The Birmingham age-herald., 1904-11-21

and memoranda which you have pre- | pared, l note that they are all exhaus- I tive In their discussions, and set forth
 plans covering all details, for all of which how can l sufficiently express my gratitude. As to your suggestions regard 1 ing the adoption of uniform monetary system all are of great importance. China
 is just now considering the matter of de- ciding upon a new coinage system and Is 1 deiberating as to the establishment of a national bank, and 1t Is most necessary l that she should follow your plans, and that all those measures which need most
 urgently to be taken up just now in ac- cordance with those plans should at once 1 be put itno execution with earnestness
 and promtitude. As to the rest 1t will ] be necessary to investigate and con- i sder the feelings of the people, and, as 1 occasion may offer, take these matters
 under advisement with the expectation
 that the suggested measures will be de-
 veloped one after the other in such a
 way as l trust, will fulfill your gener- 1 ous wishes for us and secure a good de- l gree of success
 Demand Profound Thanks.
 Your excellency Is well known in China
 and abroad as a financial expert, and
 your efforts to formulate plans in our
 behalf, so sincere and friendly, demand from me profound and grateful thanks. I 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 your instruction, l shall then write special note to inform you.
 I avail myself of the opportunity to wish you the compliments or the day In Great Part Satisfactory. :.
 The commission feels, therefore, that there is every reason to believe that the nilsson for which 1t was established to cooperate with the Chinese and Mex ican governments in establishing sound
 monetary systems which would fix the rate of exchange between the greatest of the silver using countries, has been I in great part satisfactorily performed. It remains to be seen. of course. how promptly and by what methods the Chinese government will carry out it's intentions as indicated in the letter of the Prince of Ching, of adopting in the main the plans of the commission. This much, at least, is clear-that the govern ment officials who are in the positions of chief responsibility have shown the greatest courtesy and consideration to- ward the United States commission; that they have shown themselves open to the fair consideration of sound argu- menus on lnlS IlOSl lDlpDTIdDl anu Qllll- cult question, and have manifested the open-nindedness and frankness in an- nouncing q willingness to change their opinions which is characteristic of the greatest statesmen; that the Chinese government has the ability, financially and otherwise, if, on further considera- ton, 1t continues to have the will to carry out with proper expert advice a good system, and in the opinio9 of the I1e. t,,Pa it. aiaa Ig In
 tentlon and purpose will continue unless some hostile influence intervenes.
 Brought No Pressure to Bear.
 It is the opinion also of many of the best-informed foreign residents of China, as we'll as some of the higher of the Chinese officials, that if, under the limi- tations of the act of congress, the com missioner could have remained a few months longer In China. he would have had the opportunity of seeing the sys- tenn organized and of cooperating with the Chinese government in whatever way might have seemed to 1t wise in the organization of the system. The commits sion, however, has from the beginning taken the position that 1t was doing simply what 1t could do to comply with Chlna's request for assistance without in any way bringing any pressure to bear uppn lHdl III cdTIylHB out its plans; and it Is convinced that, diff icult as the task before China is (and no other country in modern times in It's monetary reforms has had a task so diff foulD the good sense and wisdom of the Chinese officials upon whom sts the re- sponsibility 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. solid basis
 Purchase Should be Regulated.
 Some attention is given in the report to the recommendation of the commits sion, which was endorsed by most of the European commissions, in the sum- mer of 190S that purchases of silver act ually required for coinage purposes should be made with as much regularity as possible. It is declared that any step contributing toward stability in the price of silver bullion would in itself tend to diminish the flucuations 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. A letter is quoted from Sir. James Mackav member of .ne council for h. dia, which states that fin the purchases made for India regularity has, as far as possible been observed, so as to pre- vent extreme fluctuations" and that In view of the large purchases made. 'the variation in prices. has, I think you will see, been extremely small" Attention is called to the fact that since April last the variation in the price of silver at London has been within the limits of two pence per ounce while in 1903 the variations were more than six pence. It is pointed out that the price of bullion I-..- | the gold countries and the silver-using countries and that the result of this greater stability of exchange has been that in the Philippines the transition from the silver to the gold standard has been facilitated and in silver using coun- tries complaints have been much less acute than before regarding interrup- tinns to trade win gold countires