The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1896-07-10
AMERICAN VIEW OF ORIENTAL
COMPETITION.

During the session of the last ohlteu
States Congress a resolution was pass
ed calling for an investigation or the
threatened competition from japanese,
.nd also of the effect of the difference
of exchange between the gold and silver
standard countries upon the agrlcul-
turaI and industrial interests or the
limited States. The report OF the ways
and Means Committee, submitted by
Chairman Dingley, is an interesting
document, as we'll as strong plea for
a high protective tariff
If is remarked that at present the
Japanese are not formidable Compel
ing nation, cheap silks, rugs and mat
tings being about the only product OF
Japanese manufacture that has entered
fI1e American markets to any extent.
..Yet ;, the report adds, sit is probable
that the rapid introduction of machln-
cry into Japan will, within few years,
make japanese factory products, es-
pecially fine cottons, silks and other
important element in production more
serious competition in our markets
than the products of Great Britain,
France and Germany have been, simply
for the reason that Japanese wages are
iowewr than European wages, and Jap
anese labor likely to soon become as eff
fectiye with machinery as European
labor is
1t is anticipated that this result will
be counteracted to an extent by the
improvement in the standard of living,
but Notwithstanding Japan is pro-
gressive nation, it will be many years
before the standard of living among
the Japanese laboring classes will reach
even that of the Europeans, to say |
nothing of the United States, which is |
still higher.
The only remedy the committee sug-
gests to ward off the prospective attack I
upon the home market is. the impo-
sition of duties on the competing i'm
ports equivalent to the difference in
arising from the fact that theemanufac-
turer or producer of the United States
pays his employees higher wages, and
thus enables them to maintain better
standard of living, than the foreign
manufacturer who seeks to avail him
self of American markets, pays his en-
ployes.
One of the most important features
Of the report is the discussion of the eff
feet of silver standard upon mercantile
The Japanese yen is equal
to about 90 cents of American money.
This difference in the purchasing value
of the dollar places the Japanese manu-
facturer at a distinct disadvantage,
since he must buy good proportion of
his raw material with gold or it's equiv
alent. The only advantage the Japan
ese manufacturer has is that the wages
Of his employees have not risen in pro-
portion as the yen has deprecated in
value. In the United States since 1873
wages have doubled, as estimated in sill
yer, and have risen 15 per cent as es-
imated in gold. In Japan, where TWEEN ;
y-three years ago a yen was the
equivalent to an American dollar, the :
zen has deprecated in value, and the
'alue of the workingmen's labor has q
,one down with it, thus giving the man
lfacturer distinct advantage in the c
purchase of his labor. +
The lesson drawn from this is that
he United States should maintain its =
resent currency standard until gen 1