The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-10-29
The aaithitx na Eaee Thursday ornig eober g. lsos

I
cepted in a general way as desirable and
practicable the suggestion made by the
commission of the United States The
character OF these approvais warrants the
statement that the work of the commits
sion up to this time has been entirely
| successful Differences OF opinion in re-
| gard 10 details were naturally encoun-
tered at different capitals. but they were
overcome in many cases by mutual dis
cussion and comparison of views
Upon the soundIess OF the general prop
osiiion laid down by the Mexican and
American commissiaRs-tha the adoption
Of a. eola-exchange standard in the pres
ent silver-asing countries would greatly
contribute 10 their economic progress
| there was universal agreement at every
European capital where The subject was
presented. There was agreement upnn
the principle that such system must In
volye the continued large use of Silver
coins IN order to conform to long eStab-
hshed customs and existing scales of
value. but that free coinage OF silver
should be suspended and the determine
ton Of the quantity of the coins taken
under the control of the state, in order
that measures might be promptly taken
to give them a fixed relation with gold
Upon the subject of the introduction Of
uniform gold-standard system into
| China there was unanimous agreement
that such a system would be desirable
and advantageous both to China and to
the gold-standard counties which have
large commercial! dealings with her. Up
on the question, however, whether the
gold standard shauld be established at the
beginning or should come after the intro
duetion of uniform national currency
upon the silver basis there was some diff
ference OF opinion. The British resolu-
lions declared that the national currency
OF China should consist of silver coins
made full legal tender throughout the
empire and that las soon as practicable
steps should be taken for the establish
ment in China Of a fixed relation between
the silver unit and gold" 1t was ex-
planned that if 1t were possible as a prac-
iicSl matter TO start with the silver coins
on gold basis that plan would be best
1t was however not thought practicable.
The Russian resolutions recited some OF
the difficulties of beginning upon a gold
basis ana declared that the American
plan 'would have our approval If it were
SO amended as to mean national silver
currency issued on government account.
which should be given as soon as prac-
ticable a fixed parity with gold" This
is practically the same as the English
expression. except that it favors coin
age only on government account. The
report Of the Netherlands commission
81 pO0 DIV
beginning and declared this to be the only
practicable method OF obtaining the bene-
fits Of fixed exchange; but it was point
ed out that care and Intelligence would
be required i'll the administration Of such
a system. The German resolutions de-
clared against free coinage of the silver
coins and asserted that the Chinese gov
eminent should take at the beginning
Of the reform all those steps which would
allow her an influence on the rate of
foreign exchange" The French report
also favored the system suggested by the
commissions Of Mexico and the United
States.
Thus, upon the part of five powers
Germany, France, the Netherlands. Mex
leo, and the United States-there was
agreement that the best method was 10
begin the issue OF the new currency at
a fixed gold par, while upon the part of
Great Britain and Russia there was a
disposition to favor beginning on silver
basis with the view OF first supplying the
country with a uniform currency and
then giving it. within a short interval, a
fixed gold value.
Upon the subject of adopting the rela-
lively Uniform ratio of about 81 TO 1 in
the currency systems to be established in
the Orient by those countries and depend
encies which are considering a change in
their existing systems, there was agree
ment in all countries except Russia. In
Russia the wisdom of ratio which would
prevent the expectation Of the coins by
the rise in the price of silver was ad-
mitted, but il was deemed best to make
the reservation that each country should
determine its own ratio according to its
monetary needs and economic conditions.
Even in Russia, however. Endorsement
was given to the ratio of % to l for China
as corresponding to actual economic con-
ditions.
Upon the proposal that there would
be advantages in making the purchases
OF silver actually required by each gov
ernment for its coinage purposes with as
much regularity as possible. there was
entire agreement at each capital where
the subject was considered Doubt was
expressed in some cases as to whether
actual requirements could always be de-
with regularity. but the prin-
ciple that regularity of purchases would
be beneficial alike TO the silver market
and the stability Of international ex-
change was declared TO be sound.