The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1896-04-25
AN OBJECT LESSON.
Japan Furnishes an Example of tho Inn.
p-acticability of Free silver.

In Japan for the past year as CORE
spondent of the New York Herald.
.yrites to that paper from Tokyo con-
corning the distress and business dis
organization which has come upon that
country through the attempt to MAIN
tain bimetallism with free silver COIN
age.
The unit of Jauanese coinage is the
yen. The gold yen is a little lighter
than our gold dollar, and is worth 96
cents; the silver yen is little heavier
than our silver dollar; the latter con-
iinins 4i2A grains of standard silver,
while the silver yen contains 410 grains
CT the same fineness.
VI course, the japanese law makes
both the gold yen and the silver ven
aegai tender. ut the same value. The
government, however, does not hold the
silver yea up to the standard of the gold
yen, as our government holds the
:su. er dollar up 10 its face value. The
result has been that within the past
five years the purchasing power of the
silver yen has deprecated steadily, I'm
Ill now it is practically at it's bullion
saluc-about so cents. The gold ven.
of course, maintains its value at par. or
rs cents.
As is always the case in any country
where there are two kinds of currency.
prices have been measured in the
cheaper Kind since the two parted CON-
pany in value. Values are given in the
deprecated silver yen; the gold yen has
disappeared as money, and ia boarded
as u commodity. It's function as cur
roncy has been lost.
Slowly the prices of goods advanced,
ms measured by the silver yen. An
article that cost the buyer one ven few
years ago cow sells FOR two yens. That
as its real price remains the same, but
inc iali IN the worth of the silver yen has
Oeen sucn that it takes two of them to
Guy what one would buy when it was at
par With the gold yen.
/ AS is always the case, the prices of
everything else adjusted themselves to
The deprecated currency before wages
and salarics lid. The man who worked
Tor pay got as many silver yens as be-
Tore, bnc each yen would go only half
as tar IN heying. In actual effect, wages
We're ssowly scaled down to about one
hall. Now realization of the real facts
has come upon the people, and they are
endeavoring to obtain raise in wages.
With the gradual decline in value of the
silver yen, business has been democrat
szed' and Japan is now entering upon
season of depression and hard times.
Col. Cockerill says:
1T has taken the people and the bust
[es3 world here quite time to readjust
themselves, but they are at 1t now with
q vengeance. The penalty of a deprecated
currency is now being paid. For the last
four r,o-ith9 there has been a steady de-
snand upon the part of salaricd men for
an increase OF pay which would enable
mem 10 live comfortably. AS the purchas-
ing power of money has grown less tho
prices or commodities and the neccssaries
or Hfe have steadily increased. The gov
sratnent led eff recently by doubling the
salaries OF all its foreaign employees. This
has been followed by number of big
corporations.
They have yielded to the demands of
their people after the usual struggle, end |
snis ~ VI: beginning. Wages are every
"nere being pushed up and in ell branches |
%neSe skill is required, men are lying
So-,zn on their contracts ard begging for |
concessions Bankruptcy confronts thou-1
sands OF honorable business men. The de-
precision is not due in any sense to the war
Ti,h China. Everybody knows that Japan |
made money during her war. The gov |
ernInent Is richer than 1t ever was The |
ucciine OF silver has upset everything.
ana grsat uncertainty attends all biisi- |
ness enterprise. The first thing that a !
nusiless man does in the morning Is to |
FOX IT the value of the firctuating dol
lar. 1t may he worth 3. cents or II may |
DO worth ~. Exchange flutters and shifts, |
end considerable sums are lost to CONNER |
ciai men every day If they have foreign |
trade relations. Japan could not 60 to \
a gold basis. no matter how much she
tric1.. That would mean universal bank
ruptcy. |
"Iler general finances are deplorabIe,
and the condition must grow worse I'M
III business Is settled down TO the basis
or 50-cert dollar. Not q business con-
cern in Japan VIII escape the eject of this
cirtails:ent of profit incidental to 60 /
ger cent. increase in salaries and wages. /
Inc man who encourages q silver basis
toy the people of the United States by
pointing to Japan as glorious example
Is simply deceiving himself and his coun-
tryplcn."
The United States has been gold
standard country since 1853, except DUR
ing the war, when we were on q depre-
riafed and fuctuating greenbaclS cur
iency. There is not an obligation in ex-
istcnce that was not contracted on a
gold Eas.s. The wild theories of the /
silver men do not sfand tie test OF actual
practice. Japan is an example of the
truth of the matter. Our people should
profit by that example, and rot rush
headlong into bankruptcy and an era
of harder times than we now have
Toledo Blade.
National Revenue and Gold Reserve.
1t has been urged in some quarters
chat the dwindling gold reserve is due
to the deficits of our budgets; that, if
the revenue were increased sufficiently,
the gold reserve. could be maintained
intact. There are only two WAYS nv |