The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1895-09-14
SILVER Is HER FRIEND

SILVER IL HEh fhlLNp
While Gold Countries Are Passing
Through Period of Depression Japan
! Is Florrishins.
w. +. Curtis, in Chicago Record.
Mivancshita, July 24.-Although there
is a practical illustration OF the sihsie
silver standard system in national cur
rcncy in Japan, which affords the deep
est interest to every thoughtiui man
who comes here, | have said very little
on the subject, and that has been only
quotations from others, hecause 1
wanted 10 study it from all possible
points of view. 1t should be salu III
advance for a proper UNDERSTANDING
of the situation that Japan attempted
to maintain a single gold standaru
when the government was reiorineu
some twenty years ago and failed. She
then tried bimetallism, ana theoreti-
cally still adheres to that policy' put
English spectators carried away all
the gold long since. and she Is now re-
duced to paper currency, issued by
the government, redeemable in silver,
and therefore sharing the deprecia-
ton and fluctuations which that metal
has suffered.
When you hold a dollar not of the
bank of Japan or the national bank.
which are two very large financial in
s.itutions under the auspices of the
government. 1t is worth just as much
as a Mexican silver dollar, which Is
really the standard of value in all
Asia. When Japan coined gold 1t was
at par with Mexican dollars in all the
empire. but the latter coins We're at
discount in the English colonies of
Hong-Kong and Bombay. The specu-
latOrs of the latter cities would. there
fore. bring to Japan tons of Mexican
dollars and exchange them in small
quantities in different cities of the en-
pire for the native gold coin. They did
this SO secretly and so skillfuily that
before the public was aware of 1t Japan
had been actually drained of gold and
had nothing left upon which to base n
bimetallc currency. This trick caused
a suspension of gold coinage, and it has
not since been resumed.
There is no gold in circulation. or in
the public treasury. or in the banks
You can buy gold coins at the curio
dealers, and of the exchange brokers.
and they make very pretty cuff-bottons
and bangles for bracelets. but they
have ceased to be money and are only
regarded as bric-a-brac. There is very
little silver in circulation, but plenty
Of paper.
The japanese coinage is based on the
decimal system and corresponds with
that of the United States. \ rim was
originally the same as a mill. Ten rim
make ! sen and 100 sen make | yen,
which used to be as good as n gold
American dollar but is now worth
about 81 cents. Therefore, man who
comes here from the United States or
Europe with money that is at par with
gold finds his funds almost doubled
Immediately. The salary of the United
states minister. which is Sl2,OO year.
becomes about q. 600 yen, because a yen
goes just as far in Japan now, except
In the purchase of imported goods, as it
did when it was worth dollar You
can get the same amount of food and
fuel. you can employ the same amount
or labor. buy the same amount of
clothing. and rents have not increased
at all. But all foreign merchandise is
bought and sold on q gold basis: that
is. 1t has doubled in value. A can of
American preserved meats which cost
20 sen few years ago now cost - yen.
An English hat for which you once
paid yen noW costsS. An English UNI
brella for which you paid yen costs 10,
and piano which was worth 500 yen
now costs 1000. The natural result is
a decrease In the sales Of forign mcr-
cnandise and an increase in the use
OF domestic articles
Speaking as one who does not believe
In silver money, nor in bmetallism un-
less 1t be universally adopted and all
the nations of the earth agree to main
tam the value of silver, ! must never
theless, admit that ii Is the uniform
testimony OF all concerned that the de-
monetiZation Of the white metal by the
repeal or the Bland law in the United
states ana the suspension of coinage in
Inula was great thing for Japan.
itis practical question here, and all
persons Interested. including officials.
bankers. merchants, manufacturers and
agrlcuiturlsts-th workingman does
not thihE, so he cannot be included
are anxious that the agitation shall
continue indefinitely. lest the present
prosperity of the empire terminate. A
Few theorists, arguing from the stand
point or what ought to be instead of
what Is. insist that Japan shall ioin
England. the Latin Union and the
united states In an International agree
mcnt 10 maintain certain parity he
tween the metals, but IL is by no means
q popular Idea. They are college pro-
fessors. minority members of parlia-
ment, IDLE men who think and read n
great deal and do nothing, and others
who are entirely without practical OK
perience or knowledge of trade and
industry. Most of them have been edu-
Gated In England and got their finan-
cial notions from reading the Times
and the Economist.
The solid, wise men, who are govern
Ing this empire, say: mo; let the
debtors and the creditors in Europe and
America fight ii out. Meantime we will
saw wood. The longer England holds
to single standard the better twill be
for Japan. We have no foreign debt.
We owe nothing abroad. Therefore we
do not have to buy gold to pay inter
est charges. The import trade Is near |
ly all In the hands of foreigners and
we don't care how high foreign manu-
factured merchandise is Cotton, iron
and flour will stay down in sympathy
with silver and 1t would be a good |
thing tfnothing but raw materials were
imported into Japan
II the value Of gold measured by sill |
yer and other commodities continues to
rise the manufacturing industries Of |