The Montgomery advertiser., 1904-11-21

most urgently to be taken up just now in accordance with those plans should at once be put into execution with earnestness and promptitude. As to The rest. 1t will be necessary to inyes- tiUate and consider the feelings of the people, and, as occasion may offer, take these matters under advisement with the expectation that the suggested measures will be developed one after
 the other in such a- way as, I trust. will fuifill your generous wishes for us and secure a good degree of success. Compliments the visitor.
 Your excellency is well known in Echlna and abroad as a financial expert. and vour efforts to formulate plans Tn our behalf, so sincere and friendly, de- mand from me profound and grateful
 thanks.
 hear that your excellency has made preparations for your return home. and that the date of your departure Is at hand. should there be occasion in the future to ask the further benefit of vour instruction, I shall then write Q speciaI note to inform you.
 avail myself of the opportunity to wish you the compliments of the day. The Commission feels, therefore, that
 there is every reason to believe that the mission for which 1t was establish ad to co~operate with the Chinese and NSexlcan Governments in establishing sound monetary systems which would X the rate of exchange between the rreatest of the siIver-using countries end the Rold-standard countries, has Neen In great part satisfactorily per- gormad. It remains to be seen, of courae. how promptly and by what ,,athnds the Chinese Government will
 q. yrv o,,t it's intentions as indicated in
 she letter of the Prince of Ching, of aaoptinR in the main the plans of the Cornrnission.
 Ssreateat Courtesy shown.
 This much, at least. Is clear--that tue Soyernment officials who are Tn the pc s,tions of chief responsibility have
 -, tha greatest courtesy and con-
 s,ssra.ton toward the United States corovnisalon; that they have shown therneeIves open to the fair considera- linn If sound arguments on this most irportant and difficult question, aho hava manifested the open -mindedness
 s.d frankness which is charaoterist.e t.e
 as 4ha ,reatest statesmen; that tps cn,nssa Coyernment has the abtnty
 Anancial and otherwise. If. on furtnel ,aiAeration, 1t continues to have the wilI to carry out with proper eNpeI' advice a good system. and that m tne opInlon of the best-informed peIsohs i,, nn China. this intention ana purpose VII Continue unless some hostile inhuehce
 interyenes, ua ,,,a,., oF tFie hast informed foreign residents m China. as well as of some of the hlsneI oe tbe Chinese officials, that IT, unueE tbn uYnination of the act of congress the ronamissioner could have remaineu . fau1 nonths longer in China ne
 wo,,ld have had the opportunity of seeing the new system Ors@- nixed and of cooperating with tne
 Chinese Government in whatever way
 might have seemed to it wise In the organization of the system.
 No Pressure Brought
 The Commission, however, mas from the beginning taken the position that 1t
 was doing simply what 1t could tV comply with China's request TOT as aIstance without in any way bringing any pressure to bear upon that coy ernment in carrying out its plans; and
 it ia convinced that, dinicuit as the
 task before China is and no other country in modern times in US nione- tarv reform has had task so difri- cnIt, tha good sense and wisdom of
 inc Chinese ofIicials upon whom rests fine responsibility of the introduction of the new system may be trusted to
 secure the best expert advice and to take the wisest means of establishing the new monetary system on a sound
 gold basis. .,s.
 Some attention is given in the report
 to the recommendation Of the com mission, which was endorsed by most
 of the European commissions m tne summer of 1903, that purchases of sil- yer actually required for coinage pur- poses should be made with as much regularity as possible. It is declared that any step contributing towards stability in the price of silver bullion would in Itself tend to diminish the
 fiuctations of exchange and that 1t is
 gratifying to report that the policy of comparative regularity Of purchases
 by the Government of British India and other governments has borne
 fruit.
 Sir James AIackay Quoted. A letter is quoted from Sir James
 NxscIrav. member of the Council fol india. which states that in the pur- chase made for India "regulatity has as far as possible, been observed, so as
 to prevent extreme fluctuations" and
 that in view of the large purchase
 made, "the variation in prices. has,
 think you will see, been ebtremly small Attention is called to the fact that since April last the variation in the price of silver at London has been with in the limits of two pence per ounce while in 1903 the varatlon were more than six pence. It is pointed out that the price of bullion has reacted upon the exchange between the gold coun' tries and the silver-using countries and that the result of this greater stability of exchange has been that in thu
 Philippines the transition from the sil'
 yer to the gold standayd has been ia ciIitatsd and in silver-using countries complaints have been less acute thar
 before regarding interruptions to trade
 with gold countries.