Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1903-02-05
|s|LVER USERS
| ASK FOR MD
China and Mexico Want Aid
in Effort to Reform Their
Currency.
WANT TO STOP FLUCTUATlON
Ask For Definite Relationship to BE Es-
tablished Between Gold and Silver
President in Message to Congress Seeks
Power to Act.

Washington, Jan. 3O-President
Roosevelt yesterday sent the follow.
Ing message to congress:
II transmit herewith a report from
the secretary of state with accom-.
panying notes from the Mexican am
bassador and the Chinese charge daft
fairs ad interim, which seek the CO.
operation of the United States in such
measures as will tend to restore and
maintain 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 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
committee on finance.
In his communication Secretary
Hay says:
1T is not asked that the United
States modify it's monetary system,
and it is distinctly disavowed that any
movement is contemplated for the re-
storation of international bimetallism.
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 q monetary system
which will prevent the great fluctua-
tions 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 partial
solution has been proposed in the
United States, in a bill now pending
in the senate in regard to the Philip
pine islands-great benefits will follow
to the trade of the world by making
easier the access of the products of
manufacturing nations to the markets
of China and the other silver using
countries.
"The consideration of this subject
may have an important bearing also
on the payment of the indemnity due
by China to certain European powers
and to the United States by enabling
the Chinese empire to put her none
tary system upon basis which will
make it possible for her to meet these
payments in a manner satisfactory to
all the powers. This result, if 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 indemnity pay
ments, but to China herself and her
future development"
The memorandum submitted by
China and Mexico are practically iden-
teal. The Chinese note can be taken
as typical of Mexico. 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 government, to ask the CO.
operation of the United States in seek
ing remedy Of these conditions for
the mutual benefit of all concerned.
1t is pointed out that trade stability
between the United States, gold
country, and China, silver country,
is destroyed by variation of 20 per
cent in one year in the price of silver
bullion, as happened last year. The
memorandum urges that stability in
this respect is as important to gold
using as to silver using countries.
| 1t shows that the silver using coun-
tries imported in 1902 almost ex-
clusively from gold standard coun-
| tries, goods to the value of S574 $685.
1923, excluding British India and sew
eral countries in South America, which
| isrt,4 h. h. tv,f -
maintain stability. 1t is further point
ed out that the largest amount of this
trade namely $196,934,842, 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 govern
ment has further depressed silver
prices and threatens, to reduce mater
tally the export trade to China from
the United States and Europe. This
trade with the United States is said to
have increased greatly within twelve
years and is now but slight measure
of what it might become with stable
currency. An import trade of three
dollars per capita into China would
represent total of 81, 200 100000. The
encouragement of commerce so i'm
portant is declared to be worthy of
serious consideration by the western
powers, giving promise as it does of
productive labor for united thousands
of workers. 1t is admitted that while
o currency re-adjustment in itself
would not accomplish such trelnen-
dous revolution as would be involved
in the creation of a trade of more than
| a thousand millions, it would be. it is
stated, one of several steps in that
direction.
1t is distinctly declared that the
government of China does not seek
the restoration Of the free coinage of