Cameron County press. [volume] (Emporium, Cameron County, Pa.) 1866-1922, 1903-11-26
STABILITY INSURED.
The Gold standard Lends Impetus to
Business in All Coun-
tries.

tries.
The report of the commission on in
ternational exchange, which has just
been submitted to the state department
at Washington, is an important docu-
ment as showing the steady drift of the
world to the gold standard and the
proved necessity of adherence to that
standard as an essential to commercial
stability The commission was appoint
ed in compliance with a request from
Mexico and China for support in an
effort to bring about a fixed relationship
between the moneys of the gold standard
countries and the silver-using countries.
This request was made in consequence
of the difficulties, annoyance and loss
experienced in consequence of the tiuc-
tuating value of silver coinage, says the
Troy Times.
The report of the commission alludes
at some length to the embarrassments
suffered by the business men in silver
standard countries, and says: The fact
that the importing merchants of such
upon the cost in their own local curren-
cies of the remittanCes in gold which
they must use in making settlements
for purchases made in gold standard
countries has been slowly but surely
producing domestic commercial pa
ralysis, checking foreign investments
for the development of public and pri-
to ont nd ho, bo i,,,
portation of the products of the labor
of the gold standard countries"
The commission consists of II. H.
Hanna, of indianapolis, who has long
been identified with sound currency
movements in this country; Charles A
Conant, formerly a prominent news
paper correspondent at Washington and
now member of a leading trust company
in New York, and Prof jeremiah w.
jerks, of Cornell university, a high au-
thority in economic and financial mat
ters. This commission was accompanied
by one representing Mexico, and the two
visited all the leading capitals of the old
world, and found general approval of the
idea of definite ratio as between gold
and silver for the silver-using countries.
fhe result is thus fairly summed up:
''The representatives of all the powers
consulted accepted in a general way as
desirable and practicable the suggestion
made by the commission of the United
States. The plan proposed is similar to
the one recently adopted for the Philip
pines and which has been in use in the
Dutch East InGies for rs years.
Upon the subject of the introduction of
uniform gold standard system into China
there was unanimous agreement that such
a system would be desirable Upon the
question however, whether the gold stand
ard should be established at the beginning
or should come after the introduction of
uniform national currency upon tie silver
basis there was some difference of opinion
Upon the subject of adopting the rela-
lively uniform ratio of about 50 to / in the
currency systems to be established in the
orient by those countries and dependen-
cies which are considering a change in
their existing systems there was agree
ment in all countries except Russia"
Russia did not object to the ratio. But
it questioned the eXpediency of a uni
form arrangement, and deemed it best
that each country should determine it's
own ratio according to it's monetary
needs and economic conditions.
The report shows the advantages that
would follow the adoption of common
ratio of exchange for silver-using
countries, among which would be in
creased importations of American and
other goods into China, the influx of for
eign capital into the silver countries in
the form of investment in productive
enterprises, and closer trade relations,
to the profit of all concerned, between
countries in which the fiuctuation of
silver now creates serious barriers to
commercial intercourse. The facts are
of the greatest interest as showing the
necessity of stable medium of ex-
change, and prove anew the truth that
the progressive nations of the earth
recognize the gold standard as the only
safe one.
~ Senator Hanna will not resign the
Craftsmanship of the republican nation
al committee. Therefore. that body.
when it meets in Washington a few
weeks hence to name the date and the
place for the next national convention.
will not have chairman t6select. The
senator intends to hold his post until
the national convention. at any rate.
When the committee will be reorgan-
lied. There is a chance then that he
may be induced to retain it until after
the presidential canvass. He is as anx-
ious as is any other republican that the
party shall win i'll 1904.-St. Louis
Globe-Democrat.