The Birmingham age-herald., 1904-11-21
CHINA MAYADOPT THE GOLD BASIS Report is Made on Interna-
 tiOnaI Exchange JENES BACK FROM PEKIN High Officials of the Country All Seem to Favor Making the
 Change as Soon as
 Possible.
JENES BACK FROM PEKN

Washington, November 2o.-The report of the commission on international ex- change regarding its work during the past year, has been submitted to Secretary Hay and given by him to the public. The work done during the year covers in- vestigations in connection with the re- form of the monetary system of China and the establishment of a new mone- tary system in the. republic of Panama There are submitted also some data showing tendency towards greater sta- bility in the price of silver bullion, ap- parently as 8 result of the direct action of governments with whom the commits sion conferred last year. especially of the British government in connection with the currency of India This has tended, 1t is declared to produce great CT stability of exchange and thus to diminish one of the obstacles to trade be- tween the gold countries and the silver using countries. The report is signed by the three commissioners, Hugh H. Han na, Charles A. Conant and Jeremiah w. Jenks, but .he greatest emphasis is laid upon the special mission of Professor Jenks to China to present to the imperial government a report on the work done in Europe in 1903 and to render any fur ther assistance desired by the Chinese government in compliance with its re- quest to ths United States.
 Jenks Goes to China.
 As soon as his credentials were pre- sented to the government at Pekin, MT. Jenks asked permission before taking up the detailed consideration of the subject with the imperial government, to spend some time in visiting the more important treaty ports as well as some of the in- terior provinces, in order to study busi- ress conditions. The imperial govern nent not merely gave it's consent, but notified officials along the route chosen regarding the intended visit and aided the commissioner in every way possi- ble in making his observations.
 The results of these investigations and discussions were that many new ideas re- garding conditions in China and what was practicable for China were secured; that in many cases misconceptions re- garding the nature of their form and of the plans under discussion were re- moved, and that the experience secured and the knowledge gained enabled the commissioner to understand much more readily the attitude of the higher Chi nese officials toward their old system and the proposed new system.
 On his return to Pekin the subject was taken up for detailed discussion with the imperial government As a result of the treaties with Great Britain, the Uni ted States and Japan, it has been the in- tention of the Chinese government to es- tabliSh uniform monetary system, and for the purpose of working out plans for that system, as we'll as for meeting the United States commissioner, commission had been appointed consisting of the members of the board of revenue and sev- eral other officials, some of high and some of lesser rank. Some of these had been especially designated to have charge of the new mint and devote their time to the consideration of monetary affairs.
 Wished to be on Gold Basis.
 It was found that as a result of discuss sions in connection with the treaty with Great Britain, of various resolutions passed during the two or three prece<ng years by foreign chambers of commerce in China, of arguments presented in the newspapers, and of their own study of the question, the Chinese government of- ficials had apparently informally. al though not at all officially, reached the conclusion that they wished ultimately to place their system of currency on the gold basis. but that at present they would establish a uniform silver and copper currency without definite plans for reaching the gold basis. Although the commissioner was treated throughout with the greatest courtesy and considera- tion. it seemed at first as if the officials with whom he had to deal at Picking. though interested in the general subject, had, relatively speaking, slight interest in the specific plans proposed by the com mission on international exchange. AS the discussions went on, however, and as from the work of both the Chinese and Ameri- can commissions, the disadvantages and difficulties became more apparent of starting on a silver basis without clean cut, definite plans for the change to the gold basis, and on the other hand the ad- vantages of having the new coins placed on the gold basis from the beginning both from the point of view of financial gain to the treasury and benefit to the busi- ness interests of the country, keen inter- est on the part of the Chinese commission CTS was clearly awakened In fact, before the close of the discussions the Chinese commissioners themselves said that from this work not merely had their views to a considerable extent changed but that their whole interest in the plans of the American commission had greatly in creased.
 Decision Made by Emperor.
 The decision of any question of this importance in China Is finally made by the emperor on the advice of the grand council. The opinion of the grand coun- cil however, is determined to a great extent, of course. by the high officials in the government. who have especially to do with the subject under discussion; and in this instance the responsibility for the recommendation which would doubtless prove conclusive, rested chiefly upon the Chinese president of the board of revenue. His excellency Lu Chuan Lin, together with their excellencies. the Manchu president, Yung Ching, and Ma Tung, the distinguished official who had been designated the year before to report on the senior president of the board of revenue, would be of the great est influence. His excellency, an official of ripe years and of extended experience in various high official positions, man of upright and most positive character had apparently reached the conclusion that the wisest plan for the empire was to begin on silver basis, with the hope of ultimately reaching the gold stand ard; but the plan for the change to the gold standard had not been fully worked