New-York tribune., 1903-01-30
PRESIDENT FOR COINAGE PLAN.
APPEAL OF MEXICO And CHINA LNDORSED BY
Mr. ROOSEVELT
Appointment Commission Dise UniUeSal Monetary Standard
P,oposed-Legslahon asked from Congress-

serving sufficient revenue for meeting its gold
obligations abroad has placed the import tariff
itself upon sliding scale. which will increase
the burden of the silver charges upon mer-
chandise imported from gold countries.
In another respect than the exports to silver
countries, the trade of gold countries is threat
ened by the fluctuations in the value Of silver
Silver is a by-prOduct in the production OF gold.
copper and lead articles which constitute a
large proportion of the annual mineral produc-
ton of Mexico and the United States, and form
in both countries important articles of export
From the United States. according to official re-
turns the exports of copper ingots, bars. etc.
for the fiscal year 1902 reached IS. l2O,609
pounds, of reported value of S39,19O,619, and
the net exports of silver were about 81 OOo:-
900 These two items, exceeding SoOOcO,OOo.
constitute nearly ; per cent of the total exports
of the United States 1t is obvious that II sill
yer. one of the two products of given oper-
alton, falls greatly in value it must depress the
net price received for both products. and there
by diminish the profits and the output of the
gold, copper and lead industries Of the United
States and the value of such products when ex-
ported From Mexico nearly half of the annual
exports are of silver, which makes 1t still more
important to her, from a commercial as well
as monetary point of view, that steps should
be taken to check the recent fluctuations in the
relative value of the money metals
The large investments Of the money OF citizens
OF the United States in railways. mines. coffee
Plantations, smelling works and many otneT
enterprises in Mexico. exceeding in amount
$3o0OOOOOO in gold, according to the last state
ment OF your Consul General. Mr.. Andrew
Barlow. make the stability of relationship be-
tween the moneys of the two countries OF direct
Importance to the United States The earnings
of these enterprises. remitted to American In
vestors. have suffered a serious fall in gold
value with every fall in the value OF Mexican
money, and the principal Of the investment has
suffered In the same manner when considered
from the standpoint of converting il back into
gold 1t would act at once a safeguard to
existing investments and stimulus toward
their increase, will obvious benefits TO both
countries. II the money of Mexico could be
brought into stable relation to the money OF the
United States
1t is not advisable in the opinion Of this gov
ernment, that the Republic of Mexico. should.
adopt
gold currency, and IL desires that some other
system may be devised with the concurrence Of
others powers which will give stability Of
relationship to the money Of the gold and silver
using countries The adoption by Mexico OF a
gold currency would cause the continued depre
citation of article which constitutes nearly
One-haf of her exports, and would impose a
seriously increased demand upon the gold STOCK
of the world The scale Of wages and prices
and the habits of the Mexican people are not
we'll adapted to the introduction of gold coin
as the principal medium of circulation
CONDITIONS IN THE ORIENT.
The same may be said of the condition and the
people of the Philippine Islands. which are
under the authority of the United States; Of the
Straits Settlements and the Federated Malay
States, which are under the authority of Great
! Britain: of Indo-China. Cochin China and Ton
king. which are under the authority prOteC-
i tion of France; of Formosa, which is under the
authority of Japan. and of Siam, Korea and
! China. Even if it were practicable for Mexico
| TO adopt a gold currency for herself her action
/ would represent but an incomplete and unSat-
| isfactOry solution of the problem of the eX-
! changes. because it would not contribute in any
4 appreciab1e degree toward the solution of the
i same problem in the countries of the Orient It
will be noted that the largest volume of imports
in the table given above is credited to the Chi
nese Empire. This large volume of trade, in
/ order to obtain which great military and econ
! omic sacrifices have been made by the United
| States and European powers. is threatened in
/ the present state of the Chinese fiscal and cur
rency systems with partial paralysis. if not with
/ extinction. The heavy indemnity imposed by
/ certain of the powers upon the Chinese govern
ment has led to large offerings of silver on the
| Chinese market and has diminished the power
| of that country to purchase foreign goods to a
| /point which threatens to materially reduce the
7 existing export trade to China from the United
/ States, Great Britain, France, Germany and
I other countries.
/ NOT FOR FREE SILVER COINAGE.
! 1t is with view to finding a remedy for these
conditions which will preserve the export and
/ carrying trade of the leading manufacturing
nations to the silver countries that the cooper
/ alton of the United States is asked in repre-
sentatiOns to other leading powers in favor Of
international concert of action on this subject
| The government of Mexico does not seek the
restoration OF free coinage of silver by either
/ the gold silver using nations. and does not
/ ask the United States to modify her present
/ monetary standard 1t is recognized by this
/ government that bimetallism in the sense OF free
/ coinage of both metals is policy which has
/ been definitely discarded by the leading powers
| of Europe and by the United States. and that it
would he futile TO ask it's restoration 1t IS,
/ therefore. not the expectation nor the wish Of
! this government that the gold standard coun-
/ tries should take any action tending TO impair
! their monetary standard or to make material
! changes in their monetary systems 1t is de-
sired that the governments of gold countries
/ having dependencies where silver is used and
I the governments of silver countries shall
/ operate in formulating plan for establish
7 ing a definite relationship between their gold
! and silver moneys and shall take proper meas
I ures 10 maintain such relationship. One such
/ plan has already been proposed in both houses
6f Congres IS of the United States with reference
/ to the Philippine Islands. 1t is this and other
! plans designed TO accomplish the same end which
/ the government of Mexico would be glad 70 have
+ considered by the United States and other gov
! ernments. with the view to the adoption OF the
( best attainable monetary arrangement by those
J countries which not prepared under existing
conditions to adopt currency system involving
/ the general use of gold coins
J The cooperation OF the United States with the
/ republic of Mexico in presenting this subject
! TO other governments would. in the opinion OF
the latter aid greatly in securing prompt and
satisfactory solution of economic problem
which threatens the ruin of silver using coun-
+ tries or the one hand in the vain effort to meet
I increasing gold obligations abroad. and which
I threatens also the commercial prosperity OF
the gold using countries, by destroying the
/ purchasing power of their customers 1t seems
/ that it would contribute materially to the per
manent and satisfactory settlement OF this prob
lem If Great Britain and France. with their
. important colonial possessions in Asia, and II
Germany Russia and other countries having
. large commercial ana territorial interests there
would unite with the United States and Mexico
i'm the adoption IF common sta odard tOr
new coinage system in the silver countries; IN
F recommended tiOns for the readjustrnent of the
( fiscal and monetary relations Of China with
the other powers. which wOulG permit that
T country to continue to be user of silver and a
I purchaser Of the products OF the manufacturing
T nations and in such provision for their own
subsidiary currenCies as would tend TO promote
stability of relationship between their gold and
( silver money