Polynesian., 1860-05-19
Ghe polpnesian.
Trade with Japan.

III Is written bears Innate evidence that It Is from
the pen of a writer familiar with the subject on
which he treats. 1t supports the position taken
by US on the currency question here, when it was
first mooted, and strengthens in the opinion that
the reduction of the rial to the dime in value for
general circulation would have been the true course
to have pursued to have brought the dime into cir
culation. and which coin now languishes in the
pocket of the holder, or is thrown down with dis
gust by the native when offered to him, well has
the resolution of the Chamber of Commerce Ope-
rated. That ere long this discarded piece of money
will be eagerly sought for the most molelke trader
must see, and the half dime also, which equally
suffers with his larger brother, will be a welcome
visitor to the tied up corner of the natives hand
kerchief or to the shopman's till:
In the incipiency of a new trade, it is quite de-
sirable that all information accessible in regard to
it should be attained to- and laid before the public
This is the duty of the press. since it cannot be
expected that parties engaged in such trade would
| be so magnanimOus to impart to those who may
be, or might become, competitors, information
which may have cost time and money to obtain
| Whatever comes legitimately within the reach of
the conductor of a newspaper, however, calculated
to facilitate that trade and enlarge its value to the
public, becomes an object worthy of communication
| to the business world
| For centuries very little has been known about
! the trade of Japan what that country produced
| that might be rendered available to commerce,
what might ba rendered acceptable to its people
under an unrestricted trade. This knowledge ad-
venturers are now attempting by experiment to
gain. 1t is just and proper that they should reap
whatever advantage may arise from their efforts,
but still there are general facts III relation to the
| trad Nrhi hal Idari 1ut yhp
ever they come into our possession, to submit to
our readers. What may be shipped advantageOusly
| to japan, Is just interesting inquiry. On
this point, a correspondent from the Hague, writ
ing to a New York business firm, says:
| IThe letter has been previously published by us
and credited to the London Illustrated News, Jan.
! 7.-ED.]
! Some months ago, we referred fully to the cur
rency difficulties experienced by foreign merchants
at the ports of Japan. These difficulties form the
subject of long article in the BataUia Journal Of
| Commerce, in which some hard things are said OF
the alleged bad faith of the Japanese government.
| The cause of complaint, however, as we learn
through a more direct channel, has been, in mea-
sure, removed by the acceptance of the Mexican
dollars. weight for weight, Qess per cent. for re-
| conage) in exchange for Japanese silver coin. As
surances have also been given that the American
half-dollar would be accepted on similar TERMS and
| in the expectation of such an arrangement being
consummated, the recent shipments of coin to Ka-
nagawa were made. So hope that we shall
hear no more Of these obstacles to trade The
jealousy heretofore entertained for foreigners must
| gradually give way before the efforts now being
made by our government to cultivate friendship
and intercourse with that nation, and to this end
the present visit of the Japanese embassy must
| contribute much.
The basis of exchange adopted in regard to sill
| onIn muSt in hn n
prejudice against that of the United States 1t is
| a common idea even in this country, that because
| two Of our half-dolars do not weigh much
one whole one, they are less pure, and, for the
same reason, that the American dollar is largely
] inferior to the Mexican. This is q grave error,
and, if entertained by the japanese, must soon be
removed, since all foreign silver coin must be re-
coined before circulation in that country. The
value being estimated acceptance by weight, the
process of assay and rec0inage must soon convince
the japanese that they have lost nothing by the
exchange, since six per cent. is allowed IN their Ia
vOr.
The American halEdollar is not lighter proper
tionately than the dollar because it is less pure,
but partly because it costs more to coin two half
dollars than one whole one, and mainly for the
son that when the weight reduced, it was de-
siraSle to check the flow OF silver coin from the
country. This would have been more etectually
accomplished, had the dollar also been reduced IN
weight.
| There is no such thing as pure silver currency,
since it is necessary that portion of baser metal
should be mixed with silver, us we'll as gold, to
| overcome susceptibility to abrasion. Perhaps the
nearest approximation to pure silver coin Is the
Japanese Hzebu, which is 99l-lOOOths fine. Our
! legal standard of fneness for both silver and gold
| is 900 lO00ths. This is also the f1eness of the
old Spanish pillar dollar, fayorite long as OBJ
tainable among the Chinese. The Mexican dollar
| is fraction finer than either, being 90l-lOOOths
| The reduction in the weight of American silver
coin did not extend, as before remarked, to the
dollar which still weighs before Az l-2 grains.
The haf-dOllar was reduced from zoo IA to l92
grains the quarterdollar from lO3 l-o to 30
grains the dime from Al IA to fraction over 80
grains, and the half-dime from 20 5-S to l9 Is
grains Since all these coins are of equal purity,
| there can be no just grounds of preference when
their value is computed by weight, and our new
commercial friends must soon learn this, if efforts
are made to that end. and thus will business inter-
course with them be facilitated.
The Japanese have used metallic currency from
time immemorial The princes, OF governors, how
ever to facilitate trade have, from time to time.
issued paper, the currency of which was limited
to their principaities districts respectively vi
their metallic currency, the gold cobang Is worth,
compared with our coin. about S4; the gold 1t
zebu about 81, and the silver OF the same denoml-
| nation, 81 cents. The process by which one OF
these latter was attehPteu W NC Psseu oH iOi IOO
American half-dollars, referred to by us some
months since and is the subject of severe animad-
version in the article in the Batavia journal men
| toned above. OF copper coin, the japanese have,
like the Chinese, s. cash., from 400 to l,SOO of
which are equal in nominal value to one silver 1T
zebu. according to the hue,uating price of silver
The intrinsic value of the silver itzebu is less than
the copper cash which it represents but, remarks
the writer referred to- the japanese formerly hav-
ing foreign trade requiring the use OF eoin their
government put what fictitious value on the ltzebu
they pleased, and no objection whatever was made
to it. This habit, doubtless, together with the
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