Washington, May 16.- Consul Generil Jerningan, at Shanghai, Chica, has sen! to the state department a comprehensiva report on trade relations with China. After prefacing the report with a statement about tho civil governmont o! Shanghai, the principal commercial city of the empire, Jerningan argües in favor i,f an international Standard of value. He says China is America's large.it raarket for domestic cotton gouds, tmt that there was a falling eff froin 65,b95,OÜO yards in 1892 to 27.706,000 yards in 1893. l'here has been a íallinsr off in the cise of Great Britian Irom 497,475,000 yards in 1892 to 363,405,000 in 1893. The loss as regards the United States is so great, he says, as to excite anxiety. In 1673 the milis of the Oriënt and Occidant were competing on relatively equal terms and rectíiving i qual returns. Now, in 1894, each mili employs the same amount of labor as it did in 1873, but the owner of the mili in the United States pays for the labor in gold at the old rates, while the owner of the mili in Japan pays for labor in silver, at the old rates also. Nofc only does this principie of the differenee in the value of currency in which labor is paid in the eastern and western countries apply to wages, but it applies to wh.itever is essential to the success of agriculture and manufacturing enterprise. If the land aequired twentyfive years ago by foreigners in Shanghai was then worth $25,000,000 and was sold now for what it oiiginaüy cost in silver md the proceeds conveited into gold, the oss would be about $12. l00,u00. Jerningan says: "By this rule it apjears that tho inequhiity in the value of silver and gold has reduced the gold value of the world's property one-half. I am nat wriling in favor of a gold or a silver st indard, but in favor of an cquaüzing adjustinent bet ween the two. Silver is ueu by oue-half of the woriil and gold by ,he othor half, and whilu wages in oneia!f is paid in a deprecíate.! curruncy and in the othr half by an apprrciuted currency a rivalry be'iweeii che respective iroduot8 of the Jabor of eacli is noourdgi'd, with the advantage in tho outset to i the product of the laborer paid ia deprecuited currency. and ospecially when the atter can supply his Uaily wanta with such a currency, and wlicti he wHlingly receives and remaing contented with."