Arizona republican., 1903-10-26

he encouraged by national currency
upon any uniform basis. a change I'm
China might postpone for many years
the benefits sought in establishing
stable monetary relations between
China and foreign countries.
The experience of other countries is
cited to demonstrate the practicability
OF the proposed system. It is declared
The Plan for China.
The plan proposed for China is bas-
ed upon what is commonly called the
gold-eXchange standard, similar to the
plan recently adopted by the congress
of the United States for the Philip
pines and to the plan which has been
in operation in the Netherlands and
the Dutch East Indies for twenty eight
years. The successful maintenance of
this plan in the Netherlands for so
long a period, covering fluctuations OF
more than 80 per cent in the gold value
of silver. and the more recent success
OF a similar plan in British India, in
the face also of great fluctuations in
silV er, dispel many of the doubts which
might arise, in the absence Of such
historical evidence, of the practicable
ity of the plan recommended for China
A similar system has recently been
adopted by the Russian government
for BokhaTa and is about to be adopted
by Mexico for her own currency. by
Great Britain for the Straits Settle
ments, and by France for Indo-Cnina.
In discussing the effecN of the gold
exchange system upon the price of sill
YER bullion the commission states that
there was suggested TO the various
governments the wisdom Of so distri
huting the purchases Of silver which
might be actually required by them
for coinage purposes as TO Cause as
little disturbance as possible Of the
market. 1t is declared that it would
be unwise for any government TO 3t-
tempt TO maintain the price Of silver
by purchasing beyond its regular needs
and storing or coming ii, and that no
one whose knowledge of the monetary
history Of the past few years is at all
complete would advocate such =
course. The prOpriety of so distribut-
ing the demand for an article, how
ever, as not to unduly disturb the
market is recognized in many halds.
especially in the market for money
whose prudent distribution is the sub
ject constantly of preoccupations In
the highest circles Of finance. If the
ratio adopted by the different govern
ments that are now about instituting
new systems of coinage were fixed. as
suggesed, at ABOUT 32 to l, that fact in
itself would practically compel these
governments. without any formal
agreement. to suspend their purchases
whenever the price of silver per ounce
rose to 2Sd. or 29d. 1t would obviously
be entirely contrary to sound policy for
any government to increase It's pur-
chases Of silver bullion beyond its
legitimate and usual needs, and ii is
not to be expected that any gold
standard country viii take steps to in
crease its present use of silver or to
modify it's existing monetary system.
A General Agreement.
The commission summed UP the re-
suits Of their consultation with the
European powers in the following
terms:
The representatives of all the powers
consulted. as has already been stated
accepted in a general way as deslr-
able and practicable the suggestion
made by this commission Of the United
states. The character of these appro-
walls warrants the statement that the
work OF the commission up 10 TINS
time has been entirely successful. DiI-
ferences< of opinion in regard to de-
tails we're naturally encountered at
different capitals. but they were over
ccme in many cases by mutual discus
sion and comparison of views.
Upon the soundness of the general