The Savannah morning news. (Savannah, Ga.) 1900-current, 1903-01-30
CHINA AND MEXICO
ACTING IN CONCERT ON THE CUR
RENCY QUESTION.
WANT A STABLE SYSTEM.
FLUCTUATIONS OF SILVER DISAS-
TROUS TO COMMERCE.

Secretary Hay Refers to Philippine
solution of the Problem - Disa-
vOwaI of Any Attempt to Restore
the Free Coinage of SiIver-Chin-
ese Memorandum Points Out How
the Present Status is HurtfuI to
All Parties Concerned.
Washington, Jan. &c. - President
Roosevelt to-day sent the following
message to Congress:
81 transmit herewith a report from
the Secretary of State with accompany
ing notes from the Mexican ambassa-
dor and the Chinese charge daffaires,
ad interim, which seek the co-opera-
ton of the United States in such
measures as will tend to restore and
maintain a fixed relationship between
the moneys of the gold standard coun-
tries and the silver using countries.
recommend that the executive be CIV
en- sufficient powers to lend the sup
port of the United States in such man
ner and to such degree as he may
deem expedient to the purposes Of the
two governments.
Theodore Roosevelt"
The massage was referred to the
Committee on Finance.
In his communication Secretary Hay
says: ct is not asked that the Unit
ed States modify its monetary system
and it is distinctly disavowed that any
movement is contemplated Tor the
restoration of international bimetal-
hsm. The opinion is expressed, how
ever, by the representatives OF ooth
governments that consultation between
the United States and European Pow
ers having dependencies in the orient,
and the independent countries where
silver money is in general use, may re-
suit in the adoption of monetary sys-
TEN which will prevent the great nuct-
uations in exchange which now occur
in trade with the silver using coun-
tries. If such result can be achieved
and it is pointed out that at least
partial solution has been proposed in
the United States in a bill now pend
ing in the Senate in regard to the
Philippine Islands-great benefits Will
follow to the trade of the world py
making easier the access to manutac-
turing nations of the markets of China
and the other silver using countries.
May Affect Indemnity.
"The consideration of this subject
may have an important bearing, also
on the payment of the indemnity due
by China and certain European Pow
ers and to the United States by en-
abling the Chinese Empire to put her
monetary system upon basis Wnlch
will make it possible for her to meet
these payments in a manner Satls-
factory to all the Powers"
nd submitted hV
China and Mexico are practically
identical. The Chinese note can be
taken as typical of Mexico's. 1t says
that the serious results which are
threatened by the recent fluctuations
in the value of silver bullion to the
commerce, both of gold and silver
standard countries, have induced the
Chinese imperial government, acting
in concert with the Mexican govern
ment. to ask the cooperation of the
United States in seeking a remedy of
these conditions for the mutual ben
eft of all concerned. 1t is pointed
out that trade stability between the
United States, a gold country ana
China, a silver country, is destroyed
by variation of 20 per cent. in one
year in the price of silver bulllon' as
happened last year.
Importance of stability.
The memorandum urges tnat stdDll-
ity in this respect is as important to
gold-using as to silver-using countries.
1t shows that the silver using countries
imported in 1902, almost exclusively
from gold standard countries, goods to
the value of 1914, 625, 1928, excluding Brit
ish India and several silver countries
in South America. which might be
brought into an agreement to maintain
STABILITY 1t is further pointed out that
the largest amount of this trade, name
ly, $196 934, 342, went to China. This
trade, it is declared is now threatened
with a decline the limit of which no
one can foresee. The heavy indemnity
imposed by certain other Powers on the
Chinese government has further de-
pressed silver prices and threatens to
reduce materially the export trade TO
China from the United States and Eu-
rope This trade from the United
States is said to have increased great
ly within twelve years, and is now but
a slight measure of what it might be-
come with stable currency.
1t is distinctly declared that the gov
eminent of China does not seek the
restoration of the free coinage of sill
Yer nv either the gold or silver using