The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-08-14
JAPAN COULDN'T DO IT
Not Possible for Her co Go on the Gold
Standard Now.

New 1Orh, aug 10.-S- HdydkdWd,
private secretary TO the minister OF fl
nance of Japan, and councillor of the
ministry of finance of that country,
who is one of the party of distinguish
ed japanese financicrs here on their
way to England was asked yesterday
by a reporter IL ne ad other leading
financiers Of Japan favored the adop-
ton by that country Of the single gold
stanrd, and what chance there was Of
fits adoption. In reply Mr.. Hayakawa
said:
Yes, I myself favor il for the future.
At present it would be impossible for
Japan to take the gold standard, be-
cause our trade must consist chiefly
with China and the eastern countries,
where silver is more prevalent. China
and the other eastern nations have
mostly no fixed standard. When our
trade and economic conditions improve
so that japan has the power TO absorb
gold, then we may adopt II; but other
wise il Is impossible. Our present stan
dard being silver, trade with Europe
and America is not so good as II other
wise would be. Traders cannot make
any long contracts or permanent ar
rangement with European or American
merchants, because the silver standard
fiuctuates 50 much. This, OF course, we
regret very much. Should we adopt the
gold standard, however. do not think
that the effect would be very marked
upon the wages of the country. We Go
an extensive trade with your country.
We send you great quantities OF silks.
tea and other commodities. You send
US -four. cotton, iron, oil. and many
other things. In future your cotton Will
find an especially good market in our
country"
Have you any gold coins?''
Yes; we coin every year a grea; deal
of gold But It is not in circulation.
Most Of it is boarded by the banks or
BY individuals. II IS not coined for cir
culstion. We use several denomina-
tons OF gold. There are one-yen, five
yen. ten-yen and twenty-yen pieces. A
silver Yen is equal TO about "a cents
The quality OF our gold is just the same
as yours. the same oneness. We have
only paper and silver money IN circula-
ton. OF course, we have subsidiary
coins OF nickel and copper. The gold
we coin is our own production. We have
gold mines
Speaking generally of the financial
history and affairs OF Japan before the
war with China, during the war, and
since. and especially with reference TO
the country's relations to the United
States, Mr.. Hayakawa said:
IN the last fifteen years japan has
made steady and constant improve
ments in finances. She has adopted ex-
ceilent finacial schemes or systems OF
the European countries and Of America.
but she has always been anxious 10
make necessary modifica tons. She has
established the Bank Of Japan. as the
center OF ali the banking institutions
She has replaced .nconvertible paper
money and several bank notes by the
paper money issued by the Bank OF
Japan convertible into silver on de-
mand. She has devised strict and cau-
tious rules ahcu, the WAYS and means
OF the government eXpe,3iture. curtsii-
ing unnecessary expenditure. but lsIer-
al n any necessary productive expsn-
ditures. All these important reforms.
with many other comparatively less i'm
portant ones. have been effected by the
preceding finance minister, Count Mat
sukata. and the present finance min
lister, NiScouat Natalabe. who Cor a
long time assisted the former As vice
minister. In spite OF the strong opposi-
ton against the instroducrfon OF these
improvements usual in every country
these statesmen have been eager 20
complete them. Happily. our finances
have ever been IN good order and on a
souni basis. almost undisturbei By
any political changes IN the cabinet. At
the same time the Japanese ag-icC,,-
ure. trade. and industry have been con-
sfanily progressing after the model OF
the American and European ciyiiiza-