The Fargo forum and daily republican. [volume], October 28, 1903, Image 10

About The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957

Image provided by: State Historical Society of North Dakota

                
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11M Commission on International Ex
change Has Made Its Report to
the President of the U. S.
II Was Appointed on the Request of
Mexico and China—What
It Did.
The report of the commission on In
ternational Exchange has been made
public at the state department. This
commission was appointed by President
Roosevelt in the spring in response to
a request from the governments tof
Mexico and China for the co-operation
of the government of the United State
in such measures as will tend to restore
and maintain a fixed relationship be
tween the moneys of the gold-standard
countries and those of the silver-using
countries. The members of the com
mission are Messrs. H. H. Hanna, In
dianapolis Charles A. Conant, of the
Morton Trust Co., of New York and
Prof. Jeremiah W. Jenks, of Cornell
University. The commission report
that they visited the capitals of Great
Britian, France, the Netherlands. Ger
many and Russia, and presented to those
countries the general subject of adopt
ing in the silver-using countries a cur
rency system based upon gold. They
directed their work primarily to secur
ing the approval of the leading pow
ers to a plan for a gold-exchange
standard in China but incidently ask
ed the European powers to adbpt a
similar system in their dependences in
the Orient and to adopt a coinage unit
issued in each country at substantially
the same ratio to gold.
The American commission was accom
panied on its tour by a commission of
the Republic of Mexico and the two
commissions co-operated in the presen
tation of their mission to the European
powers. A special commission to confer
with them was appointed by the gov
ernment of each country visited. It is
declared in the report that these com
missioners have in all cases been men
of eminence in their respective coun
tries by reason of their financial and
official positions. Thus, in three coun
tries—France, Germany and Russia—
the head of the national bank of issue
was chairman of the commission. In
Great Britian one of the members of
the council for India and the English
negotiater of the new commercial treaty
between Great Britian and China acted
as chairman. In every country officials
of their respective oriental banks—in
Britian, the Hongkong and Shanghai
Banking Corporation in France, the
Bank of Indo-China in Germany, the
German-Asiatic Bank in Russia, the
Russo-Chinese Bank—sat on the com
mission.
The commission refer to the uncer
tainties introduced into trade by the
fluctuations of exchange between gold
and silver countries and say that the
WINTER TOURIST TICKETS
aow on sal«
Louisville & Nashville
Railroad
M'
FLORIDA
», t. and, i -,.-/
Gulf Coa»t Points
Rwta the Pummis Florid* LUUt,
FINEST DINING CAR SERVICE
IN THE SOUTH:
7or Baton, Folders and Deacriptire Matter
write to
C. STONE, Gen'I Pass. Ageat,
LOUISVILLE, ICY.
YoU SAY YOU CANNOT EAT
»fj HOT BREADOR BISCUH
1
WITHOUT DISTRESSING YOlJ
TRY SOME MADE WITH
A PHOSPHATE POWDER.
S HUNT'S
BAKINGPOWDER,
IS A PURE PHOSPHATE POWDER
2 5* for a full lb CAN
COMMISSION
REPORTED
adoption of a stable exchange, by rem
edying these conditions, would unques
tionably stimulate the importation into
China of the products of European and
American mill and factories. Many
of these importations would be in the
form of advances of capital for the
development of the rich natural resour
ces of China. These investments would
be made in the form of rails and roll
ing stock for new railways, equipment
for factories, and supplies for the labor
ers engaged in extending railways and
modern industrial methods throughout
China.
It is declared that if a new system
be established in China it should be
placed on the gold basis at once, be
cause in that way foreign nations and
China herself will begin to get the ben
efits at once. Should the system be
begun on the silver basis, with the in
tention of establishing the silver jcoins
later on a parity with gold, there would
be no appreciable benefit to international
trade until this parity was established.
While the interior trade of the country
would to some extent be encouraged
by a national currency upon any uni
form basis, a change in political or
economic conditions in China might post
pone for many years the benefits sought
in establishing stable monetary rela-(
tions between China and foreign coun
tries.
The experience of other countries
•is cjittrd/ to demonstrate the prac4-.
cability of the proposed system. $t
is declared:
The plan proposed for China is based
upon what is commonly called the gold
exchange standard, similar to the plan
recently adopted by the congress of
the United States for the Philippines
and to the plan which has been in opera
tion in the Netherlands and the Dutch
East Indies for
28
32
LUMBER DEALER
Osfpof 'Fiwt MMI EtawMrth SjtarMtCi Fwpti JL
iWi»igicioii 1#|0#9+4
fit I
years. The suc­
cessful maintenance of this plan in the
Netherlands for so long a period, cov
ering fluctations of more than
50
per
cent in the gold value of silver, arid
the more recent success of a similar plan
in British India, in the face also of
great silver fluctuations in silver, dis
pel many of the doubts which*' might
arise, in the absence of such historical
evidence, of the practibility of the plan
recommended for China.
A similar system has recently been
adopted by the Russian government
for Bokhara and is about to be adopted
by Mexico for her own currency by
Great Britian for the Straits Settle
ments, and by France for Indo-China
In discussing the effect of the gold
exchange system upon the price of sil
ver bullion the commission state that
there was suggested to the various gov
ernments the wisdom of so distributing
the purchases of silver which might
be actually required by them for coin
age purposes as to cause as little dig
turbance as possible to the market. It
is declared that it would be unwise for
any government to attempt to maintain
the price of silver by purchasing beyond
its regular needs and storing or coin
ing it, and that no one whose knowledge
of the monetary history of the past few
years is at all complete would advocate
such a course. .The propriety of so dis
tributing the demand for an article,how
ever, as not to unduly disturb the mar
ket is recognized in many fields, es
pecially in the market for money, whose
prudent distribution is the subject con
stantly of preoccupations in the highest
circles of finance. If the ratio adopted
by the different governments that are
now about instituting new systems of
coinage were fixed, as suggested, at
about
to 1, that fact in itself would
practically compel these governments,
without any formal agreement to sus
pend their purchases whenever the
price of silver per ounce rose to 28d.
or 29d. It would obviously be entirely
contrary to sound money policy for atly
government to increase its purchases
of silver bullion beyond its legitimate
and usual needs, and it is not expected
that any gold-standard country will take
to increase its present use of silver or
to modify its existing monetary sys
tem.
The commission summed -up the re
sults of their commission with" the Eu
ropean powers in the following terms:
The representatives of all the powers
consulted, as has already been stated,
accepted in a general way as desirable
and practicable the suggestion made by
the commission of the United States.
The character of the$e approvals war
rants the statement that the work of
the commission up to this time has been
entirely successful. Differences of opin*
ion in regard to detail were naturally
encountered at different capitals, but they
were overcome in many cases by mutual
discussion and comparison of views.
Upon the soundness of the general
proposition laid down by the 'Mexican
mm
and American commissions—that the
adoption of a gold-exchange standard
in the present silver ujsing countries
would greatly contribute to their eco
nomic progress—there was universal
agreement at every European capital
where the subject was presented. There
was agreement upon the principle that
such a system must involve the con
tinued use of silver coins in order to
conform to long-established customs and
existing scales of value but that free
coinage of silver should be suspended
and the determination of the quantity
of the coins taken under the control
of the state, in order •. that measures
might be projnptly, taken tq giye them
a i e e a i o n w i
Upon the subject pf the introduction
of a uniform gold-statfdard system in
China there was unanimous agreement
that 4uch a system would be desirable
and advantageous both to China and
to the gold-standard countries which
have large commercial dealings1 with
her. Upon the question, however,
whether the gold-standard should be
established at the beginning or should
come after the introduction of a uni
form national currency upon the' Silver
bqsis there was some difference of 'opin
ion. The British resolutions declared
that the national currency of China
should consist of silver coins m^de
full legal tender throughout the Empire
and that "as soon as practicnble steps
should be taken for the establishment
in China of fixed relation between th**
silver unit and gold." It was explained
that if it were possible as a practical
matter to start with the silver coins on
a gold basis that plan would' be the
best. It was. however, not thought
practicable. The Russian resolution?
recited some of the difficulties of be
ginning upon a gold basis and declared
that the American plan "would have
our approval if it were so amended as
to mean a national silver currency is
sued on government account which
should be given as soon as practicable
a fixed parity with gold.". This is practi
cally the same as the English expression
except it favors coinage only on gov
ernment account. The report of the Neth
erlands commission strongly favored a
gold parity from the! beginning, and de
clared this to be the only practicable
method of obtaining the benefits of a
fixed exchange but it was pointed
Thus, upon the part of five powers—
Germany, France the Netherlands. Mex
ico, and the United States—there was
agreement that the best method was to
begin with the issue of the new currency
at a fixed gold par, while upon the part
of Great Britian and Russia there was
a disposition to favor beginning on a
silver basis with the view first of sup
plying the country with a uniform cur
rehcy and theh giving--it, witftiri' a'short
interval, a fixed gold value.
Upon the subject o{ adopting the rel
atively uniform ratio of about
32
THE FARGO FORUM AND DAILY REPUBLICAN, WEDNESDAY EVENING, OCTOBER 28, 1903
011*
that care and intelligence would be re
quired in the administration of such a
system.. The German resolutions declar
ed against free coinage of the silver
coins and asserted that the Chinese
government should "take at the begin
ning of the reform all those steps which
Would allow her an influence on the
rate of foreign exchange." The French
report also favored the system suggest
ed by the commissions of Mexico and
the United States.
32
to 1 for China
as corresponding to actual economic
conditions.
Upon the proposal that there would
be advantages in making the purchases
of silver actually required by each
government for its coinage purpose?
with as much regularity as possible, there
was entire agreement at each capital
where the subject was considered. Doub*
was expressed in some cases as- to
whether actual requirements could -al
ways be determined with regularity, but
the principle that regularity of purcfrases
would' be beneficial alike to the^silver
market and the stability of the ,inter
national exchange was declared to be
sound.
•1 ... rq }•,
1* Jjioo REWARD, $100.
The. readers of this paper will ~bf
pleased to learn that there is &t' least
one dreaded disease that science hac
been able to cure In all its stages and
that is Catarrh. Hall's Catarrh Curt
is the only positive cure now known to
the medicial fraternity. Catarrh beinp
a constitutional disease, requires a con
Stitutional treatment. Hall's Catarrh
Cure is taken internally, acting direct
ly upon the blood and mucous surfaces
Of the system, thereby destroying the
foundation of the disease, and giving
the patient strength by building up the
constitution and assisting nature in .do
ing its work. The proprietors have so
much faith in its curative powers, thai
they offer $100 for any case that it
fails to cure. Send for list of testimon
ials. Address F. J. Cneney & Co..
Toledo, O. Sold by druggists, 73c.
Hall's Familv Pills are the best.
U
YOSEMITE MAP/
A'tfje# edition of the iftap of rdfl
tnite quadrangle. Cilifarni^.has recent
ly been issued.,.by ithe, United States
geological survey. This quadr&Qgle
contains the Yosemite National Park,
which in ,.turn contains the YoseitUfce,
Valley), with its wonderful canyon, tails
and scenery. On this map falls also a
part of the Sierra Forest Reserve,
which includes, the Big Tree Grant, of
which a special survey has been mad
The area covered by the map is 944
square miles, its characteristic features
being large meadows and flats it is
dotted with mountain peaks, some of
which: rise to an altitude of 8,000 feet
nbove sea leyel. This quadrangle was
Cures
Chen A AAA III DDI7CC
A
No step so important has ever
been undertaken in the food
business as the introduction of
Egg-O-See, a full sized package
of absolutely the best flaked
whe«t food, and yet it
If rt«r iracar 4M* Mt kMf It, Had n lla
to 1
in the currency systems to be estab
lished in the Orient by those countries
and dependencies which are co'hsider
ing a change in their existing systems,
there was agreement in all countries
except Russiqu In Russia the wisdom
pf a ratio which would prevent the ex
portation of the coins by the rise in the
price of silver was admitted, but it was
deemed best to make the reservation
that each country should determine its
own ratio according to its monetary
needs and economic conditions. Even
in Russia, however, indorsement was
given to the ratio of
Quimy
and
Lryalpelfel
r,
Cures
AKER.9
y-t
V.
of
E A E S
-J'-
v!
'il' V
!w:
Cures
RETAILS AT IO CENTS
This st*p has made Egg-O-See
the btanddrd as a flaked wheat
product. The largest and best
food mill in the world enables us v ,^.5.
to manufacture this superior ar- .4
tide, in full weight packages at !6tfef^c^tlian 'hafi
ever before been attempted with a first class product.
ASK YOUR QROGER FOR THE GREEN PACKAGE.
MM
Address all communications 'to
THOUGHT IT POLICE COURT.
A Man With a.-Heavy Cargo of Booze Pleaded
to Be Discharged.
He steadied himself on the counter
rail and peered over the counter at City
Accountant Morgan in the 'city auditor's
office.
"Fhazzamazzer 'n 'ere an'' way. I wan'
wan' get out.'' The words came thickly
and the fellow made the counter groan
»s swung »gawi$t/l it. on shaky:
Hnees.
"Why don't you go? We'll excuse
you," responded Morgan.
"DYcharge nie, won' chCf.won' chft"
a '4 II sta. art tn wi I
Cures
msm
Cures
Sore ThreM
and
BronchitU.
Bruise*
*nd
Spraina.
It Hits
theSpot
every
j..
of th
Cures
Of
$5.00
yvUU^UUU 111 rnlftiliO the 8chool Children of America
.School Children's Competitive Advertising Contest No. 30
each
6 RE
A
REMEDY
WcTuatp
k'
A uaraiitife
's Good!
to
V e e v & $ u e i
i v e o v e v i v e O e e
e w W e A a W a v o i n W o V
Tvv
o a U s o V
k e
kis tJve- W
i Tor eve U s dl o
/Vo"Mvv*vfr Vu&fc
7
IM4
yaa a paoka a, pnfalJ
£GG*0*S££f Quincy* XII.
was the answer.
"Why, you are not in policy Optirt.
This is the auditor's office—
Ain' I 'n p'lice courts-thought I wash.
I'm discharged. 'By judge."
And down the hall he went'describing
a parabola as he "reached the head 6f
the stairs and a duj| tjnid at the bottom
landing announced his safe arrival
there.
THE WRONG.,ORGANIZER
Wilton News: An attempt was made
tb
'fofirl S
W Wift'dri Sun­
day. Things were progressing all right
until the organizer, who seemed to feel
under obligation to surround all the
be given
he
i e n K s
r'€:-V.Y\o v V\orYl°t I
-This sketeh wa» 'mftd«s By Janet^ Boss, age 9, McKinley School, Keoktllc, Iiwa.
We give a cash prize of $5.00 for any drawing of this charactcr which we accept
and use. All school children cart compete. Full instructions will bo found cn inr itTe cf e-Kli
package Of Egg-O-See. tellfaf what to do to get the priie and how to make the drawings.
I
6* 'M
Aam» Mi Tn6» Ifarh Waai«t»ri
v
customers and to
good will at least. Isn't that fair
All guaranteed articles are counterfeited o? some
inferior imitation substitntjed- H&flPt ^pin Linlmtnt
il pure white. It is put up in full ^r-oti^ce duted
bottles and wrapped lifce
tjie 6bpye
fiesijgti!
Do not accept substituted or "something iust as
to
bpoze there was in town got into afi
altercation with a member of another
union who was present, and offensively
ordered him from the room. Thra
broke up the meeting. The organizer
Was from Kenmare, and that union,
when it sends out a representative next
time should send one who will stay
sober at least long enough to coitf
plete the work in hand. The Wilton
boys deserve credit for turning down a
booze fighter in conducting union af
fairs. as they showed thereby that the
cause of. unionism had at Jeast jhije.
resfpeit and that it "must be alTp rer
spected by anyone with whom they
were asked to affiliate.
For State News Read The
Cures
Rheumatism
and
Neuralgia.
Cures
Cures
-=j#SssS?V
Cold in tho Headg
and
on the Lungs.
Chapp^A
and
Cracked Hands*
Cure4
3?
AKER.S
of
Caches.,
Curaa
V Stiffnes*
•j$*. of Iho
Joint*.
I
Cures
1
l.v
3
••yn
mwi
'f. .'JC
'40^ i
l'Is?
i
Cramps and
CKntoM
n
/il
iA
'.v!^