To the Editor of the "Norni-Ciwa Darty News"
Sm—In attempting to cope wi the distressing "situation in nance and industry, the local. banking interests are reported to be advocating. the following course of procedure.
1)" Artificially raising the value of the local dollar, through persistent selling of foreign currency, with tie object of restoring the parity between foreign and local silver values, bringing about the we facto multph cation of the silver export duty:
Buying of sliver. in foreign markets {0 replenish the local supply, after achieving the restoration of the bullion, parity:
Negotiation of a foreign loan on the same condition, clearly evidenced by the' rap adoption of the frst
firming "up of local value considerably above sliver" export point a9 determined by the rate equalization charges. Thus, while the eventual success of securing sufficient additional silver remains uncertain, the execution of the above-mentioned That China will proceed to. accentrate the evils of the US. silver policy, and will, in fact, start to bid against the U.S, Government for silver and play into the hands of the speculators; That China will act contrary to the declared object of securing stability in silver caines, thereby fur-
That, instead of remedying the disastrous effects of price deflation brought about by the American silver policy, the bankers are actually bent fon aggravating such deflation by fur~ ther bidding up the purchasing power fof the local dollar, at the risk of can possibly commit themselves to 2 course so totally adverse to the country's economic welfare. Are they Daited by the prospects of a foreign loan? Are they merely displaying the universal bias of bankers of the
Text read from the printed page and cleaned; old type leaves the occasional error.