Excerpt from Stability of International Exchange: Report on the Introduction of the Gold-Exchange Standard Into China and Other Silver-Using Countries, Submitted to the Secretary of State October 1, 1903

I have the honor to submit herewith the report of the Commission on International Exchange, constituted under authority of the act of March 3, 1903, in compliance with the request of the Governments of Mexico and China for the cooperation of the United States in an effort to bring about a fixed relationship between the moneys of the gold-standard countries and the present Silver-using countries.

During the past summer this Commission, accompanied by a com mission from the Republic of Mexico, visited the capitals of Great Britain, France, the Netherlands, Germany, and Russia, and there conferred with commissions appointed by the respective Govern ments of those countries.

The subjects discussed were the benefits of establishing a gold exchange standard in China, the adoption of a common ratio between the gold unit and the silver coins of the countries and dependencies which are considering changes in their monetary systems, and the diminution, so far as it might be practicable by legitimate economic measures, of the recent fluctuations in the gold price of silver. While eventually the extension Of the gold-exchange standard will be sought in other countries, general approval of the policy of its adoption in China and the oriental dependencies of European countries was the immediate object of the Commission of the United States, and in this object they report that they have been entirely successful.

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