Middlebury register. (Middlebury, Vt.) 1886-1937, 1897-04-02
THE SPIRIT OF THE PRESS.
IApAN's MONETARY STANDARD.

Washington, March 25.-Concerning
the action of Japan in.adoptng the gold
standard. Senator Wolcott, who recently
returned from abroad, after interviews
relating to the proposed international
monetary conference on behalf of this
government, this afternoon said
"The monetary situation in Japan is
not only interesting but most far reach
ing, and perhaps not generally under
stood.
'The result which Japan seeks is to
make permanent the depreciation of sill
yer in relation to gold and to preserve
thereby the advantage which this depre-
citation naturally gives to Japanese agri-
culture and japanese industries, and 1t
is not in any sense an attempt to equal
ize values.
''There was time in the history of
the United States when we might have
taken a step identical with that which
Japan now proposes. If, during the
years of our civil war, when our money
was worth but 50 per cent of the gold
dollar, we had by law declared that
henceforth our dollar should be of the
value of so cents only, in gold, our leg
islation would have been parallel with
that which Japan evidently intends. We
chose to follow different path.
The action of Japan accords in
measure with that of Austria a few
years since, and with the action pro-
iected in Russia, with this difference
austria forced the permanent de
probation of Its money, measured in
gold. to the extent of some l6 per cent;
Russia will establish a reduction of
about 80 per cent in the value of a
rouble, while Japan proposes to per-
manentlv deprecate its exchange, rela-
tive to gold, so as to lower the value of
the yen to about IS cents on the dollar.
1.-The action of Japan must not be con-
strued as an attempt to establish and
maintain a gold standards it is simply an
attempt to preserve the economic ad
vantages which she at present enjoys
because of the gold premium which eX-
lists in Japan, and this at the expense of
the great commercial countries of the
world, which have heretofore main
tanned the stability of their coinage IS
well as their financial integrity.
"Of course, at the present price of sill
yer measured by gold, the result of the
action of Japan would be to drive all its
silver out of that country. 1t is prema-
ture. however, to attempt to forecast the
full effect of her action in this respect.
''The course of Japan must, in my
opinion. only serve to hasten some
agreement between the leading CONNER
cial nations of the world looking to a
settlement of this question upon an in
ternational basis
The japanese legation at Washington
has received cablegram from its gov
eminent cOntradictlng the report that
Japan has adopted the gold standard.
The only basis for the report, say the
members of the legation, was the intro
duction of a gold standard measure into
the japanese diet. This bill may, of
course become law, but the announce
The japanese commission, whose report
upon the monetary situation was recent
ly published in The New York journal
of Commerce, says; IN examining
the rise and fall of the prices of COM
modities, we see that they have fallen
considerably in gold countries during the
past quarter of century. while they
have not changed very much in silver
countries, except as regards some ten
dencv to rise during the last two or
three years" Steady or rising prices
are believed by the commission TO have
produced the following good effects
japanese exports have been increased,
the burdens of japanese debtors and
taxpayers have been lightened, japanese
agriculture, commerce and industry have
been prosperous. and japanese labor has
been fully employed. Over against
these advantages the commission sets
the following disadvantages japanese
creditors have suffered as much as
debtors have gained; rising prices have
produced tendency to over-speculaton.
and persons with fixed wages have sut-
fered from the lessened purchasing
power of those wages. The industrial
depression in Europe the commission
attributes to the fall in prices under the
gold standard On this point its com.
ment is as follows: "Whpn nricPs de.
cline day by day, merchants hesitate to
purchase and manufacturers to make
and then general depression follows
Nevertheless, the commission was
strongly impressed with the desirability
of possessing the same standard as the
other great commercial nations, and six
of its fifteen members reported in favor
of changing to the gold standard
,IaDan's present Standard IL is nprhans