New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-06-21
MONETARY REFORM.
Work OF the american and Merican
Commissions an London.
London. June 10,

proposals for the revision of the fiscal system.
Publicity, however. was not courted when the
Mexican and American Commissioners arrived
Il London. They had been sent by their govern
rnsnts on diplomatic mission OF great impor-
t6nce and Of extreme 6elicacy. and arrangements
had been made in advance for their consulta-
tions with experts appointed by the British.
French. German Russian and Dutch govern
ments- They settled down 10 work without
taking the newspapers into their confidence;
and when their conferences are brought to an
end fortnight hence IN London they viii go
20 Paris, Berlin. St. Petersburg and The Hague
and present their plan for and universal
standard or coinage for the silver using coun-
tries Of the world 10 similar bodies OF trained ex-
pe-ts. The American commissioners are properly
reticent when questioned respecting the details
OF their proposals and the nature of the discus
slons which are now going on. They are meet
ing to-day representatives Of the Foreign. Colo
NAL and India Offices. who have been selected
ss experts Of the highest reputation to consider
their proposals They are evidently encouraged
by their reception, but do not like 10 say so.
They assert that they explaining their pur-
poses TO most intelligent listeners and that their
proceedings here as - other diplomatic capitals
are conducted confdentially under the iastruc-
tons OF the State Department In addition to
the Prime Minister and the Chancellor OF the
Exchequer they have met many public men,
Hnaaciers and bankers. and are already + touch
with the best monetary experts in England.
The Commissioners are men who command z
respectful hearing Thev know their subject
&ad can discuss il with fucidity of mind and
with businesslike 6irectness. Mr. H H Hanna
has dignity Of manners and clearness Of speech;
by. Charles A. Conant is trained business
man who has shown constructive ability in
working out 8 solution Of the silver question
81 the Philippine Islands: and Professor JeTe-
rnien ". jerks is an accomplished student OF
finance with talent for luminous EXPOSITION
The chairman OF the Mexican Committee is Mr..
Enrique c. Creel an experienced banker and
sn enthusiastic champion Of the gold standard
as The basis of monetary reform in silver coun-
tries and he is well supported by Mr. Eduardo
Meade, q banker Of San Luis Potosi. and Mr.
Luis Caracho the financial agent of Mexico in
London The joint commission is we'll equipped
for presenting the subject to financiers in
the city where the currency problem in India
has always been regarded SIS = bankers Ques-
ton Of exchange; and also for arguing the case
on its merits for the benefit Of mercantile Eng
land. which has enormous interests involved
n the establishment Of sound and uniform
system OF monetary reform in China and other
s!!ver-us!ng countries. II can be stated with
confidence that the Commissioners have created
g most favorable impression in official and
financial circles in London and that President
Roosevelt's action in recommending the coop
Grafton Of the United States in the presentation
OF the appeal 10 the Mexican and Chinese gov
e-nrnents TO the European powers has already
been justified
The Commissioners have nothing TO say about
India and the rupee, but concentrate attention
upon China in proposing monetary arrange
Tnents for putting an end 10 the present huctua-
1ions In the rates Of exchange between silver
standard and gold standard countries British
experts however cannot lose sight OF their own
monetary policy in India, which has been clear
iv defined in the report Of the Currency Com
rnittee printed in a blue book few years ago.
That report disposed Of the chances OF inter
national biraetallisrn, which Senator We!eott
had been seeking to promote in London ana
Paris That committee Of experts united in the
conclusion that steps should be taken to avoid
al possibility of doubt as TO the deter
rnination not TO revert 10 a silver standard, nut
10 proceed with measures for the effective es-
tablishment OF a gold standard The text Oh
that report was convincing proof that the
Indian rnints would never be reopened for the
free coinage OF silver and that the only practi-
cal alternative TO silver monometalism was gold
as q measure of value either With gold cur
-sncv or with e gold reserve The gold STANDARD
was to be introduced IN India by Independent
British action and stable basis OF exchange
egtab lished for the rupee circulation, WHICH,
after the closure OF the minis, had ranged IN
x-a,,,e somewhere between gold and silver. The
majority of the committee reported IN FAVOR OF
maintaining the existing rate Of sixteen pence
between the rupee and the sovereign. They
r-efer,ed to leave the oliver coinage intrInscally
worth less than one-half OF its nominal value as
token money and proposed to accept the an
aloEv OF France and to allow the rupee TO re-
main ike the nve-franc piece, legal tender 10
anv amount after India had accumulated q
sufficient reserve for a gold currency ana
standard.
The Indian Currency Commission recon-
rnended theoretically gold STANDARD eolo
reserve and gold currency, but opposed pre-
mature and artificial efforts to carry out the
policy by contraction Of the rupee currency and
the accumulation OF large STOCK OF eoIo ny
means Of sterling loans in London. Indian
fnencsers were advised TO head in the olreclioi1
Of a gold standard. but were warned that they
must not be IN haste. but be content to follow
the drift OF events The officials have paid heed
70 this counsel and have been highly Favored
by circumstances They have made fair prog
ress in the direction Of their goal There mas
been q slow but steady Improvement in the
financial conditions since the experts united in
their report, and the practical sagacity Of their
conclusions has been acknowledged by critics
who dissented from them few years ago. IN
stead OF allowing the exchange value of the
rupee 10 fall TO the silver basis. as 1t wouio
have done if the mints had been reopened Tor
free coinage, they have maintained arthclaliy
the scarcity value Of the rupee and have pro-
NOTED the accumulation of a gold reserve for
the purpose OF regulating exchange. A gold
standard has remained the goal because four
~rrhs of India's foreign trade Is with gold coun-