New-York tribune., 1903-05-11
MEXICOS MONEY PLANS.
Representatives of This Country,
Menico and China Meet
rBY TELEGRAPH TO THE TRIBusE.l

iBf TELEGRAPH TO THE IHlBUNE-i
Washington, May 10.-Representatives of this
country, Mexico and China were in conference
here yesterday regarding the plan for fixed
ratio between geld and silver coinage for the
silver using countries. The conferrees were Sec
retary Hay. Charles A. Conant and Professor
John w. jerks. representing the United States;
the Mexican Ambassador. Senior Jose Y. Liman-
tour, Mexico's Minister of Finance. and Enrique
c. Creel. representing Mexico, and the Chinese
Minister representing that country. Mr.. Creel,
Mr.. Conant and Professor jerks are members of
the joint commission appointed to work out the
plan, and the conference was the final discus
sion OF the subject prior to their departure for
London on May 10. 1t was also the initial
meeting of Senior Limantour with Secretary Hay
in connection with the proposed plan. and the
Mexican fiscal system received a great share of
the attention of the conference.
There was practically no change in the tenta-
tive plan which the commission will present 10
Great Britain. France and Russia. and which
has been heretofore outlined in The Tribune
that is: token coinage for each silver using
country to be limited in amount and maintained
by the government issuing 1t at a fixed ratio
to gold. which will probably be % to l. The re-
tent rise in the price of silver considered
In connection with this ratio The price
of silver bullion would have to go to over 81
cents an ounce to disturb the proposed ratio
and, though the price has been sent up by the
purchases for the Philippine currency, the de-
mand for the Straits Settlements and an in
creased demand by China, it was not thought
by the conferrees that the price of bullion
would reach the point mentioned. and become
disturbing factor in the plan agreed upon
Mexico is taking the initiative in the matter
of esta blishing u new financial system for her
self This progress has been very satisfactory
according to Mr.. Creel. who consented to discuss
the question for The Tribune
Mexico has a commission of sixty members at
work on the problem ne said. This commits
sion will undoubtedly make a report within the
next sixty days. Public opinion in Mexico is
decidedly in favor of the proposed new hsca!
system. which will give fixed gold value 10 the
new silver coin proposed, and the prediction Is
safe that the commission viii report faVoraplJ
on it, There is much American and European
capital waiting the Inauguration of the new sys-
TEN before being invested in various large enter
prises in Mexico.
THE details of the plan have not been agreed
upon but tentatively they contemplate the COIN
age of a token silver coin which the government
will agree to maintain at a certain parity with
gold by maintaining a gold reserve OF oU per
cent of the amount of silver coin issued
The conference yesterday was declared 70 De
most Sc tisfactory by all who attended it. There
fewer difficulties presenting themselves 10
the proposed plan than have been contemplated.
A war in Manchuria might result in increas-
ing the price of silver such point that the
proposed ratio of 50 to might have TO be aban-
doned for another; but this could easily be done
II necessary.