Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1903-01-30
Rooseyelt's Message to Congress
Concerning Relationship
Between Two Standards
SECRETARY HAYS COMMENTS
Says the United States Is Not Asked to
Mcdify ITS Monetary System and
That No Movement Is Contemplated
for the Restoration of international
Bi.metaIlisn,. Is.

washington, JAN 30.-President
Roosevelt sent the following message
to congress:
+ II transmit herewith report from
the secretary of state with accompany
ing notes from the Mexican ambas-
sador and the Chinese charge d'affaires
ad interim, which seek the cooper
alton of the United States in such
measures as will tend to restore AMI
maintain a fixed relationship between
the moneys of the gold standard coun-
tries and the silver using countries. l
recommend that the executive be given
sufficient powers to lend the support
and to such degree as he may deem
expedient to the purposes of the two
governments.
"Theodore Roosevelt"
The message was referred TO the
committee on finance.
In his communication Secretary Hay
says:
1T is not asked that the United
States modify its monetary system, and
1t is distinctly disavowed that any
movement is contemplated for the res
toratfon Of international bimetalism.
The opinion is expressed, however, by
the Representatives OF both govern
ments that consultation between 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 fiuctua.
lions in exchange which now occur In
trade with the silver using countries.
II such result can be achieVed-and
it is pointed out that at least par
tial solution has been proposed in the
United States in the bill now pending
in the senate In regard to the Philip
pine islands-great benefits will fol-
low to the trade of the world by max
ing easier the access of the products
Of manufacturing nations to the mar
iets in China and the other silver us
ing countries.
"The consideration OF this subject
may have an important bearing also
on the payment of the indemnity due
by China to certain European pow
ers and to the United States by en-
aiding the Chinese empire to put her
monetary system upon a basis which
will make 1t possible for her to meet
these payments in a manner satisIac-
tory to all the powers. The result III
it could be accomplished. would be OF
the greatest Importance, not only to
the United States and to the other
powers having share in the indem-
nifty payments, but to China herself
and her future development"
The memoranda submitted by Chi
ma and Mexico are practically Identical
The Chinese note can be taken as typ
ical OF Mexica. 1t says that the seri-
Gus 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, to ask the cooperation
of the United States in seeking a REM
edy of these conditions for the mutual
benefit of all concerned.
1t is pointed out that trade stability
between the United States, a gold coun-
try, and China, a silver country, is de-
stroyed by variation of 20 per cent
in one year in the price of silver bull
lion, as happened last year The mem
orandum urges that stability in this re-
spect is as important to gold using
as to silver using countries.
It shows that the silver using coun-
tries imported in 1902 almost exclus
lively from gold standard countries,
goods to the value of 1874, 625,S23, ex-i
GLIDING British India and several sill
yer countries in South America, which
might be brought into an agreement to
maintain stability. 1t is further point
ed out that the largest amount of this
trade, namely $196,934,s42, went to-
China. This trade, it is declared, is now
threatened with a decline, the limit
of which no one can forsee. The
heavy indemnity imposed by certain
other powers on the Chinese govern
ment has further depressed silver prices
and threatens to reduce materially the
export trade to China from the United
States and Europe. This trade the
United States is said to have increased
greatly within twelve years and is now
but a slight measure of what 1t might
become with stable currency. An i'm
port trade of three dollars per capita
into China would represent a total
Of $1,000, 900, 900. The encouragement
of a commerce so important is de-
clared to be worthy Of serious con
sideration by the western powers, Civ
ing promise as 1t does to productive
labor for untold thousands of workers.
1t Is admitted that while a currency
re- adjustment in itself would not ac-
ivI, a
as would be involved in the creation of
"a trade of more than thousand mil
lions it would be, 1t is stated, one
of several steps in that direction
1t is distinctly declared that the
x-a,-t Il L.