The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1903-02-03
WANT A FIXED RELATIONSHIP
Measures Seeking to Restore and
M%aintaf a Satisfactory Monetary
System.

Washington, January 29.-President
Roosevelt today sent the following
message to congress-:
Il transmit herewith a report from
the secretary of state with accompany
ing notes from the Mexican ambassa-
dor and the Chinese charge d affaires
ad interim, which seeks 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. I re-
commend 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 tive
governments.
THEODORE ROOSEvELT.'
The message was referred to the
committee on finance.
In his communication Secretary Hay
says: 1T is not asked that the United
States modify it's monetary system.
and it is distinctly disavowcd that any
movement is contemplated for the res
toration Of international bimetallisrn.
The opinion is expressed however, by
the representatives of both govern
lnents that consultation between the
United States and European powers
having dependencies in the Orient and
the independent countries where silver
is in general use, may result m the
adoption of a monetary system which
VIII prevent the great floatationS in
exchange which now occur In trade
with the silver using countries. If
such a result can be achieved-and it
is pointed out that at least a partial
solution has been proposed IN the emit
ed States, in a bill now pending in the
senate in regard to the Philippine is
~lands-great benefits will follow to the
trade of the world, by making ca sier
the access of the products of the man.
ufacturing nations to the market Of
china and the other silver using
countries.
The consideration Of this subject
may have an important bearing 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
it possible for her to meet these pay
rnents in a tanner satisfactory to all
the powers"
The memorandum by China and
Mexico are practically identical. The
Chinese note can be taken as typical
OF Mexico's. 1t says hat the serious
results which are threatened by the
fluctuations in the value of silver t,ul-
lion to the both Of gold and
silver standard countries have Induced
the Chinese imperial ernm act
ing in concert with the Mexican gov
eminent, to ask the cooperation of the
United States in seeking a remedy OF
these conditions for the mutual benefit
of all concerned. 1t is pointed out tina
trade. stability between the United
States, a gold country, and China. a.
silver country, is destroyed by a. vex-
alton 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 as i'm
portant to gold using, as to silver using
countries.
1t shows that the silver using coun-
tries imported in 1902, almost exciu-
sively from gold standard countries:
goods to the value of 1914, 625, 1923. ex-
Guiding British India and several silver
countries in South America which
might be brought into an agreement to
maintain stability. It is further point
ed out that the largest amount OF this
trade, namely 1896, 1874, 342 went to
China. This trade, it is declared, is
now threatened with a decline, the
limit Of which no one can foresee.
The heavy indemnity imposed by
certain other powers on the Chinese
government has further depressed sill
yer prices and threatens to reduce ma
terially the export trade to China from
the United States Europe. This
trade from the United States is said
to have increased greatly within twelve
years n is now but a slight measure
Of what it might become with stable
currency.
1t is distinctly declared that the gov
m OF China does not seek the
restoration of free coinage Of silver by
either the gold or silver using nations.
Bear. tia a The Kind You Rave hsNsE Bszak