The Indianapolis journal., 1903-05-23
THE coLp-srANpARD COMMISSION.

There will be some curiosity to hear what
progress the international commission now
on the way to Europe will make in bring
ing about a new rate of exchange between
gold and silver-standard countries. This
Is the commission of which H. H. Hanna,
Of this city, is chairman. TIE other Amer
lean members are Charles A. Conant, treas
urer of the Morton Trust Company of New
York and a monetary expert. and Prof.
j. w. jerks. of Cornell University. The
Mexican commissioners are Enrique c.
Creel. chairman. Senor Luis Camacho,
financial agent Of Mexico In London, and
Senior Edward Meade. president of bank
in San Louis Potosi. Mr.. Creel is president
of the Central Bank of Mexico City. one of
the directors of the Mexican Central Rail-
way, and is connected with several other
large enterprises In Mexico. The members
of the commission. except two OF the Mex
lean members who are now in London. all
sailed on the same steamer last Tuesday.
Just before sailing Mr.. Hanna stated to
reporter:
We are instructed by the State Depart
the subject Of putting an end by some
monetary arrangement to the present nuc-
tuation in the rates of exchange between
tries. The only sound method of doing
this, in my opinion. Is to raise the silver
countries to gold exchange standard.
This will practically make gold the money
standard throughout the commercial world,
and will permit contracts TO be made for
the delivery Of goods in China, Mexico and
other countries now upon the silver OASIS
- 1r<a afx4fxy rxrf,f oh a
exists as to the gold value Of the money
received for them. There Is nothing In
volved In our mission which smacks OF BIZ
pose to extend the gold exchange standard
so far as possible to every country In the
world which Is now upon paper or silver
basis.
From this ii will be seen that the busi-
ness Of the commission will be with differ
ent governments, or ministers Of finance.
and they will visit London, Paris, Berlin.
ST. Petersburg, and perhaps one or two
other capitals. Mr.. Hanna made the point
clear, and it is important to remember.
that the proposed work of the commission
is not move in favor Of silver bullion.
free coinage or bimetallism. or Of inter-
fering in any manner with the gold stand
ard in any country where it exists. The
United States would not engage in any
would meet with a very cold reception from
every government in Europe. Mr.. Creel,
chairman of the Mexican commission,
Is a strong believer in the gold
standard. and was largely instrumental in
inducing his government to propose the
present plan by which the silver dollar Of
Mexico will have a fixed gold value inde-
pendent of the value OF silver bullion. AS
far as Mexico is concerned 1t will be equiv
alent to adopting the gold standard. AS to
the plans of the commission, he said:
We do not intend to disturb in any way
the monetary systems of any of the gold
countries, but several of the European
powers have possessions in Asia and Africa
where silver is used altogether as the cir
culating medium. exactly under the same
conditions as in Mexico. Such countries
are suffering extremely on account of the
| low price Of silver. and IL is advisable for
them to change their monetary systems.
Otherwise their finances, their commerce
and their credit will be in danger, and if
the fall in the price of silver continues,
business chaos might result. The same con-
| ditions prevail in China, and the time has
! come for all Of the silver-usng countries
| to accept in one form or another the gold
| standard, though they may continue to use
and Ii is wise that they should-silver
coins.
The adoption of a fixed standard and rate
of exchange would give stability to Amer
lean investments in Mexico, and would be
highly beneficial to American trade with
all silver-standard countries. The success
of the commission would be an important
| financial achievement.