New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-10-26
ALL FOR GOLD STANDARD,
THE NATIONS AGREE.
Report of international Monetary
Erchange Commission.

ETchdnge Commission.
The report of the Commission on International
Exchange appointed by President Roosevelt in
the spring in response to request from Mexico
and China for the cooperation of this country
in such measures will tend to restore and main
tain a fixed relationship between the moneys Of
the gold standard countries and those OF the sill
yer using countries. has been made public. Inc
members OF the commission H. II. Hanna, or
indianapolis; Charles a. COrant. of the Morton
Trust Company of New-York. and Professor Jere-
miah W. jerks. OF Cornell University. The com
mission reports that il visited the capitals OF
Great Britain France. the Netherlands. Germany
and Russia and presented to those countries the
general subject of adopting in the silver using
countries a currency system based upon gold. II
directed It's work primarily to securing the APP
proval of the leading powers TO a plan for goid
exchange standard in China; but incidently asked
the European powers to adopt a similar system In
their dependencies ia the Orient and to adopt
coinage unit issued in each country at substan-
TALLY the ratio TO gold
The American commission was accompanied on
its tour bv a commission from Mexico. and the
two commissions co-operated In the presentation
of their missions the European powers. A spe-
ciaI commission 10 confer with them was appoint
ed by the government of each country visited
In three countries-France, Germany and Russia
the head of the national bank of issue chairman
Of the commission. In Great Britain one or the
members of the Council for India and the English
negotiator of the new commercial treaty between
Great Britain and China was chairman In every
country officials Of their representative oriental
banks-in Great Britain the Hong Kong and
Shanghai Banking Corporation; in France the
Bank of Indo- China in Germany. the German
Asadc Bank; in Russia. the Russo-Chinese Bank
sat on the commission
The commission summed UP the results Of the
consultations with the European powers follows:
The representatives of all the powers consulted
accepted, in general way as deSiraDie anu pro g
ticable the suggestion mace by me h an
he init
prevails warrants the statement that the woTk Gi
successful Differences of opinion in regard to De
tails were naturally encountered at different capt
tails. but they were overcome IN many usa'eS ~
mutual discussion and comparison OF views.
laid down by the Mexican and American commits
sions-that the adoption OF gotd fis ITouId
greatly contribute to their economic Rrogress
capital where the subject presented, There
agreement upon the principle that sucn i Iy
coins in order conform to long estabhshe1 Gus Gus
toms and existing scales of value; put Ihat ire
coinage Of silver Should be SUSPENDED and the de
termination of the quantity of the coins taken un-
ures might be promptly taken to give them il hAeu
Upon the subject of the introduction of uniform
gold standard system into China there was IllaIl-
sirable and advantageous both to China and to the
gold standard countries when nave latse IoI
ever whether the gold standard should be estao-
shed the beginning or should come aIter liIe u
PRODUCTION OF uniform natloidi - PTiror
silver basis there some difference OF oPI!oLi;
~, IT, a. throrFhout the empire and
that las practicable steps should be taken
for the establishment in China of a hxed re ,,I
that if it were possible practical matter to start
with the silver coins on goiu D t7,bt nrarfi
cable. The Russian resolutions reClted some OF te
difficulties of beginning upon gold basis; and de-
clared that the American pan Wouit Han 49, ga n
approval if it were so amended as 10 mean d
count which shoHd De gwen This nj is nractcsIIv the
tba gil pXD II
favors coinage only government account Inc
IA ored a gold parity from the beginning, and de
this to be tho only practicable method OF oo
tanning the benefits of fixed exchange; ouI II was
pointed out that and intelligence would be re-
German resolutions declared against free coinage or
the silver coins and asserted that the Chinese Gov
form ali those steps which would allow her in
ffuence the rate OF foreign exchange, ne ne
the commission of Mexico and the United States.
France IrTs the Netherands Mexico and the United
States-there was agreement that the best method
fixed gold par while the part of Great Britain
and Russia there was 9th S y q, H rs sp6u
ing the country with a uniform currency and then
giving it. within a short interval fixed gold
d-pon inc subject of adopting relatively uni
fcrn rs tio If about 80 in the currency systems
to he established in the Orient by those countries
in their existing systems there agreement in
all countries except Russia In Russia the wisdom
the coins by the rise in the price Of silver was ad
mi Ii deemed best To make the reSer-
walton that each country should determine its own
IA ito according its monetary needs and economic
conditions Even in Russia, however, Endorsement
was given the ratio of % to for China as
CORRESPONDING to actual economic conditions
Upon the proposal that there would be advan-
tages in making the purchases OF silver actually
required by each government for its coinage pur-
poses with as much regularity as possible there
entire agreement at each capital where the
subject was considered Doubt was expressed in
whether actual requirements
could always determined with regularity. but
the principle that regularity OF purchases would
be beneficial alike to the silver market and the
stability Of international exchange was declared
be sound.