Senator Pittman's favourable comment on the visit of the Chinese banking delegation in connection with the establishment of a News York branch of the Bank of China will undoubledly be read with gratification. When, however, it comes to consider-{ng his strictures upon the currency reform which China has instituted with complete success up to date sentiment may be quite different. It thas to be remembered, however, that [Senator Pittman's silver interests must of necessity somewhat restrict this. views on the situation, for the adoption of a managed currency by China and the consequent departure {from the silver standard were inimical the interests he represents, The expressions reported would come with greater force from an observer not completely identified with silver. His pellet in the unsoundness of the managed currency system of China is probably dictated by the parent to the thought, for the evidence derived from the comparatively short while the new system has been in practice tends to show that it is successful, Jand, given a continuance of its present wise guidance with due regard to [fulfilment of prescribed conditions there is no reason why it should not always be so, With regard to the United States being in "a splendid position to exercise a beneficial in-nonce upon world economic affairs, Jetc," because of its large gold and silver reserves, the fact has to be remembered that the United States 1s continually faced with the danger of inflation, and while it is unlikely that {the authorities will resort to such a stop willingly, there is always the Jeossibitity that the nation may be: forced to take that step by circumstances not now entirely within its control.
Text read from the printed page and cleaned; old type leaves the occasional error.