The Providence news. (Providence [R.I.]) 1891-1906, 1903-01-30
SPECIAL
CURRENCY
MESSAGE
President Communicates Notes
From Mexican and Chinese
Govcrnmsnts to Congress.

Welt yesterday sent the following mes
sage to congress:
Il transmit herewith a report from
the secretary OF state. with accompany
ing notes from the Mexican ambassa or
and the Chinese charge dafraires ad
Interim which seek the cooperation Of
the United States in such measures as
will tend TO restore and maintain a fixed
relationship between the moneys OF the
gold standard countries and the silver
using countries. recommend that the
executive be given sufficient powers to
lend the support OF the United States In
such manner and 10 such a degree as he
may deem expedient to the purposes OF
the two governments. (Signed)
THEODORE ROOSEVELT"
The message was referred TO the com
mittee on finance
In his communication Secretary Hay
says:
1T is not asked that the United States
modify its monetary system, and II is
distinctly disavowed that any movement
Is contemplated for the restoration OF in
ternational bt metallism. The opinion Is
expressed, however. by the representa-
tives OF both governments that consul
tation between the United States and
European powers having dependencies in
the Orient and the independent coun-
tries 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 In trade with silver using coun-
tries.
GREAT BENEFITS.
III such a result can be achieved-and
II is pointed out that at least q martial
solution has been proposed In the United
states In bill now pending in the senate
In regard to the Philippine islands-great
benefits Will follow to the trade of the
world BY making easier the access OF
the products OF the manufacturing ma
tions to the markets Of China and the
other silver-using countries
The considerat tion OF this subject NAV
have an important dealing also on the
payment of the indemnity due by China
to certain European powers and to the
United States by enabling the Chinese
empire TO put her monetary system upon
a basis which will make II possible for
her to meet these payments in a manner
satisfactory to all the powers
This result II II could be accom-
plshed. would be OF the first Importance.
not only TO the United States and the
other powers having a share in the in
demnity payments, but TO China herself
and her future development"
The memorandum submitted by China
and Mexico are practically identical The
Chinese note can be taken es typical of
Mexico. II says that the serious results
which are threatened by the recent fuc-
tuations In the usual value OF silver bull
lion TO the commerce. both OF gold and
silver standard countries have Induced
the Chinese Imperial government acting
In concert with the Mexican government.
to ask the cooperation OF the United
States In seeking a remedy OF these con-
ditions for the mutual benefit of all con-
cerned.
TRADE STABILITY.
It is pointed out that trade stability be-
tween the United States. a gold country.
and China, silver country. In DESTROYED
by variation OF 20 per cent In one year
in the price of silver bullion, as happened
last year. The memorandum urges that
stability in this respect is az important
TO gold using as to silver using countries
II shows that the silver using countries
imported In 1902 almost exclusively from
gold standard countries goods 10 the
value of 1914. 625, 323, excluding British In
dia and several silver countries In South
america winch might be brought into an
agreement 70 maintain stability
II is further pointed out that the larg-
est amount of this trade, namely s1e6, ,9s4, =
342, went 10 China. This trade IL Is de-
clared. is now threatened with a decline
the limit OF which no one can forsee. The
heavy indemnity imposed by certain other
powers on the Chinese government has
further depressed silver prices and
threatens 10 reduce materially the export
trade 10 China from the United States
and Europe.
This trade from the United States is
said to have increased greatly within IL
years, and is now but a slight measure
OF what IL might become with stable cur
rency An import trade OF 81 per capita
into China would represent n total OF 81 -
200, 600 900. The encouragement OF n COM
,merce so important Is declared 20 he
worthy Of serious consideration by the
Western Powers. giving promise as II
does Of productive labor for untold thou
sands OF workers.
IL is distinctly declared that the govern
ment OF China does not seek the reetora-
tion OF the free coinage OF silver by eth
er the gold or silver using nations.
PaWTuXET.