New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-04-04
THE INDEMNITY And SiLTER.

Some time ago it WAS suggested that Japan
was likely. for reasons then briefly mentioned,
Ia demand the payment of indemnity by 'hiila'
not in silver, but in gold. This conjecture Is now
sustained 10y the positive statement of "lhe Me-"
York IIrrad'S" capable correspondent AT TOXIC
who further announces that Japan will demand
something Ike lOO.oOO.0uO yen indemnity, De
sides certain ccSSou Of territory. The yen or
gold i practically equivalent 10 our gold doiar'
whil,. the silver yen has deprecated in Official
valuation during the last year from about 30 I"
~ cents f orr currency. Japan has in cirrula-
ton about NuOuuuOo yen In gold com. ABOUT
- Ouo uUu in full lcglltonlcr silver ana l"Vo"-
oon IN partial ~ qualified lrglcndrr silver. but
large part If ia, paper IN circulation Is prac-
tically r,Icomlblc ia silver only This subjects
The country 10 grave Disadvantages in lis for
c!sn commerce. and he opportunity 10 make It's
entire currency cxchaugeablc for gold was one
which. II was rightly 1lruiscl. IapIncSr states
mon would not overlook.
\ considerable part II The money Japan may
receive will be- needed in the London market 70
meet ohlisationS created In purchase Of ships
and war materials. aud - China VIII doubtless
raise. by loans In London part Of any indemnify
II may have 10 pay. tho operation rs respects
.hplnr,r receipts and Chinese payments thcr"
need MT disturb tie finances Of The Western
world In The least Presumably Japan will call
FOR delivery II another p1rl If The indemnity in
gold direct from China. and ~ there are known
q, ho large boards II the metal In that country.
particularly In III hands ~ rich officials, II is
by ~ means mprolubl" that China can maxi"
that part II ihr settlement also without disturb
ing IN, finances Of ,h,. Western world at al. bur
d. 90 ID Ia, Inn 80
gold boarded Il, u.i voluntarily com" forward
io cNchiuec n f.r grants of special privileges co.
f.r Obligations ~ their Government. there ar'
WAYS hot in ihc lol-r unfamiliar ip Eastern -.
p,r,rncc lv which their secrets may be- d. 'l's'tl
and their reluctance overcome W mere trans
Ter # gold from china io Japan viii increase the
demand for thli metal bon thc commercial world.
hut the Il >iribu'ion 81 part Il the money received
by Japan through th" channels II commerce may
add T., ~om. extent 80 the Western supply. cspc-
cialiy If that country continues T. be- large
purchaser Of machinery and II military AMI
naval equipments.
The sudden fall Of silver On Tuesday WIS
natural rejection from me miiny unreasonable
advance based on the notion that Japan would
demand arg, indemnity payable in silver.
Presumably Chinese boards would have provided
means tor dll ll' pay lful l''luh'l III 'fP'H ''
easily in silver - IN gold. ana with rs li'i" DIS
turlauco of Western money markets Bur The
notion that u lars" settlement must be- mad" IN
silver seems 20 have been The principal excuse
for the advance of silver bullion from 2IlNl
early in January and 212,h about the middle
Of February. and 21G2d. ~ late rs The ?th #
March, to 80 sd. al London Monday and from
1o.:,1 cents in January at Ncw(urk To- ~ cents
ON Monday with The announcement that gold
and not silver VIII bc demanded 10y Japan. the
only excuse for Ibis advance disappears. AMI II
is also 10 be- conSid red that the great changes
In the condition IF IN" Eastern nations may not
improbably result in cmptying some silver upon
the markets. China will be very likely 10 be-
gin culippinc itself all too late both by land and
hy sea- and in merely replacing the losses of war
will spend large sums. Al all events, there is
nothing t. warrant the expectation that The
Eastern nations VIII continue 10 draw silver
largely from the West in settlement of balances
as they have done for years.