Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-02-23

prominent in labor circles for years. He
was twice president OF the Central Labor
Union OF this city, and would be strongly
backed should his name be formally pre-
scented for the place.
International Monetary Conference.
|, The President held conference today
with Secretary Shaw. Robert B. Arm
strong. who will soon take the oath a.
assistant secretary of the treasury. and
subcommittee Of the committee on coinage
Of the House. consisting of Representatives
Southland. Boutell and Cochran. The OBJ
ject Of the conference was to ascertain
the Presidents views as to the most prac-
ttcable, manner OF carrying out the IDEAS
suggested In a message transmitted to Con-
gress January %. This message transmit
ted a report from Secretary Hay, with ac-
companying notes and memorandum IRON
the Mexican ambassador and the charge
d'affaires of China, asking the co-opera-
tion Of the government Of the United States
in such measures as will tend to restore
and maintain a fixed relationship between
the moneys of the gold-standard countries
and all silver-using countries. Both China
earnestly asked that this government aid
In bringing about the adoption OF sys-
tenn that will prevent the great fluctuations
In exchange that occur In trade with the
silver-using countries.
1t was contemplated by China and Mexico
that the United States and all the Eu-
ropean countries having dependencies in the
east, where silver Is so largely used. would
be glad to join in some action that would
tend to secure the relative stability OF ex-
change between the gold and silver coun-
tries. Any suggestion OF movement for
the restoration of International bimetallism
is disavowed by China and Mexico. Secre-
tary Hay thinks that If anything could be
done In this direction the results would be
Of first Importance to the United States.
After the conference it was agreed that
the best Dlan would be to have Congress
give the President authority to appoint
three commissioners of the United States to
take part in any International conference
on the question of stability of exchange.
An attempt will be made to have Congress
act before the close of this session, but 1t
will probably have to be done by unani-
nous consent, somewhat doubtful propo-
sition.
It is urged that the United States is In
terested in the matter for many reasons.
Citizens of this country have over half
billion dollars invested in business in Next
co. The earnings Of these enterprises have
suffered serious fall in value with every
fall in the value of Mexican money.
The republic of Mexico has no intention
at this time of adopting purely gold stand
ard, although it hopes to gradually lead UP
to that In the course OF a number OF years.
In the meantime 1t desires stability of re-
silver countries. Mexico repeats that she
does not desire anything tending to impair
the monetary standard of any gold-stand-
ard country.
The countries believed to be mainly in
terested in the proposition for an interna-
tional conference are Great Britain and
France, with their colonial possessions In
Asia, and Germany and Russia, having
commercial and territorial interests there.
If they would unite with the United States
in the adoption Of common standard for
new coinage system in the silver coun-
tries much benefit would be the outcome.