The Washington times., 1903-08-09
Propaganda Of United States
Commission in Europe
to Establish Stable Cur
rency for the Orient.
Silver-ProduCing Nations In
terested in Having Europe
Increase Subsidiary Coin
age Of the White Metal.

Should the monetary commission,
which has recently completed its work
in Germany. and is now on its way to
St. Petersburg. succeed in gaining the
cooperation of the powers. the monetary
system of every nation of the world
would soon be established on a solid
basis. though the ratio OF gold and sill
yer coins would not necessarily be the
same in every country. The commits
sion. which is composed of Mexicans.
and committee on international ex-
change" appointed by the United
States. has been favorably received in
England and Germany, although neither
the English nor the German govern
ment has yet offered any definite as
sistance
The United States commissioners are
Hugh H. Hanna. of Indiana: Charles A
Conant and J. ". jerks. of New York
The committee is also provided with a
secretary. Jules Guthridge, and sec
ond secretary and Interpreter, o. G.
Cuerlae. The law passed by the last
Congress creating this commission pro-
vided $4,000 TO pay its expenses.
Object of the Commission.
No definite program was laid out for
the committee. and beyond the outline
instructions given the committee at the
State Department the itinerary of the
commission and its method of procedure
are left in the hands of the commits
sioners
TIE object of the commission is to
restore and maintain a fixed relation
ship between the moneys of the gold
standard countries and the siIVer-using
countries. and. if possible. TO obtain the
promise of the nations TO put more
silver subsidiary coin into circulation
than they are using at present. It is
distinctly disavowed that any movement
is contemplated for the restoration of
international bimetallism.
The opinion is expressed, however.
that consultation between the United
States and European powers having de-
tendencies in the Orient and the indie
pendent countries where silver money
IS in general use may result in the
adoption of monetary system which
will prevent the great fluctuations in
exchange which now occur with silver
using countries.
Alarming Fluctuations.
In fact, the value of the Mexican sill
yer dollar nuctuated 10 the extent of 10
per cent during the past year This is
regarded as an alarming condition. and
Mexico. as one OF the great silver-using
and silver producing countries, united
with China in asking the cooperation
of the United States 10 arrange for some
fixed ratio of gold and silver in the
different countries. The representatives
Of these two governments in approach
ing the United States Government used
the argument that the United States is !
one Of the great silver producing coun- |
tries OF the world, having a large !
amount Of silver coin. and exporting
great quantity Of silver bullion. Presi- |
dent Roosevelt and Secretary Hay have /
interested themselves in the matter, as
have also large number Of the leading /
silver men OF the country.
The benefits 10 be derived from a fixed 1
value OF the silver coin in a silver-using |
country are large in the matter Of trade |
and exchange. The value OF Mexican 1
and Chinese silver coins is at present /
known merely for the day. 10 one can /
predict with certainty what it viii be /
tomorrow.
Risk Of Merchants.
Thus merchant consigning a ship |
nent Of goods TO China al a fixed rate. /
runs the risk OF discovering that the |
money he receives in payment is not /
worth as much by several cents per /
dollar as II was on the day he shipped /
the consignment. The engineer who 4
makes a contract 20 erect a large bridge /
in Mexico. a contract that may involve /
hundreds Of thousands of dollars. may
find that tire money he receives when his 4
work is completed is 10 cents less on 4
the dollar than when he made the con |
tract. Such q condition of affairs not
only makes trade with the siIver-using /
countries precarious, buJ checks its |
Increase
With sold standard In these coun- |
tries. and fixed ratio between the gold
and silver coins, those obstacles 70 trade !
hJuAQ Alsai pear. mexico IS cDlLeMplaL- |
ing the adoption Of a % to l stand
ard. and viii issue silver dollars
according 10 that fixed ratio. That is
the ratio already adopted by the United
States in the Philippines. The commits I
sion wishes 70 effect such 4 standard /
In China also. and the other silver-using /
countries.
No attempt viii be made, however, 20 4
change the ratio between gold and silver 4
In any country when a Rxed ratio be- /
tween the two has already been adopted |
as IN the case of the United States The /!
work OF the clearing houses throughout /
the world would be simplihed 10 a great /
extent By such change.
Increase Of Subsidiary Coinage.
AS has already been said, one Of the !
objects Of the commission is 70 get the /
European powers 10 put more silver /
money into circulation and consequently /
20 increase the market for silver. there /
~ benelting the silver producing coun- /
tries. This is probably the most difficult /
the COMM ssIon has TO han |
de since 2 4sFCrfIT Ir Hfg.-.At