Weekly independent. [volume] (Elko, Nev.) 1887-1914, 1909-01-15
FRIDAY. JANUARY Il, 1909
SILVER MAY YET REACH A ST.

A Washington dispatch under date of
December 25th contains the following
which may prove the foundation of an
international agreement:
The publication in Paris of Senator
Teller's letter to Moreton Frewen, the
English bimetallist, relative to the rate
of. exchange between American and
European countries OF One hand and
Asia Oh the other, has served the pur-
pose of calling attention to the fact that
Frewen spent some time last winter and
spring i'll Washington, urging upon both
congress and cabinet the Importance of
recognition of the rapidly increasing
divergence between the gold prices of
the Occident and the silver prices of the
Orient.
He was given a courteous hearing.
He was insistent in pointing out the fact
that within the last decade there has
been an unexampled rise in gold prices,
especially in the United States. with an
increase in wage and in the cost of liv-
ing. while on the other hand the silver
rupee, the money of s, 900. 900, 900 people
in Asia, has remained stationary, with
the consequence that there has been 4
marked falling off in exports TO Asiatic
countries both from England and the
United States.
During the course of his stay in Wash
ington, Mr.. Frewcn addressed 4 letter
to Representative J. W. Weeks of
Massachusetts, a member of the bank
ing and currency committee of the
house, and also of the present congress
sional monetary commission, in which
he outlined his plans for an improve
ment in the exchange rate. In this
letter he urged the adoption by the
United States and Great Britain OF
what is known rs the Goschen plan for
the purchase OF more silver.
The Goschen plan originated with
Lord Goschen i'll 1891, when he was
chancellor Of the British exchequer in
Lord Salisbury'S government. He was
a strong mOnometalist. but he suggested
the establishment Of q strong central
gold reserve in Great Britain, 10 be com
posed of gold collected from the public
by the issuance of small paper notes %
be redeemed in silver and TO be made
legal tender for only so. The English
silver advocates of the time YrevsDtad
the adoption Of the Suggestion. baf Mr..
Frewen admits in his letter 10 Mr..
Weeks that they were sbgTI s5gb:.,5 II
this course, andhe nox urgently fr44sa.
the adoption Of ibe Ilan. h3fh III ait
country and in this. Mr.. Prevents irt.
ter was published Ia the Congressman.
Record, but at the thine utirurtad n,
attention. In IL be dwtat e~fJnniGn1
upon the advantages ihs a1nrtiun Cd
the Goschen plan wOajdbe 80 The T1lit4,.
States. In part. he sid:
"The demand for silver 10 yzt Aali1j
the small notes would raise the price d
silver bullion TO a dollar IN ounce tn.
effect of this rise in silver would II,
magical. 1t would raise The excfang,
with silver. using Asia; il would there
by greatly impair the ability Of Asia e
export to Europe such productsa as wheat
cotton, rice, timber. etc, products which
compete with your exports to- Asia; whicl
now languish with each fall in exchang,
lin other words, with each fall in tn,
price of silver bullion
In his interview here Mr.. Frewon OK
pressed tho opinion that If the govern
ment OF tho United States would max,
the Gosclion plan q basis for II propose
to the British government, the pro
posals would be accepted with a~lacrity
and perhaps by Germany slso."
1t is probable that Mr.. Frcwen will h
afforded an opportunity to outline hi
views before tho monetary commission