Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-04-17
A TASK OF MONTHS
Work Before the Monetary
Commission.
CALLED ON SEC'Y Hay
WILL BE GIVEN CREDENTIALS TO
REPRESENTATIVES ABROAD.
Not Likely That Any Plan Can Be
Formulated in Time for Con-
gress in December.
CALLED ON SEC'Y Hay

MeSSrs. Hanna, Jenkins and COnant, con-
stituting the United States representation
at the monetary conference called at the
State Department today and had long
conference with Secretary Hay respecting
their work. They were met at the depart
ment by the Mexican ambassador, Senior
Aspiroz who is intensely interested in this
project and entered into the consultation.
When these delegates go abroad, which
they expect to do about the middle of next
month. they will i'm a manner look after
Mexican interests in the solution of the
great problem of adjusting the rates of ex-
change between silverusing and gold-using
countries.
Credentials for the Commission.
The chief service that the Secretary of
State can be to the commission Is to pro-
vide them with letters to representatives
of the United States abroad, in order that
they may approach officials of other gov
ernments under as favorable conditions as
possible. The members of the commission
now expect to leave New York May 15.
How soon their labors can be completed Is
a matter of uncertain conjecture. 1t is not
likely that any plan can be formulated in
time to be presented to Congress by next
December. The commission is not likely
to present any plan to Congress until it
feels some degree of confidence that It's
proposition will be satisfactory to at least
several of the great powers whose co-opera-
ton will be necessary If any important
measures ever receive sufficient approval
to make them of International imOprtance.
The United States is now chiefly interest
ed in obtaining stability in the exchange
values of gold and silver in it's trade with
China and with South and Central Ameri-
can countries. England, Germany and
France are interested in this. same trade,
while Russia, gold-using country is at
this time almost entirely concerned with
her exchange with China, where Russian
merchants are making great headway.
Taking the Initiative.
The initiative for the legislation resulting
in the appointment of this commission was
taken by the Mexican ambassador to this
country and by the Chinese charge daft
faires. 1t was readily approved by Mr..
Roosevelt, who promptly laid it before Con-
gress with favorable recommendation. In
Congress 1T met practically no opposition
1t was readily indOrSed by the democrats
as move favoring the improvement Of sill
yer as money for the use of the world
The republicans indorsed it as 1t contained
nothing that might jeopardize the gold
standard of values and was in line with
republican legislation seeking some interna-
tional agreement for the coinage of both
gold and silver, of which Senator Wolcott
of Colorado was the especial champion.
The present commission will not seek in
ternationl bimetallism, but will confine its
efforts to forming some plan that may be
agreeable to the great powers by which
silver exchange can be conducted without
fluctuations Of values.
The purposes of the representatives of
Mexico and China in making their sug-
gest1on were fully explained by Secretary
Hay when he transmitted their note to the
President.
Object of the Inquiry.
ut is not asked that the United States
modify its monetary system, and it is dis
tinctly disavowed that any movement is
contemplated for the restoration of inter-
national bimetalism,'' said Secretary Hay
in reference to this plan. 1.-THE opinion is
expressed, however, by representatives of
both governments. that consultation be-
tween the United States and European
powers having dependencies in the orient
and the Independent countries where silver
money is in general use, may result in the
adoption Of a monetary system which will
prevent the great fluctuations in exchange
which now occur in trade with the silver
using countries
IF such result can be achieved-and it
is pointed out that at least a partial solu-
ton has been proposed in the United States
In bill now pending in the Senate in re-
gard to the Philippine Islands-great bene-
fits will follow to the trade tof the world
by making easier the access Of the products
of the manufacturing nations to the mar
kets of China and the other silver using
countries.
THE consideration of this subject may
have an important bearing also on the pay
ment Of the indemnity due by China to GER
tain European powers and to the United
States by enabling the Chinese empire to
put her monetary system upon a basis
which will make 1t possible for her to meet
these payments in a manner satisfactory
to all the powers. This result, If 1T could
be accomplished. would be of the first i'm
portance not only to the United States and
to the other powers having a share in the
indemnity payments, but to China herself
and her future development"
The Varying Price Of Silver.
The Importance of some plan to give sta
bility to exchange between silver and gold
using countries is demonstrated by the fact
that during the calendar year 1902 the
silver-using countries Of the world i'm
ported goods to the value OF 1914, ,627 323
Nearly all of those imports were from gold
using countries, and the greatest embar.
rassment was occasioned because during
that year the variations in the gold value
of silver amounted to nearly 10 cents an
ounce in gold, or nearly 20 per cent uron
the price of silver bullion.
OF the silver-using countries China stands
first in the matter of imports. Last year
its imports amounted to $196 934 S42. The
Straits Settlements had imports to the
amount of $150,O00,000. Mexicos imports
aggregated $65, ,OS3 .451. The Philippine
Islands had imports amounting to over
$32,OO0.00O.