Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1903-11-04
81: 60: =; e; :: q: =: i: J:
e.~ udMsusssthsnla.
resa1suisl ~ Dwight, ~

dDDiGiE Gu6nA0a ~ /
vays and modern Industrial methods
China.
It is declared that II q new system
,e established In China 1t should be
laced on the gold basis at once. be-
In that way foreign nations and
,hina herself win begin to get the
at once. Should the system
q begun on the silver basis. with the
mention of establishing the silver
,oins later on q parity with gold. there
would be no appreciable benefit to In
ernational trade until this parity we're
established. While the interior trade
81 the country would to some extent
be encouraged by . national currency
upon any uniform basis. . change 10
political or economic conditions 10
China might postpone for many years
the BENEFITS sought in establishing
monetary relations between
China and foreign countries.
The experience Of other countries
Is cited to demonstrate the practicable.
lily Of the proposed system. II is ae.
caared:
The plan proposed for China is bas-
cd upon what Ii commonly called
the gold exchange standard. similar
to the plan recently adopted BY the
congsess Of the United States for
the Philippines and to the plan which
has been In operation In the Neither
lands and the Dutch East Indies for
twenty-eight years. The successful
maintenance Of this plan in the Meth.
erlands for so long 4 period, covering
fluctuations OF more than SO per cent
In the gold value Of silver. and tho
more recent success Of q similar plan
In British India, In the face also o.
great fluctuations in silver. dispeI
many OF the doubts which might arise
800 MRg
in the absence Of such historical cyl
ience, OF the ~practicability Of thu
plan recommended for China.
A similar system has recently beer
adopted by the Russian government
for Bokhara and is about to be adopt
ed by Mexico for her own currency
by Great Britain for thG Straits Set
Elements. and By France for indo
China.
In discussing the effect Of the gol,
exchange system upon the price o
silver bullion the commission stat
that there was suggested to the var
ious governments the wisdom Of 81
distributing the purchases Of silve
which might be actually required y
them for coinage purposes as \
cause as little disturbance as POI
slble TO the market. 1t is declare
that IL would be unwise for any COY
ernment To attempt to maintain IN
price OF silver by purchasing beyon
its regular needs and storing or coll
ing IL, ana that no II whose know
edge of the monetary history Of q
past few years IL al all complc'
would advocate such a course, I'm
propriety OF so distributing the d
mand for an article. however. as n,
TO unduly disturb the market
recognized In many fields. especial
In the market for money, whose pr
dent distribution Ii the subject 60
/ ~stantly Of prescriptions In the hig
! est circles Of finance. II the rat
) adopted by the different government
that are now about instituting nc
systems Of coinage were fixed,
+ suggested, at about 50 TO !. that ia
i In itself would practically comp
these governments, without any for
D al agreement, to suspend their ~
chases whenever the price OF silv
5 per ounce rose to Esd. or 29d,
b would obviously be entirely contra
Q to sound policy for any governme
0 To increase Its purchases Of silv
o bullion beyond It's legitimate and
n uai needs. and Il IL not 70 be expo
III that any gold standard country y
take steps 10 Increase Its present Y
elof silver or TO modify It's EXIST
monetary system.
nj The commission summed up the
suits OF their consultation With !
n European powers in the foHowl
terms.
I'll The representatives ~ All the pG
era consulted. MS has already bs
stated. accepted in \ general way
ID desirable and practicable the SUES
ton made by the commission OF
United states. The character Of th'
!. ~approvais warrants the statement y
work OF the commission up 70 :
time has been entirely success
Differences OF opinion In regard 70
tfs .xanatutarat