Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-01-30
SEEKING FOR RELIEF
An Appeal From Silver-U Using
Countries.
TO STOP PUNCTUATION
IDENTICAL MEMORANDA FROM
CHINA AND MEXICO.
They Desire Fixed Relationship Be-
tween the Two Moneys in the In
terests Of International Trade.

terests Of International Trade.
President Roosevelt yesterday sent the
following message to Congress: 'I transmit
| herewith report from the Secretary of
state, with accompanying notes from the
| Mexican ambassador and the Chinese
charge d'affaires ad interim, which seek
| the cooperation Of the United States in
such measures as will tend to restore and
| maintain fixed relationship between the
| moneys OF the gold standard countries and
the silver-using countries. 1 recommend
| that the executive be given sufficient pow
| ers to lend the support of the United States
| in such manner and to such degree as he
| may deem expedient to the purposes of the
| two governments.
THEODORE ROOSEVELT"
The message was referred to the commit
| tee on finance.
To Avoid Fluctuations.
In his communication Secretary Hay says:
| at is not asked that the United States
modify its monetary system, and 1t is dis
| tinctly disavowed that any movement is
| contemplated for the restoration OF inter-
national bimetalism. The opinion is ex-
pressed however by the representatives of
l
| the United States and European powers
| having dependencies in the orient and the
! Independent countries where silver money
| is in general use may result In the adoption
| Of monetary system which will prevent
| the great fluctuations in exchange which
now occur in trade with the silver-using
| countries. If such result can be achieved
and it is pointed out that at least par.
| tial solution has been proposed in the Unit
! ed States in bill now pending in the Sem
| ate in regard to the Philippine Islands
han &c will Foil tHa frod ~ tho
world by making easier the access of the
| products Of the manufacturing nations to
| the markets Of China and the other silver
using countries.
1.-THE consideration of this subject may
| have an important bearing also on the pay
| ment of the indemnity due by China to GER
States by enabling the Chinese empire to
put her monetary system upon basis
! which will make 1t possible for her to meet
these payments in manner satisfactory to
| all the powers. This result, IL 1t could be
| accomplished, would be of the first impor-
lance, not only to the United States and to
| the other powers having a share in the in
| demnity payments, but to China herself and
| her future development"
Identical Memoranda
| The memoranda submitted by China and
Mexico are practically identical. The Chi
| nese note can be taken as typical OF Mex
ico's. It 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 govern
ment, acting in concert with the Mexican
| government, to ask the cooperation Of the
United States in seeking remedy Of these
| conditions for the mutual benefit OF all con-
cerned. 1t is pointed out that trade sta,
bility between the United States, a gold
| country, and China, a silver country. is de-
stroyed by variation Of 20 per cent In one
| year in the price Of silver bullion, as hap
| pened last year. The memorandum urges
| that stability In this respect is as important
| to gold using as to silyer-usdng countries
| It shows that the silver-using countries
| imported in 1902 almost exclusively from
| gold-standard countries. goods to the value
| Of 1914 625, 1913, excluding British India ana
several silver countries in South America,
| which might be brought into the agreement
| to maintain stability. 1t Is further pointed
| out that the largest amount Of this trade,
| namely, 1886 1874 ,342, went to China
American Trade Threatened.
This trade, it is declared, is now threat
ened with a decline. the limit Of which no
| one can foresee. The heavy indemnity inn
| posed by certain other powers on the Chi
| nese government has further depressed sill
yer prices and threatens to reduce ma
| teriaIly the export trade to China from the
| United States and Europe. This trade from
the United States is said to have Increased
!
| but slight measure of what It might De-
| come with stable currency. An Import trade
| Of So per capita into China would represent
| total Of $1.2O0,00O.OOO
| The encouragement of q commerce 20
| important Is declared to be worthy OF serl'
| GUS consideration by the western powers,
giving promise as 1t does OF produc'ivf
| labor for untold thousands of workers: Is
4 is admitted that while currency reaoJusy'
| ment in itself would not accomplish suca
| q tremendous revolution as would De IN
81, How, NJ a
| than a Thousand millions 1t would be, 1t Is
stated, one of several steps in that direo-
| ton.
| Free Coinage Not Sought.
It is distinctly declared that the govern.
| ment Of China does not seek the restoration
of the free coinage of silver by either the
gold or silver-using nations. the mem.
| orandum saying:
| cit is recognized by this government that
! bimetalism in the sense Of free coinage
| of both metals is a policy which has been
definitely discarded by leading powers OF
| Europe and by the United States and that
it would be futile to propose Its restoratlo9.
| 1t Is not the expectation that the gold
| standard countries should impair thei"
monetary standards or materially change
their systems. What is asked is that these
| governments which have dependencies
| where silver Is used should cooperate with
| the governments of silver countries IN
formulating some plan for establishing
| definite relationship between their Solu d'tU
| silver moneys and take proper measures to
| maintain such relationships.
Plan bending in Congress.
| It is pointed out that such plan already
has been proposed to Congress (meaning
the Philippine currency bill introduced at
the instance of Secretary Root. and It Is
| urged that If the United States will CO.
| operate with China and Mexico in pre-.
senting this subject to other governments
1 1t will aid greatly in securing prompt ana
satisfactory solution of an economic prob"
| lem which threatens the ruin of the silver
| using countries on one hand and the come
mercial prosperity Of gold-using countries
| on the other. The prompt and serious con-
sideration Of the matter by the United
| States Is urged.
LEE 8, OVERMAN NOMINATED.
i IL Ian Ez>as,