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IUU THE DAILY AND ♦
Sunday Tribune. ♦
Sent until January I, 1897, X
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ESTABLISHED 1887.
BRYAN’SACCEPTANCE
Deckles Uiqualifiedly Against a
Second Ttrm,
EMORSES THE ENTIRE PLATFORM
He Explains His Views on
Every Position of it
SAYS TARIFF IS NOT THE QUESTION
Against Federal Interference With State
Affairs—Condemns Cleveland’s Financial
Policy—Heartily Favors Monroe Doc
trine —Approves Arbitration In Labor
Disputes and Is Opposed to Trusts.
Lincoln, Neb., Sept. 9. —William J.
Bryan has given out his letter of ac
ceptance which is as follows:
Hon. Stephen M. White and others,
members of the notification commit
tee of the Democratic national con
vention:
Gentlemen —I accept the nomination
tendered by you ou behalf of the Dem
ocratic party, and in so doing desire to
assure you that I fully appreciate the
high honor which such a nomination
confers and the grave responsibilities
which accompany an election to the
presidency of the United States.
So deeply am I impressed with the
magnitude of the power vested by the
constitution in the chief executive of
the nation and with the enormous influ
ence which he can wield for the benefit
or injury of the people that I wish to
enter the office, if elected, free from
every personal desire except the de
sire to prove worthy the confidence of
my country. Human judgment is fal
lible enough when unbiased by selfish
consideration, and in order that I may
not be tempted to use the patronage of
the office to advance any personal am
bition, I hereby announce, with all the
emphasis which words can express, my
fixed determination not under any cir
cumstances to be a candidate for re
election in case this campaign results in
my election.
Endorses Platform.
I have carefully considered the plat
form adopted by the Democratic na
tional convention and unqualifiedly in
dorse each plank thereof.
Our institutions rest upon the propo
sition that all men, being created equal,
are entitled to equal consideration at
the hands of the government. Because
all men are created equal it follows that
no citizen has a natural right to injure
any other citizen. The main purpose
of government being to protect all citi
zens in the enjoyment of life, liberty
and the pursuit of happiness, this pur
pose must lead the government, first, to
avoid acts of affirmative injustice, and,
■ecdnd, to restrain each citizen from
trespassing upon the rights of any other
citizen.
A Democratic form of government is
eonduoive to the highest civilization be
cause it opens before each individual
the greatest opportunities for develop
ment and stimulates to the highest en
deavor by insuring to each the full en
joyment of all the rewards of toil, ex
cept such contribution as is necessary to
support the government which protects
him. Democracy is indifferent to pedi-
See —it deals with the individual rather
an with his ancestors. Democracy
iapojes differences in wealth —neither
nches nor poverty can be invoked in
benalf of o* against any citizen. De
mocracy knows no creed—recognizing
the right of each individual to worship
God according to the dictates of his own
conscience, welcomes all to a common
brotherhood and guarantees equal treat
ment to all, no matter in what church
or through what forms they commune
with their Creator.
Having discussed portions of the plat
form at the time of its adoption and
again when your letter of notification
was formally delivered, it will not be
necessary at this time to touch upon all
the subjects embraced in the party’s
declaration;
fct A Dual Government.
Honest differences of opinion have
ever existed and ever will exist as to the
most effective means of securing do
mestic tranquility, but no citizen fails
to recognize at all times and under all
circumstances-the absolute necessity for
the prompt and vigorous enforcement of
the law and the preservation of the pub
lic peace. In a government like ours,
law is but the crystalization of the will
of the people; without it the citizen is
neither secure in the enjoyment of life
and liberty, nor protected in the pur
suit of happiness. Without obedience
to law government is impossible.
The Democratic party is pledged to
defend the constitution and enforce the
laws of the United States, and it is also
pledged to respect and preserve the dual
scheme of government instituted by the
founders of the republic. The name,
United States, was happily chosen. It
combines the idea of national strength
with the idea of local self government
and suggests an indissoluble union of
indestructible states; our revolutionary
fathers fearing the tendencies towards
-centralization, as well as the dangers of
disintegration, guarded against both,
and national safety, as well as domestic
security, is to be found in the careful
observance of the limitations which they
impose. It will be noticed that, while
the United States guarantees to every
state a Republican form of government
and is empowered to protect each state
against invasion, it is not authorized to
interfere in the domestic affairs of any
state, except upon application of the
legislature of the state or upon the ap
plication of the executive, where the
legislature cannot be convened.
This provision rests upon the sounf
THE ROME TRIBUNE.
rneory tnai tne peupxe or vne state, act
ing through their legally chosen repre
sentatives are because of their more in
timate acquaintances with local condi
tions, better qualified than the presi
dent to judge of the necessity for federal
assistance. Those who framed our con
stitution wisely determined to make as
broad an application of the principles of
local self government as circumstances
would permit and we cannot dispute
the correctness of the positien taken by
them without expressing a distrust of
the people themselves.
Economy Advocated.
Since governments exist for protection
of the rights of the people and not for
their spoliation, no expenditure of pub
lic money can be justified unless that ex
penditure is necessary, to the honest, eco
nomical and efficient administration of
the government. In determining what
appropriations are necessary, even those
who pay the taxes should be consulted
rather than the wishes of those who re
ceive or disburse public moneys and
build up a class which will claim a
vested interest in the nati n’a financial
policy. Our United States notes, com
monly known as greenbacks, being re
deemable in either gold or silver at the
option of the government, and not at
thi option of the holder, are safer and
cheaper for the people than national
bank notes based upon interest bearing
bonds.
The Monroe Doctrine.
A dignified but firm maintenance of
the foreign policy first set forth by Pres
ident Monroe and reiterated by the
presidents who have succeeded him, in
stead of arousing hostility abroad, is the
best guarantee of amicable relations
with other nations. It is better for all
concerned that the United States should
resist any extension of European au
thority in the western hemisphere rather
than invite the continual irritation
which would necessarily arise from any
attempt to increase the influence of
monarchial institutions over that por
tion of the Americas which has been
dedicated to republican government.
Against Bonds.
An increase in the bonded debt of the
United States at this time is entirely
without excuse. The issue of interest
bearing bonds within the last few yeai s
has been defended on the ground that
they were necessary to secure gold with
which to redeem United States notes
and treasury notes, but this necessity
was imaginary rather than real. In
stead of exercising the legal right vested
in the United States to redeem its coin
in either gold or silver, the executive
branch of the government has followed
the precedent established by a former
administration and surrenders the op
tion to the holder of the obligations.
This administrative policy leaves the
government at the mercy of those who
find pecuniary proflit in bond issues.
The fact that the dealers in money and
securities have been able to deplete or
protect the treasury according to their
changing whims, shows how dangerous
it is to permit them to exercise a con
trolling influence of the treasury de
partment.
The government of the United States,
when administered in the interests of
all people, is able to establish and en
force its national policy, not only with
out the aid of syndicates, but in spite
of any of the opposition which syndi
cates may present. To assert that the
government is dependent upon the good
will or assistance of any portion of the
people other than a constitutional ma
jority, is to assert that we have a gov
eenment in form, but without vital
force.
National Bank Currency.
The position taken by the platform
against the issue of paper money by na
tional banks is supported by the high
est Democratic authority, as well as de
manded by the interests of the people.
The present attempt of the national
banks to force the retirement of the
United States notes and treasury notes
in order to secure a basis for a larger
issue of their own notes, illustrates
the danger which arises from per
mitting them to issue their paper as
a circulating medium. The national
bank note, being redeemable in law
ful money, has never been better
than the United States note which
stands behind it, and yet the banks per
sistently demand that these United
States notes which draw no interest,
shall give plilce to interest bearing bonds
in order that the banks may collect the
interest which the people now save.
To empower national banks to issue cir
culating notes is to grant a valuable
privilege to a favored class, surrender
to private corporations the control over
the volume of paper money.
Labor and Arbitration.
Labor creates capital. Until wealth
is produced by the application of brain
and musole to the resources of this coun
try, there is nothing to divide among
the nonproducing classes of society.
Since the producers of wealth create the
nation’s prosperity in time of peace and
defend the nation’s flag in time of
peril, their interests ought to at all
time be considered by those who stand
in official positions. The Democratic
party hag ever found its voting strength
among those who are proud to be known
as the common people, and it pledges
itself to propose and enact such legisla
tion as is necessary to protect the masses
in the free exercise of every political
right and in the enjoyment of their just
share of the rewards of their labor.
I desire to give special emphasis to the
plank which iecommends such legisla
tion as is necessary to secure the arbi
tration of differences between employers
engaged in interstate commerce and
their employes. Arbitration is not a
new idea—it is simply an extension of
the court of justice. The laboring men
of the country have expressed a desire
for arbitration and the railroads cannot
reasonably object to the decisions ren
dered by an impartial tribunal. Society
has an interest even greater than the
interest of the employer or employe and
(Continued on Fifth Page.)
THE ROME TRIBUNE, ROME, GA., THURSDAY SEPTEMBER 10, 1896.
CROP WILL BE SHORT
Even if Rain Comes Now it Will be
Too Late
THE SUN HAS DONE ITS WORK
The Outlook Is Not Very
Encouraging;
THE CROP WILL BE FEARFULLY SHORT
The Weather Bureau Issues a Bulletin
Which is Anything But Rosy-Hued at
This Time—Dry Weather Hurt the Crops
All Over the State the Report Full -Otli
< r Positions of the State About the Same*
Atlanta, Sept. 9. —The outlook for
the cotton crop is no more encourag
ing than it has been for the past sev
eral weeks.
Reports from Georgia show that
there has been little saving rain, and
that even if the rain had come it
would have done little good, for the
sun had already done its fearful work.
The cotton crop is apt to be smaller
than has ever yet been predicted.
The Weather Bulletin.
The weather bureau has issued the
following crop bulletin on the status
of the current week:
Excessively dry weather,with warm
days and cool nights, predominated
during the past week, to the serious
detriment of all growing and matur
ing crops. Cotton continues to open
fast, and picking is advancing with
all possible dispatch. The crop is too
far advanced to be benefited by rain.
Indeed, it is a question if this crop
would not be considerably lessened
now should rain occur. More than
half the crop is now open. The most
sanguine place their estimates at not
over two-thirds of a crop, while the
majority of our correspondents think
it will not go much beyond 50 per cent
of last year’s crop. Turnips are suf
fering seriously, and need rain badly.
Pastures are drying up and stock
growing thin. In many sections stock
water is becoming very scarce. The
housing of late corn has commenced,
with prospects very discouraging to
the yield. Young citton, peas, corn,
potatoes and other minor crops will
be ruined without rain soon. Gardens
are completely ruined.
Northern Georgia.
Dry weather continued throughout
the northern counties during the past
week, except in a few favored locali
ties, breaking a drouth of six weeks.
Over most of the northern section the
drouth continues. Cotton is opening
fast, more than half the crop already*
open and is being picked. The crop
is variously estimated at from half to
three-fourth’s of last year's yild. Late
cord is being honsed and is very poor.
Pastures are failing, stock growing
thin and gardens are ruined. The
pea crop will be short unless rain falls
soon. Turnips are in bad condition
and need rain badly.
To Examine ’rheir Figaros.
Nashville, Sept. 9. —The joint com
mittee on finance, ways and means,
composed of the regular committee of
both houses, decided to meet in open
session and examine Treasurer Craig
and Comptroller Harris as to the basis
of their respective estimates as to the
condition of the treasury, Mr. Craig pre
dicting a deficit and Mr. Harris a sur
plus. The legislature did practically
nothing but direct this committee to in
vestigate and report.
Missing Farmer’s Skeleton Found.
Chattanooga, Sept. 9. The skele
ton which was found several weeks ago
in the woods near Langston, Tenn., has
been identified as the remains of a
farmer named Cantrell, who lived in
James county. There is no clew to the
cause of death. Mrs. Cantrell fully
identified the remains and immediately
recognized a pocketbook, coat and purse,
found with the skeleton. Cantrell -est
home in the latter part of April and
was in perfect health.
Nashville Am-rlcan Changes Bands.
Nashville, Sept. 9. —The bondhold
ers, who purchased the Nashville Amer
ican at the court sale about teu days
ago, have taken charge of the property.
Leland Rankin, the well known news
paper man, who is at present chief of
the bureau of publicity and promotion
of the Centennial, becomes general
manager of the paper. The policy will
not be changed.
In the'Soudan.
Koshen, Soudan, Sept. 9.—The third
brigade has started for Absaral. This
commences the advance upon Dongola.
The Egyptian cavalry, which has been
at Dongola, the southernmost point
reached by the expedition, has been
sighted by a strong force of mountain
dervishes. The latter retreated, carry
ing back the first definite information
of the presence of troops at Dougola.
More Naval Cadets.
Annapolis, Sept. 9. —The following
additional candidates have been admit
ted to the navy as cadets: J. W. Caron,
New Mexico; B. F. Miller, Virginia; J.
M. Caffery, Louisiana; W. G. Mitchell,
Pennsylvania; G, W. Fitzpatrick, Lou
isiana; Hayne Ellis, Georgia; D. W.
Fowler, Iowa; B. C. Barthalow, Ohio;
C. L. Arnold, Indiana; Edwin H. Dodd, I
Illinois; Charles Hioff, Missouri
MONROE DOCTRINE
Strongly Asserted at the Recent
Pan-American Congress
UNCLE SAM WAS NOT PRESENT
At the Convention Held in the
City of Mexico
IT WAS NOT HACK OF SYMPATHY
Secretary Olney*. Note on the Venezuelan
Boundary Indorsed Without the Influ
ence of the United States—lt Is Believed
That the Action of the Conference Will
Be Productive of Much Good.
Washington, Sept. 9.—lt is expected
here that the Pau-American conference
recently held in the City of Mexico will
be productive of substantial good in the
near future, and in the end bring about
a decided change in the attitude of the
European powers towards the republics
of South and Central America. The
manifestation of an intention on the
part of American governments to pre
sent an united front in opposition to
unreasonable demands by the European
powers, is calculated to do away with
the “ultimatum habit” which has been
a growing source of irritation to the
small republics.
Inasmuch as some surprise has been
expressed because the United States did
not participate in the Pan-American
conference, it may be proper to state,
on the authority of an official who is
fully aware of the purposes of the ad
ministration in this matter, that it was
not from lack of sympathy with the
general objects of the conference that
the United States refrained from open
participation. On the contrary, Secre
tary Olney acknowledged the strongest
desire to make the conference a success,
and it was only because he felt that the
gathering would make a much stronger
impression upon Europe if it were free
from all suspicion of being dominated
by the United States, that he refrained
from sending representatives to Mexico.
Long before the conference assembled,
and in fact before the invitations ware
formally delivered, Secretary Olney had
thoroughly considered and discussed the
propriety of an United States represent
ation in the congress with Senor Oarbo,
the newly accredited minister to Wash
ington of Ecuador, the country which
originated the idea of holding a Pan-
American conference this year.
It was decided by Mr. Olney, with
the concurrence of Senor Oarbo, that
the conference would be of greater value
in support of the United States in the
advanced position it had taken respect
ing the Venezuelan boundary dispute if
the other nations of this hemisphere
were permitted to express their senti
ments respecting the construction of the
Monroe doctrine embodied in Mr. Ol
ney’s famous note of 1895, absolutely
free from influence by the United States.
Now it is felt by the administration
that the result has fully justified the
adoption of this policy of noninterfer
ence, for not only is the European mind
being disabused of the impression that
there is a divided America on the Mon
roe doctrine, but our government has
been relieved of the necessity of com
mitting itself to any entanglihg pledges.
Persimmon Wins Again.
Doncaster, Sept. 9.—The Prince of
Wales’ bay colt Persimmon, winner of
this year’s derby stakes, and a brother
of Florizel 11, won the St. Leger stakes
in a canter by a length and a half. The
Duke of Westminster’s Labrador was
second and the .duke’s Rampion was a
very bad third. There were seven start
ers. The Prince of Wales and a large
crowd of friends were present at the
race, which was regarded as a sure
thing for the prince. Nevertheless, Per
simmon’s victory was a popular one and
was greeted with a storm of cheering.
The CYar Tn Denmark.
Copenhagen, Sept. 9.—The czar and
czarina arrived here at noon from Kiel.
They were received by the King and
Queen of Denmark, the crown prince
and princess, the Princess of Wales and
other members of the royal family,
after which they proceeded to Benstorf
castle. The czar and czarina and the
king and queen occupied the same car
riage. It was drawn by six horses and
passed through the principal streets,
which were beautifully decorated and
thronged with people. Their majesties
were enthusiastically cheered.
Senator Payne Dead.
Cleveland, Sept. 9;—United States
Senator Heury B. Payne died at 9
o’clock at his home at 595 Euclid ave
nue’. His death was due to a stroke of
paralysis with which he was stricken a
few days ago. His son, Colonel Iver H.
Payne of New York, and his daughter,
Mrs. Charles W. Bingham, the only
surviving members of the family, were
at his bedside when he passed away.
RAIL ROADS IN~CH IN A.
Lt flinig Clianf Propohe* to Build Sixty-
Three Thousand Allies of Road
Seattle, Wash., Sept. 9. —Chinesa
residents of this city have appointed a
committee consisting of Mark Ten Suie,
Gee Hee and Loui King, representing
the big Chinese mercantile concerns in
Seattle, to wait upon and pay their re
spects to Li Hung Chang upon his ar
rival on Saturday at Vancouver, enroute
home.
Mark Ten Suie, who is a repr senta
tive of the better class of Chinese^t’.4
tne distinguished’viberoy’s visit’means
much to the United States; that Li will,
upon his return to China, begin the con
struction of a system comprising no less
than 63,000 miles of railroad, and that
I gold and silver mines in a range of
mountains extending for 1,500 miles
along northern China will be opened.
Much iron and machinery is to be used
in developing the enterprises, Mark Ten
• Suie states, from private Chinese ad
vices, will be purchased in the United
States. Mark says that Li proposes the
publication of a book embracing his ex
periences and what he has learned on
his trip, upon his return to the flowery
kingdom.
JUDGE EARLE WINS.
He Will Be the Next Senator From South
Carolina.
Columbia, S. C., Sept. 9. —Judge Jo
seph H. Earle has won in the primary
election held the second time for the
selection of United States senator. He
defeats Governor Evans by a majority
of from 25,000 to 30,000 votes. The dis
pensary disclosures did the work, and
it probably means the complete over
throw of the system as well as the re
tirement of the reform party from
power. Senator Tillman’s pitchfork is
1 broken.
It is said that more revelations in re
gard to the dispensary scandal will fol-
I low, and that the public may expect
sensational developments. Governor
; Evans is very blue. His friends have
j waged the hottest campaign ever known
'in the state, but their efforts have
seemed to hinder rather than help him.
NEW JERSEY FOR BRYAN.
State Democratic Convention For Silver
and the Chicago Platform.
Trenton, Sept. 9. —The Democratic
: state convention called to nominate
presidential electors assembled here.
. The sentiment everywhere was for sil-
I ver, the gold men for the most part
I having made no contest at the prima-
I ties.
j Ex-Congressman Samuel Fowler, in
( calling the delegates to order, said that
' the convention had been called to name
electors to cast the vote of the Demo-
■ cratic state of New Jersey for that hon
est, able and fearless statesman, Wil
liam J. Bryan. The mention of Mr.
I Bryan’s name was the signal for an out
i burst of applause.
Ex-Congressman Augustus W. Cutler
was made temporary chairman and he
spoke at some length in advocacy of
bimetallism.
Kennedy’ vruilty, ‘Hilt Insane.
Montgomery, Ala., Sept. 9. At
10:30 Tuesday night the jury brought in
this unique and apparently contradic
tory verdict: “We, the jury, find the
defendant guilty as charged, but insane
at the time he committed the crime. ’ ’
The effect of the verdict is to absolve
Kennedy of the charge of murdering
Percy Wood, but to commit him to the
state insane asylum for insanity until
he has been adjudged insane by a com
petent board of examiners. As there is,
perhaps, not a man in the state today of
sounder mind than Mr. Kennedy, his
discharge from the asylum will follow
his incarceration there in about an
hour.
Western Uiiiou jt’rosperous.
New York, Sept. 9.—The directors
of the Western Union Telegraph com
pany have declared the regular quar
terly dividend of per cent, payable
Oct. 15. Transfer books close Sept. 19.
The statement for the quarter ending
Sept. 30, September estimated, net rev
enue, $1,600,000; interestest on bonds
and sinking fund, $243,000; balances sl,,
356,500; dividend of per cent, sl,-
191,960; surplus for the quarter, $164,-
540.
American Machinery Abroad.
Washington, Sept. 9.—United States
Consul Steiner reports to the state de
partment from Munich, that a second
■ exhibit of power and laborsaving ma
-1 chines will be held there in 1898.
| American manafacturers are invited to
participate Noteworthy exhibits will
be awarded “distinction” in the form
of medals.
Heavy Bank Failure.
New Orleans, Sept. 9.—At 11 o’clock
the failure of the Union National bank
was announced. Stephen Chalaron is
president of the bank; its capital stock
is $500,000 and it claimed to have be
sides a surplus of $150,000. The bank
failed to clear; its doors were opened for
a short time, but closed at 10 o’clock.
To Build a Monte Carlo.
Chicago, Sept. 9. Alexander D.
Hanna and George Hogg, wealthy Chi
cagoans, are said to be endeavoring to
1 purchase Mackinac island, at the north
ern end of Lake Michigan. It is said to
be their intention to expend $500,000 or
more, to make the resort similar to
Monte Carlo.
Jute Crop Short.
Washington, Sept. 9.—United States
consul at Dundee, Scotland, a great
jute manufacturing center, reports to
the state department that the forecast
from India for the coming year indi
cates a shortage in the j ute crop, the
yield beiug probably one-fourth below
the average.
Against Japanese Immigration.
Vancouver, B. C., Sept. 9.—A mon
ster petition, praying the federal gov
ernment to restrict Japanese immigra
tion and raise the Chinese tax to SSOO
' per head has been in circulation for
three days in this province, and signed
bv many British subjects.
♦ THE DAILY AND
SUNDAY TRIBUNE X
J will be sent until Jan. I, ’97?
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PRICE FIVE CENTS.
LI HUNG ON SILYER
He Answers a Set of Questions Pro
pounded on the Subject.
CHINA’S SYSTEM IS EXPLAINED
He Gives Out His Views to the
World
AND EXPLAINS THE SYSTEM OF CHINA
No Gold or Silver Standard as Understood
In the United States—Bullion Values
Only—Most of the Gold and Silver In
Use Not Coined Favors Bimetallism.
Sliver Has Not Injured China.
New York, Sept. 9. The World
publishes the following reply to a set of
questions asked Li Hung Chang in re
gard to silver while he was in Washing
ton. Among the questions were the
• following:
“It is understood in this country that
the great empire of China transacts its
business on a silver basis. Will your
excellency tell The World what the fi
nancial system of China really is ?
“Does your excellency believe that the
silver standard Is the best for the Chi
nese people ? If so, why ?
“Would your excellency have China
adopt the gold standard if the condi
tions were such as to make the change
possible ?
“Is not a silver dollar as hard to get
in China now as a gold dollar would be
, if China was on a gold basis?
“Would you advise a nation now on a
I gold basis to change to a silver basis if
i you were its prime minister?
] “Would the adoption of the silver
( standard by the United States, in your
excellency’s opinion, tend to promote a
closer commercial iutercourse between
this country and China and adjacent
nations?’ ’
After considering the questions sev
eral days Li Hung Chang, while on his
way to the Pacific, gave out the follow
ing answer:
“I strongly favor bimetallism estab
lished by international agreement.
There has been recently much agitation
in that direction in Shanghai. It meets
! with much opposition, however, from
the Chinese merchants who are export
ers. Bimetallism established by inter
national agreement must promote the
commerce of the world.
“I do not believe in a single gold
standard. China is much more pros-
I perous upon a silver basis than it would
i be upon a gold basis. China has always
I used silver. There is no reason why
gold should be adopted.
| “In comparison with European na
tions the amount of coined currency in
circulation is very small. The largest
mint is in Canton, but it can hardly be
called a national mint. It coins dollars,
silver pieces equivalent to 10 and 20
cents in the United States money, and
the copper coins called cash, which are
ene-tenth of a cent. The Chinese unit
is a tarl. There is no coin of that name
or of that value. It is like the English
guinea. A tarl is one-sixteenth of a
Chinese pound, which is- somewhat
heavier than an English pound. In
China a tarl is an ounce of pure silver.
All values are measured by tarls.
| “The commercial coins are Mexican
dollars, which are imported. The Chi
nese mints coin dollars of the exact
weight and fineness of the Mexican dol
lars, the only difference being in stamp
ing. The amount of coined money in
use is copaparatively small. The prin
cipal currency is uncoined silver. It is
' cut up in small pieces for convenince.
i Each piece is stamped. This stamp is
merely a guarantee ot its fineness. In
I every transaction the silver is weighed.
■ This is true of the coined dollars, both
Mexican and native, although mer
chants have come to accept the coins as
being of full weight and of the fineness
they are represented to be. The value
of these coins is measured by their
weight only. Their coined value is ex
actly the same as their bullion value.
The coining is simply a guarantee of the
i weight and purity.
“The value of a tarl, that is of sil
ver, in China is fixed by the European
and American markets. It fluctuates
from day to day. Until about 20 years
ago a tarl was worth one-third of an
English sovereign. Four years ago it
was worth one-fourth of a sovereign.
Now it is worth one-sixth.
I “There is not the slightest attempt
upon the part of the government to fix
the value of the coins. They have no
value as coins. Their value is wholly
intrinsic.
“From the American standpoint
China is not on a silver basis, inasmuch
as there is no effort to establish or main
tain a coined value of her currency.
We do not attempt to establish or main
tain a parity between gold and silver.
Gold is almost never used in commer
cial transactions. In the few instances
in which it is used it is always in bars.
I “The use of silver has not militated
: against the prosperity of China It has
made the country more prosperous. Its
fall in price has not affected the Chi
nese seriously. It has affected the for
eigners, of course. It has almost ruined
the importers, whether Chinese or for
eign. It has made the exporters rich.
“An international bimetallism would
be of the greatest benefit to China. It
| would increase her commerce and en
; hance her prosperity. It would give
: greater confidence and security. It
I would be impossible to introduce gold
1 as currency, for in order to obtain a
1 suffient amount for currency a high pre
j mium would have to be paid, and noth
ing would be gained, as gold fluctuates
as well as silver. Like silver, gold in
China is worth exactly its bullion value,
I no more, no less. ”