China have already suffered great losses
# the price OF gold continues to rise
the prices Of foreign goods viii have tC
rise with Il
Owing TO the empty treasury Of China
and the poverty Of the people very few
persons viii be able TO afford TO bu,
foreign goods at their enhanced prices
Thus to demand payments in gold c7l
impairs the fDanciaI power Of Chr.
without benefting the financial condI-
tiCa CT the foreign governments IL ar
way. Only few bankers Will reap al
the advantages ard commerce at III,
same time viii receive a severe blow.
1t Is certainly not TO the interest O
any country to do this. Since il is III
purpose Of the foreign governments q
increase trade, with their knowledge 0
! commercial needs, they cannot he'll
knowing that the making Of iudemnit
q payments in silver according to the pla'
OF amortization viii be the means no
I only Of saving China from heavy losses
but also Of protecting commercial in
3 terests. This matter IS worthy Of tn
2 serious consideration OF the nations
: legislatures and commercial bodies G
different countries"