The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-08-11

ence- Our ishc-ing classes are skilsfui ara
economical: they require bat little 10
live comfortably and are able 20 take care
OF themselves Their industry and the
superiority OF their products make art4-
nciai encouragement unnecessary In or
spinning factories there are girls work
Ing for 10 sen g centsl day who are as
skiliful and produce as fne yarns as
labor OF longer experience that IS paid
ten or twenty times as much IN foreign
countries. and the same conditions exist
In other industries. That is a sufficient
answer TO the advocates Of protection"
Japan has only a silver currency. Are
you in favor OF hi-naetailismg''
THAT is 2 difficult problem. IL has en-
gagged my attention for twentv-eight
years. Twenty-Five years ago, when
was first minister Of finance, I adopted
the theories advanced at the Paris none
tary conference. because I thought they
were sound, and introduced the gold sys-
TEN Of nono-EletaIlisna in Japan. bur il
Was q mistake. IL proved to be a failure.
Our country was not ready for Il. Our
business methods were not sufficiently
modernixed. and would not try Il again
even now. We have a nominal hi-metal-
lie currency now. although we are on
silver basis, and ] would not advocate
change under any circumstances. We are
doing wen enough with silver and our
prosperity has been affected less by the
silver agitation than that OF any other
country
II believe" continued Count Okurra
that 100 years from now a uono-metaliic
system. or single gold standard viii be
generally adopted throughout the world
because that theory is sound, but the time
has not come fer a gold standard OF
money. The United States. Japan, India
and other new countries are not ready for
IL. They need a great deal of currency 10
transact their business, but as the world
progresses and nations intermingle more
and more uniform trade systems Will be
developed which will enable them to do
with less. and each development will dis
pense with large amounts of the circu-
Iating mediums until they gradually be-
come able TO accept gold. When that
time comes. and i think it will be not
less than 100 years from now. there will
be sufficient gold in circulation to meet
the demands of commerce. For example.
England does the largest commercial
business of any nation in the world, and
has the best financial system. but her cir
culation is not half as large as that of
the United States. France has also a
very large amount OF money In circuia-
ton. The fact that England can do so
much business with SO little money shows
tenn and her banking facilities. With the
French money is more a plaything than a
medium of commerce. The Frenchmen DO
not understand the true use OF money.
Suppose Englishmen were put in charge
of the commerce and finances of France.
They would reduce the circulation one
half by withdrawing the money and in
yesting il elsewhere, which is due to
their superior experience and prudence.
AS our trade system develops commerce
will be carried on by credit and not by
cash.
This theory Is my own, and sincerely
believe in il, but ii cannot be applied at
present particularly in new countries
like Japan and the United States,and what
ever we may believe We should consider
present conditions and conform our policy
to them. Our politicians are not usually
broad-minded or farsighted. They do not
or cannot see far enough ahead. The
action of the British government in sus-
pending silver coinage in India under the
Gladstone ministry was terrible mis-
take and the whole world is suffering
from il. The passage of the Bland act
and the Sherman act by your own con-
gress were also mistakes and makeshiftS.
These examples show that no attempts
should be made 10 correct hnanciai
troubles by arbitrary legislation in
single nation. There should be mutual
agreements and organizations like the
Latin union among all civilized nations
TO regulate and maintain the value or
money. However powerful and rich
country may be, IL cannot afford TO have
a selfish or Individual policy. All nations
should unite to maintain the value or
money, so that business may not be az
fected by fluctuations. But the ratio or
Is to l, as adopted by the Latin union, is
too small 1t cannot be maintained now.
~. -n1 xsaff M al
what ratio would you suggest?'
.'It il very difficult to suggest any, but
with the present value OF silver it ought
TO be as great as Is to 1. l think that
would be about right now Tho old value
of silver win never be restored. Bi-metai-
ism will sooner or later be adopted
throughout the world as temporary ex-
pedient. but mono-metailism is the only
sound policy, and we will come TO 1t
within the next century. AS silver in
creases in quantity II will cease TO be con-
sidered a money and drop down among
the industrial materials"
Count Okuma asked about the financial
condition Of the United States and the
progress of the struggle now going on
there for the reconciliation of silver.
When I told him of the great agitation
In favor of a is TO / ratio he replied:
..If your country adopts a Is to ratio
vour rich money lenders. your creditor
class. will be ruined. The trouble In the
United States is universal suffrage. II fs
not fust or reasonable that the man who
earns 81 a day with a pick and shovel,
who spends ii all for food and clothing,
who owns no property and pays no taxes,
should have as much influence In shaping
the financial policy Of government as
one who pays taxes upon s1,ooo,ooo. 1 am
not In favor Of universal suffrage. The
experience of the world has demonstrated
that II is a failure. There should be edu-
cational or property qualifications requir-
ed as a condition of suffrage. A gov
eminent should be directed and controlled
only by SIS intelligent citizens and tax
navers' think our plan here the wisest.
No man can vote in Japan unless he pays
sl5 or more In taxes annually.
7 asked Count Oiuma II he had any
suggestions TO make for the benefit or
those who desired to come here from the
Irnited States to engage In manufacturing
or other business. He replied that he was
very much interested in the subject, but
was not sufficiently informed TO of1er wise
aav;cc but he would confer with some OF
his friends who are better posted ana
would be glad TO have another talk with
me.
RAIIADE DIES ECHlNAlNS bo
TEMPS JADIs.