, 1897-03-09
THE CURRENCY INQUIRY.
THE REPORTS BEING PREP AIRED
BN THE SECRETARY OF
STATE ABOUT READY

by THE SECRETARY OF
STATE ABOUT READY.
From he Investigation Il Has B.,u
Proved Cunclusiyely That Silver
Countries Have no Advantage
Whatever Over Those Which Have
Adopted the Single Gold Standard.
Washington. March S.-The state de-
partm"nl has just completed the exten-
sINc work, initiated by Secretary Olney,
OF collecting and publishing in book
form a complete set Of reports by Unit
"i States ambassadors, ministers and
consular officers abroad, exhibiting in
concise form The financial systems Of
all 81 the countries Of the civilized
world, with full explanatory notes by
the officers OF the different kinds Of
money used as standards Of value upon
the agricultural and Industrial populu-
bl'i u lII' i'HI''lINt lillDlS. oIt WI
ume Of this work has already been pub
ljShed and Ii" second volume is Just
coming from tn" hands Of the printer,
completing the work. Tho works have
been carefully dig"5trd by the Frederick
Emory, chief of the bureau OF statistics
Of The state department, which is here
after tn he known ms thu btraun nf for
eign IN Nineteen nations are
treated in this last volume, and from a
summary OF the conditions in these
countries. prepared by Mr.. Emory. the
following facts are extracted:
Argentine Republic used incontrovert-
ible paper as a standard Of value. though
the minis are open to gold. In the past
10 years prices have advanced as meas
ured in this standard, and wages as we'll.
The British Australian colonies use gold
standard and show a mixed result.
vanced in the decade in New Zealand,
while they declined in Victoria; wages
declined in the first case and remained
stationary and high in the latter. In
Bolivia, where the single silver standard
prevails, there was no data on the effect
Of wages. but it appeared that food sup
plies, Except for important articles, we're
cheap. while clothing, house rents, drugs
and hardware were high. From Brazil,
with a nominal gold standard. but no &C
tual coinage. data is wanting. Cape
Colony has the single gold standard.
though without mintage. There the
wages have increased 10 per cent in the
decade, and there has been an Increase
in the cost of living. with heavy 1luc-
tuations in the export commodities.
In China. without any legal standard,
silver weighed for large transactions
and copper for small sales, are used in
business. There has been an increase in
The silver price Of imports; no difference
IN The price of Chinese products, and
wages show no change, though new ave.
nues for employment have been opened
up in manufacturing. Denmark, with
,le single gold standard, shows an in
crease OF 10 per cent in wages since 1884.
india, with a silver standard. though
with minis closed, cNCCpl 10 the govern
ment, shows an increase in the price of
some articles and a decline in others;
wages show the same variation. The
increase i'll price is IN raw exports and
on Imports. except Tea, and the decrease
on Tea and sugar.
japan, with Il silver Standard. shows
Il general advance i'll prices and in wages
as well. There was II decline in prices
between 1881 and 1877, attributed to the
curtailmeuJ Vi paper money, and IA gen
eral advance from he latter date up TO
1898. The increase IS said TO be due to
i scarcity in thc crop.
Persia has a silver standard, and in
,hat country prices and wages both adj
vanced in the past 10 years. The cur
rency is. however, greatly deprecated,
and the country is much poorer than it
was % years ago.
Peru uses silver only and prices ad-
yanccd as measured III that standard,
showing a - per cent increase in prices.
attributed 10 the fact that the actual
money in use is paper. salvador is now
using silver, but steps have been taken
to substitute gold. Meanwhile prices
were advanced in a marked degree. ow-
ing, il is said, to deprecated currency.
The only labor in Salvador is employed
on farms, and wages in that case were
advanced slightly. Gold is the stand
ard in Sierra Leon and prices generally
declined, owing, il is said, to overtradins
and the falling off N exports to Europe.
In the South African republic, with a
gold standard, high prices obtain for
domestic prices; imported articles are
said to be reasonable, and wages are
nigh in the skilled trades, mining and
building. Spain used a double standard,
gold and silver; prices have generally
advances and only expert labor had ad-
vanced lis wages. The high prices are
attributed to the fact that Spain is con-
stantly importing a large quantity Of
the nacessaries OF life and because OF the
premium she nus pay on them; prices
Of living are from - 10 90 per cent
higher than if the currency were at par.
The gold standard in Sweden was Rc-
companied by declining prices, but ad-
vancing wages. while Venezuela. with