No. 25.
Mr. Kasson
to Mr. Evarts
.
Vienna , March 8, 1878. (Received March 25.)
Sir: In view of the recent law of Congress proposing an international commission touching the relations between the values of gold and silver, I beg to submit a question incidental thereto for your consideration.
All intelligent economists, indeed all friends of progress, have long desired the establishment of a common international unit of money, at least for international account and use. The subject was specially examined and discussed in the report of the Committee on Coinage, Weights, and Measures which was submitted to the House of Representatives in 1866. It was also discussed informally in the International Postal Congress of 1863.
The enormous loss to commerce in the course of years, resulting from the brokerage in conversion of coins, demands a serious effort to provide a remedy. The inconvenience and liability to error in conversion of values in accounts between merchants, and in the service of the customs, also give great reason for a change.
Referring now only to the Congressional report above mentioned for reasons in detail, and for a discussion of the ways and means of the establishment of such a unit, I desire to ask your attention to the propriety of instructing the United States commissioners to the proposed money conference to sound the representatives of other countries upon this question. It may lead to very desirable results in the future. It will, in any event, serve to keep a subject of great international importance before the thoughtful and progressive statesmen of both continents.
I have, &c.,