Omaha daily bee., 1903-02-02

UNfPEHSAL MONETARY STANDARD.
The proposition looking to a univer-
sal monetary standard, which has re-
ceived the countenance Of the national
administration Is a matter Of very great
Importance A few days ago President
Roosevelt sent to congress a message,
with a report from the secretary OF
state and notes from. the diplomatic rep
resentatives Of Mexico and China, rec
~ommending 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 ex-
pedient. to the purposes Of the two gov
ernments Of Mexico aad China.
The proposition Of those countries is
that a commission be appointed to
study the economic problem presenting
itself to sllver-using countries and de-
wise a plan for a universal standard Of
coinage. When this shall be done the
matter is to be laid before the govern
ments of Europe having interests in the
far east, with a view to the universal
adoption of the system, deEised by the
commission. The suggestion now made
is for a general coinage Of silver at the
ratio OF 81 to /, each country to use In
it's currency so much of silver as it can
maintain at a parity on the prescribed
basis. In the communication of the sec
rotary of state accompanying the presi-
dents message Il is stated that the Uni
ted States is not asked to modify its
monetary system, nor is any movement
contemplated for the restoration of in
ternational bimetaIism. The idea of the
Mexican government, With which the
proposition originated, is that consul
tation between the United States and
European powers having dependencies
in the Orient and the Independent coun-
tries 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 silver using
countries" 1t is pointed cut that the
plan is in accordance with that favored
by the Philippine commission for our
islands and proposed in a bill now be-
fore congress In regard to a Philippine
currency, and the opinion is also ex-
pressed by the secretary Of state that
1t might have an important bearing on
the payment of the indemnity due by
China to European powers and TO the
United States. 1t is further urged that
If the proposed plan were carried into
effect great benefits will follow to the
trade of the world, by making easier
the access Of the products of the manu-
featuring nations to the markets of
China and the other sllver-using coun-
tries"
The recent experience of the silver
standard countries has beer of a ma
ture to impel them to look toward a
change of their monetary system. The
steady decline in the commercial price
Of silver has been very detrimental to
their trade and they realize that ,this
condition is likely to continue SO long
as they remain on a silver basis. This
is especially true of Mexico and hence
that country is most anxious to adopt
the gold standard, but would like to dc
Fsp upon a basis which would not be
damaging to Its silver production. 1t is
very doubtful IL any European gold
standard country win be found to favor
the Mexican proposition and we can see
no sound reason why this country
should do 50.