The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-02-02
AN APPEAL FROM SILVER
COUNTRIES.

The proposition transmitted to Congress
by President Roosevelt embodying joint
notes from Mexico and China regarding
a readjustment of the money standard
raises very important and perplexing
question. The proposition is, in effect, an
appeal to the United States to take the in
itiative in relieving those two countries
from the drawbacks and losses involved in
adherence to the silver standard. AS they
are the only two countries of consequence
that have this standard. and as both
experiencing great embarrassment from it,
it is natural they should join in seeking
relief from some quarter. The most effec-
tive and enduring relief would be for them
to adopt the gold standard, thereby plac-
ing themselves in line with the rest of the
world, but as they are not prepared for
that they seek outside relief 1t is un-
derstood that Mexico took the initiative in
the matter, and invited China to join her
in presenting it to the United States. The
appeal Is based mainly on the prospect
of a great increase of trade between the
United States and China if new standard,
T..
rique Creel, the confidential agent of the
Mexican secretary of finance. who is now
in Washington in the interest Of the meas
ure. says:
Exactly what we have I'm view at this
time is the appointment of a joint COM
mittee or three members from each of the
three countries, the United States, China
and Mexico. The duty of this committee
will be to give full and careful consider
alton of the economic problems in relation
TO establishing new monetary system in
the silver-using countries of the world. The
basis Of this system at present viewed
would be ratio of silver to gold of 30
TO j, or exactly what Is proposed by the
administration measure for the Philippines.
After this committee has been appointed
and plan agreed upon and approved by
the governments represented il will be the
further duty of the committee to present
the plan to the European governments, in
Guiding Great Britain. Germany. France.
Russia and other countries having interests
in the east. and urge their cooperation.
1t is not the intention of the Mexican
government to recommend bimetallism, or
the free coinage of silver, to discuss any
of the propositions which have already
been discredited by the great powers of the
world, but to start on a new policy within
the lines of the gold standard system, and
to fix gold value TO the silver currency
to be used In siver-usng countries. as well
as to make the necessary international ar
rangements for the use of silver coins as
rency, so as to provide as far possible
monetary system of the world on a gold
basis.
The main proposition, namely, the estab-
lishment of a new ratio between gold and
silver moneys, would be very difficult of ac-
complishment. but as the proposition comes
from two silver standard countries it
| might be worth while for Congress to au-
| thorize the appointment of a commission
| to consider 1t. The notes are very explicit
| in stating that neither China nor Mexico
expects the United States to depart from
| the gold standard or change its monetary
| system in any way beyond agreeing to a
ratio that would be satisfactory to gold
and silver standard countries alike No
| doubt the silver standard countries would
| be the chief beneficiaries of such an ar
rangement, yet it would probably tend to
develop international trade. In laying the
matter before Congress the President said:
II recommend that the executive be given
sufficient powers to lend the support Of the
| United States in such manner and to such
degree as he may deem expedient to the
purposes of the two governments"