Evening star., 1903-07-06
MONETARY REFORM
WORK OF AMERICAN AND MEX1-
CAN CONFESSIONS.
Conferences Held in London-Delicacy
and Importance Of the
Consultations.

London Cosssspeadescs Nsw Yoek Tribune.
The monetary conference now in progress
passes almost without observation ON &C
count Of the public excitement over Mr..
Chamberlain's proposals for the revision OF
the fiscal system. Publicity. however. was
not courtsd whsn the Mexican and Ameri-
can commissioners arrived in London. They
had been sent by their governments on q
diplomatic mission Of great importance and
Of extreme dslicacy. and arrangements had
been made in advance for their consulta-
tions with experts appointed by the British.
French. German. Russian and Dutch gov
ernments. They settled down to work
without taking the newspapers into their
confidence: and when their conferences are
brought to an end. fortnight hence in
London. they will go to Paris. Berlin, st.
Petersburg and The Hague and present
their plan for a new and universal stand
ard of coinage for the silver using coun-
tries of the world to similar bodies of
trained experts.
The American commissioners are proper
ly reticent when questioned respecting the
details OF their proposals and the nature
of the discussions which are now going on
They are meeting today representatives of
the foreign, colonial and India offices, who
have been selected as experts OF the high
est reputation to consider their proposals
They are evidently encouraged by their re-
ception. but do not like to say SO. They
assert that they are explaining their pur-
poses to most intelligent listeners and that
their proceedings here as in other diplomat
ic capitals are conducted conhdentially un-
der the instructions of the State Depart
ment. In addition to the prime minister
and the chancellor of the exchequer they
have met many public men, flnanciers and
bankers, and are already in touch with the
best monetary experts In England.
The Commissioners.
The commissioners are men who COM
mand respectful hearing. They know their
subject and can discuss 1t with lucidity Of
mind and with business like directness. Mr..
H. H. Hanna has dignity Of manners and
clearness Of speech: Mr.. Charles A. Conant
is trained business man. who has shown
constructive ability in working out so
luton OF the silver question in the Philip
pine Islands: and Prof. jeremiah w. jerks
is an accomplished student of finance with
a talent for luminous exposition The chair
man of the Mexican committee is Mr.. En-
riQue G. CEeel, an experienced banker and
an enthusiastic champion of the gold stan
dard as the basis of monetary reform In sill
yer countries. and he is well supported by
Mr.. Eduardo Meade. banker Of San Luis
Potosi, land Mr.. Luis Camacho, the financial
agent of Mexico in London.
The joint commission is well equipped for
presenting the subject to financiers in the
city, where the currency problem In india
has always been regarded as banker
question of exchange: and also for argu.
ing the case on its merits for the benefit
Of mercantile England. which has enorm ,us
interests involved in the establishment OF
a sound and uniform system Of monetary
reform in China and other silvor-usfng
countries. 1t can be stated with conf
dence that the commissioners have Gre
ated a most favorable impression In official
and financial circles in London. and that
President Roosevelts action in recommend
ing the cooperation OF the United states
Mexican and Chinese governments to the
European powers has already been tusti-
fed
Attention to China.
The commissioners have nothing to say
about India and the rupee. but concentrate
attention upon China in proposing mone-
tary arrangements for putting an end to
the present fluctuations In the rates OF ex-
change between silver standard and gold
standard countries. British experts how
ever, cannot lose sight OF their own none
tary policy in India, which has been clear
ly defined in the report of the currency
committee printed In blue book few
years ago. That report disposed of tho
chances of International bimetallism which
Senator Wolcott had been seeking to pro-
mote in London and Paris.
That committee OF experts united in the
conclusion that steps should be taken to
avoid all possibility of doubt as to the de-
termination not to revert to silver stand
ard, but to proceed with measures for the
effective establishment of gold standard"
The text of that report was a convincing
proof that the Indian mints would never be
reopened for the free coinage Of silver ano
that the only practical alternative to silver
monometallism was gold as a measure OF
value either with a gold currency or with a
gold reserve. The gold standard was to be
introduced in India by independent British
action and stable basis of exchange es-
tablished for the rupee circulation, which.
after the closure of the mfnts. had ranged
in value somewhere between gold and sill
yer. The majority of the committee report
ed in favor of maintaining the existing
rate Of 16 pence between the rupee and the
sovereign. They preferred to leave the sill
YER coinage intrinsically worth less than
one-half of its normal value as token
money, and proposed to accept the analogy
of France and to allow the rupee to re-
main like the 5-franc piece. legal tender to
any amount after India had accumulated
a sufficient reserve for a gold currency ana
standard